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Your health insurance premium may be deducted from your retirement allowance. Questions regarding your coverage should be directed to the Personnel Department at (978) 281-9742.
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The amount of your retirement allowance depends on: your age, your length of creditable service, the amount of your average annual rate of regular compensation, and your group classification.
For disability retirees, the amount of outside income you can earn is the difference between your gross retirement allowance and the present salary for the job from which you retired, plus $5,000.
A portion of your retirement allowance is federally taxable. Please refer to IRS publication 575. The IRS requires that you pay 90% of the income tax that you will owe by having an amount withheld on a payroll plan or by filing an estimated quarterly tax return. If you wish, we will withhold a fixed amount of money from each retirement check you receive. You can change the amount of taxes withheld from your retirement check anytime you wish. Please notify the Board of any tax changes you might wish to make. We will ensure that you receive the appropriate form. State Income Tax Your retirement allowance is exempt from Massachusetts state taxes. When considering a move outside of the Commonwealth you should question whether or not your contributory pension will be taxed by your prospective new home state. Currently fifteen states do not tax Mass. pensions. In addition several states provide tax exemptions or exclusions for which Mass. pensions may qualify. For example, Maine offers a $6,000 pension exemption, while pensioners, 59 ½ or over, may qualify for a $20,000 exemption in New York.