Dear Superintendents and treasurers,
The MTRS is conducting an audit of employer users and employer security administrators for our MyTRS pension management application.
On November 17, we sent a verification form via email to every treasurer for inactive employers who use MyTRS and superintendents for active employers. Today, we will resend these forms to individuals who …
Author: William Culbert
Retiree Insurance–MTRS will process plan rate changes
1) Important: Send all group insurance rate changes for January 2024 premiums by 12/01/2023 for processing
The MTRS has temporarily hidden the Add Rates and Edit Rates buttons on the Insurance Rates screen in MyTRS. We are still working with our vendor to develop validations to prevent plan price changes from triggering billing errors. Thus, employers cannot add plan rates or edit plan rates at …
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Note the 2023 pensionable earnings limits for employees with membership dates after 12/31/1995
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 on any …
COLA update: Governor Healey signs FY24 budget; COLA included in August benefit payment
Understanding the COLA on your August benefit statement
The Governor signed the FY2024 budget into law on August 9th. The budget includes a cost-of-living adjustment (COLA) effective July 1, 2023, providing a 3% increase on the first $13,000 of your retirement benefit. This results in a maximum increase of $390 per year or $32.50 per month …
Read more COLA update: Governor Healey signs FY24 budget; COLA included in August benefit payment