It is fairly common for members who are already retired to receive a retroactive payment for a period that they were previously working. This usually happens when a union settles a contract, which results in a payment to all members of that union who were employed after a certain date. Members who are getting close to retirement often express concern about “missing out” on this increased pay if they retire before their contract is settled. Luckily, these types of payments can still be included in a retirement calculation even if a member has already retired.
Latest News
10-03-2018
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The Cambridge Retirement Board (“Board”) are considering allocations to Passive Domestic & International Equity products. The Index Funds (“Proposed Products”) for consideration are as follows:
08-01-2018
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The Cambridge Retirement System is seeking proposals from qualified individuals/firms to provide legal services consistent with MGL Chapter 32 and Commonwealth of Massachusetts Regulations 840 CMR-Public Employee Retirement Administration Commission.
05-25-2018
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The Cambridge Retirement Board is considering an allocation to a core fixed income portfolio. The mandate will be for approximately $130 million. Individual contracts will be awarded and stated in accordance with M.G.L. Ch. 32 and all applicable investment guidelines administered by the Public Employee Retirement Administration Commission.The Board reserves the right to reject any and all proposals at its discretion or to select more than one manager and to determine the amount of assets each will manage.
03-26-2018
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The Cambridge Retirement System is seeking proposals from qualified Pension Investment Consultant to provide services consistent with MGL Chapter 32 and the Investment Regulations contained within the Code of Massachusetts Regulations.
To receive a copy of the Request for Proposals (“RFP”), please contact Ellen K. Philbin, ephilbin@cambridgeretirementma.gov. All questions regarding the RFP must be sent electronically to ephilbin@cambridgeretirementma.gov.
03-20-2018
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There appears to be a persistent belief among public safety employees that there is a substantial difference in life expectancy between public safety retirees and the rest of the retiree population. In counseling sessions with members, this has been expressed in a number of ways, with some believing that public safety retirees live on average only seven years after retirement, or that their life expectancy is ten years less than other retirees. Since a mistaken belief about one’s life expectancy can lead one to plan insufficiently for retirement, the Retirement Office felt it wa
03-13-2018
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Due to the snowstorm, the Retirement Office will be closed on Tuesday, March 13. At this time we expect to reopen on Wednesday morning.
02-20-2018
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Annual affidavits for all retirees and beneficiaries were mailed on Thursday, February 15. Please call the office if you do not receive your form within one week. We require anyone receiving a monthly allowance from the Cambridge Retirement System to sign an affidavit every year. The signed form must be returned by April 2 in order to avoid any interruption in your payment.
02-13-2018
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- Check out our website and use our calculator to review your years of service, salary and run an estimate. Well before you are ready to retire, you can make an appointment at the Retirement Board office, 617.868.3401, to talk about estimates, payments, options, possible make-ups and military service.
01-29-2018
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1099-R forms were mailed on January 26th. All retirees, beneficiaries and members who received a refund in 2017 should receive a form. In most cases, this information must be included on your 2018 tax return. Please contact the retirement office if you do not receive your 1099-R within one week.
New federal tax withholding rates are in effect for all retirees effective for the January 31st payment. If there was a change to your tax withholding, you will receive a statement this month showing the new amount being withheld.