Can I receive a refund of my contributions? Will I get interest on those contributions?
You may receive a refund of your total contributions if you have officially resigned your position and it is not your intent to accept another position of employment that requires membership in another Massachusetts contributory retirement system. If you voluntarily leave employment that began after January 1, 1984 and have less than 5 years of service, no interest will be refunded to you. If you have served between five and ten years, you will receive half of the interest credited to your account. If you have over ten years of service, all of the interest will be refunded to you. Also, if you are removed or discharged, you will receive interest regardless of the years of service. It is important to note that if you receive a refund or your retirement contributions, we are required to withhold 20% for your federal tax liability. Any monies contributed prior to 1/12/86 are not subject to federal taxation. However, all interest you receive from your account is subject to federal taxation. Alternatively, you can have the entire retirement account “rolled over” into a tax qualified IRA.

Show All Answers

1. Am I required to enroll as a member of the Retirement System?
2. Can I borrow money from my retirement account now and pay it back later?
3. Can I receive a refund of my contributions? Will I get interest on those contributions?
4. Can I make 'make-up' Payments?
5. What is the maximum retirement allowance that I can receive?
6. What factors effect the amount of my superannuation retirement allowance?
7. May I be employed in the public sector after retirement?
8. What about my health insurance?
9. Is my retirement allowance taxable?