The Massachusetts Teachers’ Retirement System is the largest of the Commonwealth’s 104 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 February Board meeting
Please note that the Massachusetts Teachers' Retirement Board will hold its next meeting on Friday, February 27, 2015, 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.
Benefit recipients: 1099-R and Benefit Verification forms were mailed January 30
As of Friday, January 30, all 1099-R tax statements and Benefit Verification forms were in the mail to our more than 59,000 benefit recipients. Accordingly, if you received a retirement or survivor benefit payment from the MTRS in calendar year 2014, then you should receive your 1099-R tax statement and your Benefit Verification form together in the same envelope.
This mailing also includes the pension payment schedule for 2015. If you do not receive your tax form by Tuesday, February 17, please call our Cambridge office at 617-679-6877 to request a duplicate. As noted in the instructions included with your forms, please be sure to complete and return your Benefit Verification form, in the pre-addressed envelope that is provided, by Friday, February 27, 2015.
Benefit recipients: Please take note of these two timely updates:
1. January checks and direct deposit statements were mailed Monday, January 26—two days earlier than scheduled
Due to the impending storm and for the benefit of our retirees who still receive their payments via mailed checks, this month's checks and direct deposit statements were mailed out Monday, January 26—two days earlier than scheduled; the effective date of all payments, however, remains January 30 (i.e., checks are payable on Friday, January 30, and direct deposits are credited to accounts on January 30).
2. Your federal tax withholding amount may have changed with your January payment
The Internal Revenue Service updated the federal tax withholding tables for 2015. If you have federal taxes withheld from your monthly benefit:
- based on the IRS tax tables (i.e., your marital status and the number of exemptions claimed), beginning with your January payment, you will most likely see a slight increase in your net benefit amount, because your tax withholding decreased under the new table. Additionally, if you receive your payment via direct deposit, you will receive a mailed statement for January because your net amount changed from last month.
- as either a fixed dollar amount or as a percentage of your gross benefit, your tax withholding was not affected by this change in the IRS tables.
For additional information, please see Taxation of your benefit.
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.