I need to pay some bills. Can I borrow from my Annuity Savings Account?

Unfortunately, no. Per Massachusetts General Law, Chapter 32, the retirement law prevents any withdrawals from a member’s Annuity Savings Account unless that member separates from public service.

Members

  1. I work for the Town of Falmouth. Do I have to join the Falmouth Retirement System?

  2. What does it mean to be a member of the Falmouth Retirement System?

  3. How much am I required to contribute?

  4. Is regular compensation the same as total compensation?

  5. Why don’t I pay into Social Security?

  6. Do you invest my retirement contributions?

  7. How do I earn creditable service?

  8. I work for the Town of Falmouth, and I also have a job with the Town of Barnstable. Do I get double service credit for my work?

  9. Formerly, I was a member of a Massachusetts contributory retirement system and withdrew my funds. Now, can I “buy back” that prior service and enter the retirement system at my earlier membership date and lower contribution rate?

  10. If I want to “buy back” previous service time, what is the procedure?

  11. If I leave employment with the Town of Falmouth, what will happen to my retirement contributions?

  12. I need to pay some bills. Can I borrow from my Annuity Savings Account?

  13. What are the different options to collect a retirement allowance?

  14. What is the maximum retirement allowance that I can receive?

  15. When I decide to retire, what steps do I need to take?

  16. If I need to change my personal information, i.e. my address, my marital status, my beneficiary, etc., do I need to notify the Falmouth Retirement System?

Retirees

  1. When will I receive my monthly retirement allowance?

  2. As a retiree, will my health insurance be covered by the Town of Falmouth?

  3. If I change my bank account, how do I inform the Falmouth Retirement System?

  4. If my beneficiary dies, will there be any change to my retirement allowance?

  5. If I move, do I have to notify the Falmouth Retirement System?

  6. Who can make changes to my retirement information?

  7. If I go to Florida for the winter, how will I get my 1099-R in January?

  8. What are the restrictions pertaining to post-retirement employment?