Be sure to watch your mailbox for this important financial document
In June, annual statements will be mailed to our active and inactive members who have funds in their MTRS annuity savings accounts.
Your statement will reflect your personal data (name, address, beneficiary designation) as well as financial information regarding any activity in your account, the amounts of after-tax contributions, pre-tax contributions, interest and the total balance as of the end of 2017.
When you receive your statement, please be sure to take a few moments to review the data for accuracy and completeness. Also, if you have not yet designated a beneficiary—or you need to update your beneficiary information—be sure to download a Beneficiary Designation—Active and Inactive member form and then submit your completed form to us.
- No beneficiary on record with us as of May 25, 2018? You’ll receive a beneficiary designation form with your statement. Be sure to complete and mail this important form to us as soon as possible.
- Enrollment history incomplete? Instead of a mailed statement, you may receive a letter advising you of your need to enroll online in order to access your 2017 statement. Be sure to follow the instructions in the letter and complete your enrollment history.
Remember—your retirement benefit is not based on the balance in your annuity savings account. The MTRS is a “defined benefit” plan, which means that your retirement benefit is calculated based on your age at the time of your retirement, your years of creditable service, and your highest three-year salary average (Tier 1 members) or five-year salary average (Tier 2 members). Unlike with a “defined contribution” plan, such as a 401(k), or an IRA, your retirement benefit is not a return on what you put into your annuity account.