Will prior creditable service affect my membership date or contriubution rate?

If you have retirement contributions from a previous retirement system still on account, those contributions can be transferred direclty to our system and you will be entitled to maintain the same level of contributions you were paying in your previous employment.  Under current regulations, if you refunded those contributions, you will become a new member of the Montague Retirement System and therefore; you will be subject to the new member contribution rate of 9%, plus 2% on earnings over $30,000.00.    Once a member of the Montague System - you could then inquire about purchasing the previously refunded creditable service through a buy back.

Appears in: Retirement FAQ

Calendar of Events
Board of Assessors -- CANCELLED
Mon, Dec 12, 2022, 3:30 pm
Second Floor Meeting Room, 1 Avenue A Turners Falls MA 01376
Posted to: Board of Assessors
Mon, Dec 12, 2022, 5:00 pm - 6:00 pm
Zoom (link in agenda)
Posted to: Library Trustees
  • Attached File: 2022-12-12 Building SC Agenda
  • Selectboard Meeting -- SCHEDULED
    Mon, Dec 12, 2022, 6:00 pm
    Via Zoom
    Posted to: Board of Selectmen
  • Attached File: Selectboard 2022-12-12 Agenda
  • Attached File: Selectboard 2022-12-12 Meeting Material
  • Tue, Dec 13, 2022, 6:30 pm - 7:00 pm
    Via ZOOM
    Posted to: Planning Board
  • Attached File: Planning Board 2022-12-13 Agenda
  • Wed, Dec 14, 2022, 3:30 pm - 4:30 pm
  • Attached File: Capital Improvements Committee 2022-12-14 Agenda
  • Latest News
    Montague Wood Bank has Firewood Available
    SERCAP is now accepting applications for individual household well and septic loans. Please see flyer for information.