As of June 2022, all restrictions on the earnings and hours worked by Superannuation retirees, working for a public employer, have been lifted. This waiver will be in effect until at least the end of 2022. Superannuation retirees can now work without any limitation for a public employer in Massachusetts.
Please note that there is no change to the income limits for Disability retirees. Feel free to call the Cambridge Retirement Board if you have any questions about this matter.
An election is to be held on September 20, 2022 for the purpose of electing a member or retiree of the Cambridge Retirement System to serve on the Retirement Board. The person elected would a three-year term, ending on October 1, 2025.
All holding membership in the Cambridge Retirement System may qualify as a candidate by filing with the Cambridge Retirement Board a nomination paper containing the signatures and addresses of at least twenty (20) members and/or retirees of this system.
The Cambridge Contributory Retirement Board is considering an allocation to a core all cap developed international equity strategy. The mandate will be for a commingled fund only for approximately $50 million.
1099-R tax forms were mailed to all retirees, beneficiaries and members who took refunds in 2021. Please feel free to contact the office if you do not receive your form by Friday, January 28.
The State legislature has approved a change to the law related to retirees working in the public sector. Effective on July 1, 2021, Superannuation retirees may work up to 1,200 hours in a calendar year for a Massachusetts public employer. There is NO CHANGE to the existing earnings limit, so retirees are still subject to the same earnings cap in effect before the change to the law. For a fuller description of the earnings limit, please see the post-retirement FAQ posted here
It is hereby determined that John Shinkwin was the only candidate to have submitted valid nomination papers for election to the Cambridge Retirement Board. Therefore, at the meeting of the Cambridge Retirement Board held on Monday, August 2, 2021, the Board voted to declare that John Shinkwin be considered elected to the Cambridge Retirement Board and that no election shall be held. His term will expire on July 31, 2023. He will serve in all respects as though he had been elected by election.
Per Section 68 of Chapter 227 of the Acts of 2020, Section 91 limitations on earnings and hours worked for superannuation public retirees working in the public sector will again be in effect as of June 15, 2021.
An election is to be held on September 22, 2021 for the purpose of electing a member or retiree of the Cambridge Retirement System to serve on the Retirement Board. The person elected would serve out the unexpired portion of the current term, which ends on July 31, 2023.
All holding membership in the Cambridge Retirement System may qualify as a candidate by filing with the Cambridge Retirement Board a nomination paper containing the signatures and addresses of at least twenty (20) members and/or retirees of this system.
At the regular meeting on May 4, 2021, the Cambridge Retirement Board voted to approve a cost of living adjustment for retirees and beneficiaries. The COLA is 3%, based on the first $16,000 of earnings, making the maximum increase $40 monthly. The increase will be effective on July 1, 2021. All retirees who retired on or prior to June 30, 2020 are eligible.
PERAC has extended the deadline for retirees collecting Ordinary or Accidental Disability benefits to file the Annual Statement of Earnings form. The new deadline is May 17, 2021. This was done to match the IRS extension of the deadline for filing Federal Tax returns.