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
Mon, Jun 27, 2022, 3:30 pm
Second Floor Meeting Room and Assessors Office, 1 Avenue A Turners Falls MA 01376
Posted to: Board of Assessors
  • Attached File: Board of Assessors 2022-6-27 Agenda
  • Mon, Jun 27, 2022, 6:30 pm
    via Zoom
    Posted to: Board of Selectmen
  • Attached File: Selectboard 2022-06-27 Agenda
  • Attached File: Selectboard 2022-06-27 Meeting Materials
  • Retirement Board -- SCHEDULED
    Tue, Jun 28, 2022, 9:00 am
    Town Hall Annex - 1 Avenue A
    Posted to: Retirement Board
  • Attached File: Retirement Board 2022-06-28 Agenda
  • Tue, Jun 28, 2022, 4:30 pm - 6:00 pm
    ZOOM
    Posted to: Energy Committee
  • Attached File: Montague Energy CommitteeAgenda 2022-6-28
  • Tue, Jun 28, 2022, 6:00 pm - 7:00 pm
    Town Hall Annex
    Posted to: Cemetery Commission
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