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?

While you may “buy back” that time in order to add to your creditable service, your “buy-back” does not entitle you to your earlier membership date or contribution rate. In other words, you may purchase your service time only; however, not the benefit of the earlier membership date and lower contribution rate.

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?