A public employee of the Town of Falmouth, who is regularly and permanently employed and contributing to the Falmouth Retirement System, is considered to be a member-in-service. Each pay period, a member-in-service contributes a percentage (per Massachusetts General Law, Chapter 32 §22) of his/her regular compensation. The member’s contributions go into an Annuity Savings Account created by the Falmouth Retirement System. Annually, members of the Falmouth Retirement System will receive a statement with the amount of funds in his/her account. Once the member has accrued ten years of full-time creditable service, he/she becomes a “vested” member of the system. This means that, once the member fulfills the age requirement and any other requirements, per Massachusetts General Law, Chapter 32, a minimal lifetime retirement allowance may be granted.
