A: Any 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 (based upon his/her most recent date of continuous membership) of his/her regular compensation.
A member’s contributions go into an Annuity Savings Account created by the Falmouth Retirement System. Annually, a member of the Falmouth Retirement System will receive a statement identifying the amount of funds in his/her account.
Once a member has accrued ten years of full-time creditable service, he/she becomes a “vested” member of the system. This means that at some point in time, once he/she fulfills the age requirement, the service requirement, and any other requirements, a lifetime retirement allowance may be granted.
