Mass State Retirement
The State Employee Retirement Plan (SERS)
The State Employee Retirement Plan (SERS) is a mandatory defined benefit plan for eligible employees in which 9% of the employee’s salary plus an additional 2% of any earnings over $30,000 will be deducted on a pre-tax basis each pay period and invested the plan. Annually, employees will receive a statement of their account which includes contributions, interest earned and balance. Vesting is 10 years after credible service. For more detailed information on SERS, please visit the Benefit Guide for the Massachusetts State Employee Retirement System.
The mandatory retirement plans shown above is selected as a result of employment in a job not covered by social security. Under the Social Security law, there are two ways your Social Security benefit amount may be affected: Windfall Elimination Provision and the Government Pension Offset Provision. For more information view the Statement Concerning Your Employment in a Job Not Covered by Social Security.
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Date: Mon, 27 Nov 2017 16:45:00 GMT