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, Dec 5, 2022, 5:30 pm - 6:30 pm
Town Hall Annex Space
Posted to: Board of Health
Tue, Dec 6, 2022, 6:00 pm - 7:00 pm
Town Hall Upstairs
  • Attached File: MONTAGUE HISTORICAL COMMISSION continuation hearing
  • Wed, Dec 7, 2022, 11:00 am - 1:00 pm
    Montague Town Hall AND Via ZOOM
  • Attached File: BattlefieldDec07Agenda
  • Wed, Dec 7, 2022, 12:00 pm - 12:30 pm
    Remote via Zoom
  • Attached File: Capital Improvements Committee 2022-12-07 Agenda
  • Wed, Dec 7, 2022, 3:30 pm - 4:30 pm
    Town Hall Annex, One Avenue A, Turners Falls, MA 01376
    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.
    Effective 12/1/2022