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
Selectboard -- SCHEDULED
Mon, Feb 6, 2023, 6:30 pm
1 Avenue A, Turners Falls and see zoom link under Selectboard Meeting Agenda
Posted to: Board of Registrars
  • Attached File: Selectboard 2023-02-06 Agenda
  • Attached File: Selectboard 2023-02-06 Meeting Material
  • Wed, Feb 8, 2023, 3:15 pm - 4:30 pm
    REMOTE
    Montague EDIC -- SCHEDULED
    Wed, Feb 8, 2023, 5:00 pm - 6:00 pm
    REMOTE
    Posted to: Montague EDIC
  • Attached File: MEDIC 2023-02-08 Agenda
  • Wed, Feb 8, 2023, 5:30 pm
    Town Hall Second Floor Meeting Room and Zoom
    Posted to: Board of Health
  • Attached File: Health Dept Agenda
  • Wed, Feb 8, 2023, 6:00 pm - 8:00 pm
    Zoom
    Posted to: Finance Committee
  • Attached File: Finance Committee 2023-02-08 Agenda
  • Attached File: Finance Committee 2023-02-08 Meeting Materials
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