![]() You can take a refund of your account or roll it over to an eligible retirement account, or you can leave the funds on account with the Board. What happens to this account if I leave my job but don’t retire? No, state law does not allow you to borrow from your annuity savings account under any circumstances. Can I take a loan from the funds in my account? You may request a direct refund or a rollover of your funds to an eligible retirement account. Once you take a refund, you are no longer a member of the system. If you separate from state service, you may request to withdraw the contributions you have made into your annuity savings account. In addition to the percentages listed above, anyone who entered the system Januor later will pay an extra 2% for any salary they earn above $30,000.00. If you joined the system: You contribute (percentage of your salary): Why does my coworker contribute less to the MSERS than I do if we both earn the same salary?Ī member’s contribution rate is based on a percentage of your salary and that rate is dependent upon when you became a member of the MSERS or another public employee retirement system so long as that membership was not broken. No, membership and contributions are mandatory for everyone employed with the Commonwealth at least half-time in a creditable position. Can I opt-out of the system and stop making contributions? Please notify YOUR EMPLOYING AGENCY'S Human Resources department. What if any of my personal information listed on my statement is incorrect? TOTAL INTEREST: total interest earned on your account. TOTAL DEPOSITS: total deposits to your account. Pre Tax Interest: interest earned on your payroll contributions, transfers and buybacks. 12, 1988.Īfter Tax Interest: interest paid as part of a service purchase (buyback). The rate is set by the Public Employee Retirement Administration Commission ( PERAC) in consultation with the Commission of Banks and is computed by taking the average rate applied to savings accounts.Ħ) Account Transaction during 2022: this field only displays when a member had a 2022 transaction such as a “service purchase” and/or “transfer-in.”ħ) New Balance (December 31, 2022): your total account balance (after all transactions).Īfter Tax Deposits: can include a service purchase (buyback) by personal check or makeup payment, and any contributions prior to Jan. Note: it is not the same as your Employee ID number.Ģ) Employing Agency: the agency you worked for as of December 31, 2022.ģ) Total Balance: the balance of your account as of the previous year-end, December 31, 2021.Ĥ) Current Year (2022) Deposits: the total amount of all your 2022 paycheck contributions.ĥ) Current Year (2022) Interest 0.1%: the current year interest rate is 0.1% and is applied to the previous year’s balance. For security purposes, it is used instead of your social security number. Sample of 2022 MSERS Annuity Savings Account Annual Statement Sample of 2022 MSERS Annuity Savings Account Annual Statementġ) MSRB ID: your unique six-digit retirement account code with the Massachusetts State Retirement Board (“Board”). ![]() of this year's Member Annual Statement will contain a list of your current beneficiaries on record with the State Retirement Board. For more information on your retirement benefits please see the MSERS Retirement Benefit Guide. Your employing agency forwards your contributions to the MSERS and they are maintained in an annuity savings account on your behalf for your retirement. The annual statement reflects the balance of your accumulated retirement contributions plus any interest your account has accrued as of the end of 2022. ![]()
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