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

The member will have three choices:

  1. The member may roll his/her funds into a qualified retirement plan with no tax penalties, or the member may take a refund of his/her total accumulated deductions. If the member takes a refund (lump-sum distribution), the Falmouth Retirement System will withhold 20% for the federal tax payment due on that portion of a member’s retirement contributions made after January 12, 1988. In addition, if a member takes a refund prior to reaching the age of 59½, there may be an additional tax penalty due at year end.
  2. The member may leave his/her funds on account with the Falmouth Retirement System to preserve his/her contribution rate should he/she return to work for the Town of Falmouth or for another town, city, county, or the Commonwealth of Massachusetts. If the member should find another job within the Massachusetts public sector and upon notification from the new employer’s retirement system, the Falmouth Retirement System will transfer their retirement account to that system.
  3. If the member is “vested”, he/she may leave his/her funds on account with the Falmouth Retirement System, and upon meeting all other retirement requirements, he/she may apply for a retirement allowance.

​The Falmouth Retirement System has all of the paperwork needed to effectuate any of the above choices.

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?