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

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Wed, Jan 19, 2022, 4:00 pm - 5:30 pm
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Posted to: Montague EDIC
  • Attached File: MEDIC 2022-01-19 Agenda
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    Town Hall Second Floor Meeting Room
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  • Attached File: Board of Health 2022-1-19 Agenda
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    Posted to: Board of Selectmen
    Retirement Board -- SCHEDULED
    Tue, Jan 25, 2022, 9:00 am
    Town Hall - 1st Floor Meeting Room
    Posted to: Retirement Board
    Tue, Jan 25, 2022, 4:30 pm - 6:00 pm
    ZOOM
    Posted to: Energy Committee
  • Attached File: Montague Energy CommitteeAgenda 2022-1-25
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