Retirees News: This office will be closed Monday, September 6, 2010 to observe Labor Day.
Please note: Please be advised that the Worcester Regional Retirement Board, at its meeting on April 27, 2010, voted unanimously to grant a 3% Cost of Living Adjustment to the retirees and beneficiaries of the system. As you may be aware, state law limits the Cost of Living Adjustment to the first $12,000 of the retirement allowance thereby capping the COLA at $360.00. This COLA will be effective as of July 1, 2010 and will be reflected in the July 20th check.
Please note: This office will stay open until 7 p.m. on Monday's beginning June 7, 2010 for the summer months.
Retirement benefits are issued monthly, dated the last business day of the month
|
1/29/10 |
2/26/10 |
3/31/10 |
4/30/10 |
|
5/28/10 |
6/30/10 |
7/30/10 |
8/31/10 |
|
9/30/10 |
10/29/10 |
11/30/10 |
12/31/10 |
Working After Retirement
PERAC, The Public Employee Retirement Administration Commission has issued an updated memorandum concerning "Post-Retirement Earnings Limitations". This applies to all retirees who work in the public sector after retirement. The public sector is broadly defined as the Commonwealth and its political subdivisions, including cities, towns, authorities, districts etc.. Massachusetts General Laws Ch. 32, Sec. 91 limits a member who is receiving a retirement allowance to 960 hours of employment within the public sector in any calendar year. In addition, the salary for such public sector employment when added to the member�s retirement allowance cannot exceed the salary that is currently being paid for the position from which the member retired. This limitation applies to public sector employment only. A person who has retired for superannuation (as opposed to a disability retiree) can be employed in the private sector or in the public sector in another state without limitation. Disability retirees� employment is also limited by the provisions of M.G.L. Chapter 32, Section 91A.
This applies to any public employment, regardless of whether or not it is for the same governmental unit from which the retiree/employee retired or any other governmental unit.
It doesn't make any difference whether a retiree decides to classify him or herself as a "consultant" or "independent contractor" - the earnings limitation still apply.
A retiree may not avoid the limitations by starting a company if the primary reason for the creation is to avoid the limits of the law. Earnings for "road details, etc" which are paid by city or town payroll are included in the limitations, regardless of whether the city or town ultimately bills a private entity for the work. The limitations only apply to retirees, not survivors or beneficiaries.
Should you have any questions, please feel free to contact our staff at The Worcester Regional Retirement System.