Plan your retirement

Most members don't think seriously about retirement until they're a few years out. That's late — not too late, but late. The decisions you make now (and the records you keep) compound across an entire pension.

This page walks through what to do, in roughly the order you'll do it.

More than a year out — get your record right

The board calculates your pension from two things: your creditable service (the years that count) and your regular compensation (the pay that counts; see Regular Compensation). Both come from the records your employer reports. Either can be wrong.

• Request a service buyback estimate if you have any pre-membership service, military time, or a refund you took and want to make up. See Service buyback & makeup.
• Verify your creditable service record matches your actual work history. See Creditable service.
• Confirm your group classification (Group 1, 2, 4, etc.) — your eligibility age and benefit multiplier depend on it. See Group classifications.

Errors caught now cost you nothing. Errors caught at retirement can take months to unwind.

Six to twelve months out — request an estimate

Call the office and ask for a retirement benefit estimate. The board will run the numbers under each of the three retirement options (A, B, and C) and give you projected monthly amounts for retirement dates you're considering.

The estimate is not binding — it's a planning tool. Numbers can shift based on your highest 3 consecutive years of regular compensation (5 years for members who joined on or after April 2, 2012) and your exact retirement date. Payouts for unused sick leave are not part of regular compensation (MGL Chapter 32 § 1).

Read Retirement Options A, B, and C before the appointment so you arrive with questions, not blank stares.

Three months out — file the application

Your retirement application must be filed with the board before your retirement date. Bring or be ready to provide:

• A copy of your birth certificate.
• Your beneficiary's birth certificate (if you elect Option C).
• A marriage certificate, divorce decree, or domestic relations order (where applicable). See Domestic Relations Orders.
• Direct deposit information for your monthly allowance.

The board will confirm receipt and schedule a counseling appointment if you haven't had one.

After retirement

Contact the retirement office for specifics on when your first payment arrives. After that, payments are issued monthly via direct deposit.

Stay current with:

• COLAs — annual cost-of-living adjustments. See Cost of living adjustments.
• Health insurance through your retired employer or the GIC. See Health insurance.
• Taxation — your monthly benefit is federal-taxable but Massachusetts-exempt. See Taxation of benefits.
• Working after retirement — there are limits on post-retirement earnings from a public employer. See Working after retirement.

Talking to the board

The board cannot give you financial planning advice — that's not our role. We can explain the formulas, run the numbers, confirm your record, and process your application. For everything else (Social Security timing, tax planning, estate planning), you should talk to a financial advisor.

Call or email the office to schedule a counseling appointment any time in the year before you retire. We'd rather answer your questions early than fix surprises later.