Retirement Checklist

Retirement Process: (To do in order)

*If you’re a qualified, certified teacher, you are most likely, and should fall under the responsibility of the Massachusetts Teachers’ Retirement System-MTRS (https://mtrs.state.ma.us/) 

 

*All health and life insurance, vacation, PTO and sick time are Town items and not under the purview of the Retirement Office. Please contact your payroll person and/or HR if you have questions about these items.

 

Please start this process within 2-3 months of your retirement 

  1.  Call or email me asking me for an estimate. 

  1. Estimates should be within 6 months to a year of retirement.
    1. If you ask for an estimate 3-5 years out, your numbers will look drastically different as we get 6 months to a year out from retirement.
    2. The good news about that, is that your estimate will be much more favorable as you get closer to retirement rather than 3-5 years out.
  2. Please provide a retirement date. It’s just for estimate purposes and does not need to be set in stone. You decide when you want to retire.
  3. Please provide an email and phone number
  4. My office number is: 781-455-7500 x231
  5. My email is: jcole@needhamma.gov 

   2.  The following is sent to you:

  1. Your estimate
  2. An Excel worksheet that summarizes the information we have in our system for you and drives the estimate output.
  3. The Retirement Application Packet itself
    1. Only if your Retirement is 2 to 3 months out, will a Retirement packet be sent out.
      1. Often PERAC (the Public Employee Retirement Administration Commission, https://www.mass.gov/orgs/public-employee-retirement-administration-commission), (AKA the State), will update the Retirement Application and Choice of Options Form for the next year.
  4. You can find the PERAC Guide to Retirement booklet using the following link:  https://www.mass.gov/guides/perac-retirement-guides 

  3.  Follow-Up In-Person or Zoom Video Call 

  1. Not needed if you don’t plan to retire within 6 months to a year. 
  2. If you’re actually retiring within 2–3-months, make an appointment so we can go over your completed application packet, talk about what’s next and answer any questions you may have.

Jacob Cole, Administrator

Needham Contributory Retirement System

(located in Town Hall on 1st Floor, Walgreens-side)

1471 Highland Ave. Room 116

Needham, MA 02492

Email: jcole@needhamma.gov (preferred please)

Office: 781-455-7500 x231