William Culbert, Author at MTRS

Early Retirement Bill - Important Information

02/16/2021:
You may have heard recent reports of a potential early retirement incentive program for Massachusetts teachers.

On Friday, February 12th, State Senator John C. Velis and State Representative Carol A. Doherty filed identical bills, currently identified as SD. 1111 and HD.1802 (these bills may be assigned new numbers in the coming weeks), on behalf of the Massachusetts Teachers Association (MTA) titled: An Act to provide a retirement enhancement opportunity for certain members of the Massachusetts Teachers Retirement System. However, please be advised that these are just proposed bills and will not necessarily result in a passed law. The journey from bill to law is a lengthy and deliberative process where bills can fail to progress out of the early stages or can be modified substantially during the process.

The Massachusetts Teachers’ Retirement System (MTRS) is currently reviewing the proposed legislation, will closely monitor its progress, and will post updates here as they become available.

Deadline for finalizing 2020 reports is April 16, 2021 The deadline for finalizing the 2020 MTRS deduction reports is Friday, April 16, 2021. This year’s deadline is later than previous years to account for delays due to the ongoing pandemic. However, by statute, each monthly deduction report is due by the 10th of the following…

Read more Active MTRS member deduction reporting

As you know, there are federal and state limits on the amount of pensionable earnings (“regular compensation”) that can be used in computing benefits for active members of public retirement systems with effective membership dates after 12/31/1995. What this means for employers For any members with effective membership dates listed below, DO NOT take MTRS deductions…

Read more Note the 2021 pensionable earnings limits for employees with membership dates after 12/31/1995

Read more Retiree year-end news

Legislation extends waiver of earnings and hours restrictions for most retired public employees through 2021. In April, Chapter 53 of the Acts of 2020 waived earnings and hours restrictions for many retired public employees working in the public sector for calendar year 2020, during the Governor’s State of Emergency, which began on March 10, 2020. On December…

Read more Waiver of post-retirement employment restrictions extended