Answer:

We have prepared a checklist for members who are approaching retirement:

  • 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.
  • Contact the Social Security Administration to learn about possible benefits from your private sector work.  Remember to let them know you will be receiving a public pension.
  • Any amount that you paid into a 457 plan is separate from the funds that you have in the Cambridge Retirement System.  Estimated allowances from our office do not include potential payments from a 457.
  • Call your Personnel Office / Human Resource Office to talk with them about retiree health benefits and life insurance coverage.
    • City Hall Benefits Office: contact Yolanda Hernandez at 617.349.4337.
    • Cambridge Health Alliance Benefits: contact Laurie Carrabes at 617.591.4546.
    • Cambridge Housing Authority & Cambridge Redevelopment Authority: contact Group Insurance Commission at 617.727.2310.
    • Cambridge Public Schools:  contact Heather DiLuciano at 617.349.6440.
  • Talk with your payroll officer to learn about your unused sick and vacation buyouts.
  • Your pension is not subject to Massachusetts tax; however, if you live in another state it may be taxable in that state. Click here for information on how each state taxes retirement benefits.
  • Your pension is subject to federal taxes.  The Retirement Board has the most updated federal tax table in its system.
  • The Retirement Board pays retirement benefits by direct deposit on the last business day of the month.
  • When you are ready to retire and ready to complete a retirement application, please do the following:
    • Decide on the date of your retirement.
    • Make an appointment about two months ahead of your retirement date.  We cannot accept applications filed more than four months ahead of time.
    • Decide which option you plan to take, and discuss your choice with your beneficiaries.  Do not wait until the day of your appointment to decide on your option.
    • If married, bring your spouse to the appointment.
    • Bring a voided check, marriage license and copies of birth certificates for yourself and your beneficiary.

 

Most Viewed Frequently Asked Questions

  1. Why do I have to contribute to the Cambridge Retirement System?
  2. Do you invest my money?
  3. What is the most I can get as a retirement allowance?
  4. If I leave employment, can I leave my money in the system?
  5. What is the procedure if I want to buy back previous service time?
  6. Will there be any change to may retirement allowance if my spouse dies?
  7. Who can make changes to my retirement information?
  8. What do I do if I change my bank account?
  9. Do I have to notify the Retirement Board if I move?
  10. What if I go to Florida in the winter, how will I get my 1099R in January?
  11. When will I receive my monthly retirement allowance?
  12. When I am ready to retire, what should I do?
  13. What is the process to apply for a refund?
  14. What Happens If I Go Part-Time?
  15. Which Option do Most People Take?
  16. How Does the 2012 Pension Reform Affect Me?
  17. Can I Work After Retirement?
  18. Do I Have to Pay Taxes on My Retirement Allowance?
  19. How could I be affected by “anti-spiking” regulations?
  20. What should I know about naming a beneficiary?
  21. Is there a difference in life expectancy between public safety employees and civilians?
  22. What happens if I get a retroactive payment?

 

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