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
Thu, Apr 22, 2021, 3:00 pm - 5:00 pm
34 Greenfield Rd, Montague MA 01351
Thu, Apr 22, 2021, 6:30 pm - 8:30 pm
via Zoom
Posted to: Board of Selectmen
  • Attached File: 2021-04-22 PAG Equity Use of Force - Agenda
  • Mon, Apr 26, 2021, 3:30 pm
    Assessors office, 1 Avenue A Turners Falls MA 01376
    Posted to: Board of Assessors
  • Attached File: Board of Assessors 2021-4-26 Agenda
  • Selectboard Meeting -- SCHEDULED
    Mon, Apr 26, 2021, 6:30 pm
    Via Zoom
    Posted to: Board of Selectmen
    Mon, Apr 26, 2021, 6:30 pm - 8:30 pm
    Zoom
    Posted to: Library Trustees
  • Attached File: 2021-04-26 Library Trustees Agenda
  • Latest News
    Participate Online 5/17 - 5/21 to Spread Awareness
    To: General Montague News
    A COVID safe drive through for local families, goodie bags for the children who attend!
    To: General Montague News