mtrs.state.ma.usMassachusetts Teachers' Retirement System (MTRS)

MTRS Contrast Default contrast Night contrast Black and White contrast Black and Yellow contrast Yellow and Black contrast Layout Fixed layout Wide layout Font Smaller Font Larger Font Readable Font Default Font Accessibility Controls: Top Navigation Member sign in About Contact Search for: Search MTRS WCAG buttonsHome Members Retirees Employers Forms The latest… Recording of our online Your MTRS Benefits” seminar now available Group counseling is back—virtually Popular topics Missing member information Types of purchasable service RetirementPlus Read more Browse topics by career stage (click to open) New members Mid-career Approaching retirement Retired Welcome to the MTRS! As a new member, be sure to: Complete the MTRS online enrollment process . Designate a beneficiary . Check your pay stub to confirm that you are contributing at the correct rate . Look into prior service that you may purchase as creditable service toward your retirement benefit. Check out the comparison of Tier 1 vs. Tier 2 Review the retirement percentage” charts View the Members section of our site, which includes overview videos . It’s a great place to familiarize yourself with the benefits and services provided by the MTRS! Notify your payroll office— not the MTRS —if your address changes. We receive this information from your employer, so keep your payroll office up to date. Contact the MTRS if you become divorced . The MTRS and You is a short explainer on your benefits—check it out! If you leave active service prior to retirement… Be sure to: Contact the MTRS if you: leave active service as a Massachusetts educator are terminated by your employer become disabled and cannot work In the event that you die while in active service, your survivors should contact the MTRS regarding potential survivor benefits Throughout your career… As you continue your teaching career, be sure to: Complete the MTRS online enrollment process if you change school districts. Contact the MTRS if you: are injured while performing the duties of your job want to change your beneficiary designation become divorced Notify your payroll office— not the MTRS —if your address changes. Review the Annual Statement of your MTRS annuity savings account, and notify us of any necessary updates. Look into prior service that you may purchase as creditable service toward your retirement benefit. Check out the comparison of Tier 1 vs. Tier 2 Review the retirement percentage” charts Stay abreast of retirement issues and plan for your retirement. Watch our videos Attend our seminars Investigate plans offered through your employer, such as 457 deferred compensation plans and 403(b) retirement plans. Keep your MTRS correspondence with your important papers, and let your survivors know where to find this information so they may contact us. If you leave active service prior to retirement… Be sure to: Contact the MTRS if you: leave active service as a Massachusetts educator are terminated by your employer become disabled and cannot work In the event that you die while in active service, your survivors should contact the MTRS regarding potential survivor benefits . When you are within five years of retirement… When retirement is just around the corner, be sure to: Look into prior service that you may purchase as creditable service toward your retirement benefit. Check out the comparison of Tier 1 vs. Tier 2 Estimate your retirement benefit and prepare your retirement timeline and checklist . Stay abreast of retirement issues Watch our videos Attend our seminars Be aware of the other post-retirement issues you may need to address health insurance cost-of-living adjustments limitations on working for a Massachusetts public employer after retirement Social Security limitations Contact the MTRS if you: Have any general questions about your benefits become divorced Begin the step-by-step, online retirement application process when you are within six months to one year of retirement. Generate my retirement checklist Estimate my benefits Apply for retirement If you leave active service prior to retirement… Be sure to: Contact the MTRS if you: leave active service as a Massachusetts educator are terminated by your employer become disabled and cannot work In the event that you die while in active service, your survivors should contact the MTRS regarding potential survivor benefits Welcome to retirement! Throughout your retirement, we will administer your benefits and provide you with information and services. During your retirement, we will… Process and pay your monthly retirement benefit . Process any cost-of-living adjustments (COLA). Provide you with an annual 1099-R tax form . Conduct a biennial Benefit Verification process . Pay a survivor benefit , if any, pursuant to the retirement option you selected. Be sure to contact us if you… Change your name, address (temporary or permanent) or Social Security number using the appropriate MTRS Form . Need verification of your benefit payment . Need to change your direct deposit information . Become divorced . Want to change your withholding for federal taxes with a new Form W-4P . Want to change your beneficiary (Option A and B retirees and survivor benefit recipients only). Learn more about… Social security Taxation of your benefit Post-retirement hours and earnings limitations with a Massachusetts public employer. Available senior resources . Benefits for survivors of retirees . How to view your payment history or 1099-R tax forms, create a MyTRS online account . In the event of your death, your beneficiary should contact us regarding any survivor benefits Advise your current beneficiary now that he or she should contact us in the event of your death. Be sure to keep your retirement papers with your other important documents. I want to... Find a form Enroll in the MTRS Estimate my retirement benefit Apply for retirement Change my address or name Change my beneficiary Withdraw my funds Report a death Search unclaimed funds Retirement percentage charts See how your age and years of service affect your retirement percentage.” Member publications Your MTRS Benefits Ready for Retirement Next Board meeting May 31, 2024, Charlestown office Massachusetts Teachers’ Retirement System statistics (As of 1/1/2023*, unless otherwise noted) Overview Established July 1, 1914 Largest of the Commonwealth’s 104 contributory retirement systems Defined benefit plan under IRC 401(a), providing retirement, survivor and disability benefits Members: Teachers and administrators in all Massachusetts public schools (except in the City of Boston), charter schools and educational collaboratives Employers: 421 public school districts, charter schools and educational collaboratives Funding 11% New member contribution rate as of 7/1/2001 7.0% Assumed rate of return on system assets $36.5B Assets (managed by the Pension Reserves Investment Management board) 58.7% Funded ratio 2036 Year fully funded (target) Membership Active members 101,286 Annual payroll $8.37B Average salary $82,652 Average age 43.5 172,055 members Benefit recipients 70,769 Annual benefits $3.42B Average benefit $48,390 Average age 74.3 PRIT Fund performance summary (as of 1/31/2024) Active member salary, by age Present Age Number of Members Total Salary Average Salary 0 - 24 2,602 $136,808,498 $52,578 25 - 29 10,602 $626,238,477 $59,068 30 - 34 13,394 $931,802,455 $69,569 35 - 39 14,286 $1,148,070,339 $80,363 40 - 44 15,112 $1,332,814,679 $88,196 45 - 49 13,709 $1,254,215,156 $91,488 50 - 54 14,223 $1,321,781,511 $92,933 55 - 59 10,068 $938,568,006 $93,223 60 - 64 5,405 $506,637,519 $93,735 65+ 1,885 $174,512,889 $92,580 Total 101,286 $8,371,449,529 $82,652 Benefits paid, by age Present Age Number of Members Total Benefits Average Benefits Less than 40 25 $295,993 $11,840 40 - 44 49 $803,733 $16,403 45 - 49 74 $1,141,152 $15,421 50 - 54 255 $6,098,501 $23,916 55 - 59 1,635 $71,585,144 $43,783 60 - 64 5,793 $294,127,762 $50,773 65 - 69 12,361...