Retroactive COLA explained and year-end news

The December benefit payment includes a 3% COLA on the first $13,000 of your MTRS benefit, retroactive to July 1, 2020, for those retirees whose retirement date was on or before 06/30/2019.

Please visit the Year-End News page for details on how to view and calculate the retroactive COLA amount on your December statement, along with important updates on taxes and more.

If you are receiving a monthly benefit from the MTRS, watch your mail for:

• Year-end statement, which the State Treasury sends at the end of December. This statement provides a summary of your benefit payments during 2020 and is for your reference. Questions? Please see how to read your check or direct deposit statement.
• 1099-R tax form and your blue-and-yellow Benefit Verification form, which will arrive in the same envelope by the end of January. For your convenience, the pension payment schedule for 2021 is also included in the mailing. If you do not receive your forms by Wednesday, February 17, 2021, please call our main office at 617-679-6877 to request duplicates. Please be sure to complete and return your Benefit Verification form, in the pre-addressed envelope that is provided, by Friday, March 26, 2021. Questions? See About your 1099-R tax form and Benefit Verification process on our website.