What are the steps to take on the way to Retirement?
Approximately 1 year before retiring:
- You should request an estimate of your retirement allowance from The Weymouth Retirement Board’s office staff or run an estimate using the self-service portal
- Become familiar with the three different retirement options and ask any questions you may have.
- Review your service history to verify all if your past service.
6 Months prior:
- Finish any prior service purchases
- Contact HR to determine what insurance (health, life, dental and/or other) you are eligible for. Learn about spousal and family coverage and how Medicare interacts with your Town coverage.
- Familiarize yourself with post-retirement limitations on MA public employment, Social Security, and cost of living adjustments.
30 – 45 days prior to Retiring:
- Call the Retirement Office and make an appointment to come in (with your spouse, if you have one) to fill out the Retirement paperwork.
- Gather additional documents that may be needed, such as birth certificates and a marriage certificate.
- Meet with a staff member, discuss the options, and sign the papers.
I want to retire, what shall I do?
- Contact the retirement office to set up an appointment.
What is the procedure if I want to buy back previous service time?
- Contact the retirement office.
If I leave employment, can I leave my money in the system?
- Yes, your account will continue to accrue interest for two years.
What is the most I can get as a retirement allowance?
- The most anyone can collect as an annual retirement allowance is approximately 80%.
Do you invest my money?
- Yes, the funds are fully invested by professional money managers based on the rules and regulations set by legislation.
Why do I have to contribute to the Weymouth Retirement System?
- This is a mandatory deduction because you do not pay into Social Security.
When will I receive my monthly retirement allowance?
- When using direct deposit, your monthly retirement allowance, will be available in your account on the last business day of each month. As of June 26, 2013 all new retirees are required to have direct deposit.
What if I go to Florida in the winter, how will I get my 1099R in January?
- The Retirement Board will send your 1099R and any other information to your Florida address. You need to inform the retirement office by December 1 of each year of your address change.
Do I have to notify the Retirement Board if I move?
- Yes, please let the Retirement Board know of all life changes in writing.
What do I do if I change my bank account?
- Please notify the Retirement Board in writing and provide a voided check or letter from the bank identifying your account checking/savings and the bank routing number. Please keep in mind that the month you make a change to your direct deposit information your check will be mailed to you.
Who can make changes to my retirement information?
- Only the retiree can make changes unless there is a guardian or power of attorney.
Will there be any change to may retirement allowance if my spouse dies?
- If your retirement application was filed on or after January 12, 1988 and your Option C beneficiary pre-deceases you your retirement allowance will pop-up to Option A.