When I leave my job with the Town of Falmouth, what happens to my Annuity Savings Account?

A:  A member has three options:

  1. A 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 Chapter 32 system (i.e., a different town, city, county, or the Commonwealth of Massachusetts).  Should a member find a job with another Chapter 32 System, the Falmouth Retirement System, upon notification from the new retirement system, would transfer his/her retirement deductions to that system.
  1. If a member is vested, he/she may leave his/her retirement deductions on account with the Falmouth Retirement System, and he/she may receive a retirement allowance when all the retirement requirements have been met.

A member may roll his/her retirement deductions into a qualified retirement plan with no tax penalties.  Or, a member may take a lump-sum distribution of his/her accumulated deductions.  If a member takes a 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 59 1/2, there may be an additional penalty due at years end.

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

Retirees

  1. What are the restrictions pertaining to public service re-employment following my retirement?

  2. Am I limited in the amount of income that I can earn or receive in retirement from sources other than my retirement allowance?

  3. As a retiree, will my health insurance be covered by the town?

  4. When will I receive my monthly retirement allowance?

  5. What if I go to Florida in the winter, how will I get my 1099R in January?

  6. Do I have to notify the Falmouth Retirement Board if I move?

  7. What do I do if I change my bank account?

  8. Who can make changes to my retirement information?

  9. Will there be any change to may retirement allowance if my spouse dies?

Members

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

  2. What are the different ways you can collect a retirement allowance?

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

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

  5. Do I need to let the Falmouth Retirement System know if I change my personal information, i.e. my address, my marital status, my beneficiary, etc.?

  6. How can I change my beneficiary?

  7. When I leave my job with the Town of Falmouth, what happens to my Annuity Savings Account?

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

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

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

  11. Why do I have less creditable service than my co-worker when I started working before he/she did?

  12. How do I earn creditable service?

  13. Is regular compensation the same as total compensation?

  14. Who is subject to the additional 2% contribution?

  15. Who is subject to the additional 2% contribution?

  16. How much am I required to contribute?

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

  18. If I work full-time for the Town of Falmouth do I have to join the Falmouth Retirement System?

  19. I want to retiree, what shall I do?

  20. What is the procedure if I want to buy back previous service time?

  21. If I leave employment, can I leave my money in the system?

  22. What is the most I can get as a retirement allowance?

  23. Do you invest my money?

  24. Why do I have to contribute to the Falmouth Retirement System?