The Massachusetts Teachers’ Retirement System is the largest of the Commonwealth’s 105 contributory retirement systems. We provide retirement, disability and survivor benefits to more than 88,000 active educators and 59,000 retirees and survivors. We’re glad to have you as a visitor and encourage you to browse often!
Notice of August Board meeting
Please note that the Massachusetts Teachers' Retirement Board will hold its next meeting on Friday, August 29, 2014, at 9:00 a.m. in the Board Room of its Cambridge office, at One Charles Park, 2nd floor, Cambridge, MA. Meetings are generally held on the last Friday of the month unless otherwise noted. For discussion topics, see the meeting agenda . For information on past meetings, see Board meeting minutes and agendas .
Catch up on the latest news—read the August 2014 issue of The Advisor!
Both active and retiree editions of our member newsletter, The Advisor, are now online. To be environmentally friendly and to reduce costs, we will mail The Advisor only to retirees for whom we don't have e-mail addresses in our system.
Benefit recipients: 3% COLA included in July 2014 payment
As you may know, the Governor and Legislature approved a three percent cost-of-living adjustment (COLA) as part of the Commonwealth’s FY2015 budget. Effective July 1, 2014, this COLA allows an increase of three percent on the first $13,000 of the retirement benefit, for a maximum increase of $390 per year or $32.50 per month. Benefit recipients who are eligible to receive this COLA are:
- retirees who retired on or before June 30, 2013;
- survivors of Option C retirees who retired on or before June 30, 2013;
- survivors of members who died while in active service on or before June 30, 2013; and
- accidental death benefit recipients whose benefits began on or before June 30, 2013.
If you are eligible to receive this COLA, it was included in your July 2014 payment and, if you are a direct deposit payee, you received a mailed statement this month. Your monthly gross amount for July will be your new monthly gross amount until any future COLAs are granted.
For more information on COLA eligibility and past COLAs, please see Cost-of-living adjustments .
Executive Director Joan Schloss to retire after more than 30 years of public service
The Massachusetts Teachers’ Retirement Board announced that Executive Director Joan Schloss has decided to retire. Ms. Schloss is retiring after more than thirty years in the public service, twenty-eight of which were spent helping active and retired educators in the Commonwealth.
“Joan’s retirement will be a big loss to us and to our members,” said Board Chairman Jeff Wulfson, who is the deputy commissioner of the Department of Elementary and Secondary Education. “We are grateful for her many years of leadership and for the high standards of professionalism and service that she set for our agency.”
At its July 25th meeting, the Board selected Deputy Executive Director Erika Glaster to succeed Ms. Schloss at the end of the year.
Dear Members, please bear with us during this extremely busy time!
If you're waiting to hear from us on a request for service, we ask that you please be patient. We received more than 20,000 service purchase applications after Pension Reform III, and the record-setting volume has caused lengthy processing delays. Although we had anticipated a temporary increase in the number of applications—and increased staffing levels accordingly—the volume simply and significantly exceeded our projections.
We are very sorry for any delay you may experience, and ask that you please bear with us during what is an extremely busy time for our staff. Thank you in advance for your understanding and continued patience.
NOTE: If you are retiring within the next four to six months and you have one or more service purchase applications currently pending with us, please let us know so that we may give your service purchase requests priority.