Massachusetts State Employees Retirement System (MSERS)
Administered by the Massachusetts State Retirement Board, established in 1911 (http://www.mass.gov/retirement)
Employees of the Commonwealth of Massachusetts, its agencies and various other non-state public entities, and the former Mass. Turnpike Employees™ Retirement System. Does not include public school teachers, local and municipal employees, MBTA. Members of the MSERS do not contribute to the federal Social Security system.
Membership: (As of 1/1/17)
90,014 Active Members
up to 10 years of creditable service: 44,766
10 to 20 years of creditable service: 24,172
20 to 30 years of creditable service: 14,297
30+ years of creditable service: 6,779
62,259 Retired Members, Survivors, & Beneficiaries
51,844 Superannuation Retirees
3,941 Disability Retirees
6,474 Other Retirees/Survivor Beneficiaries
Average Annual Benefit: $33,680.00
Total Benefits Paid in 2016: $2.096B
Average Active Member Salary: $65,845.00
Being vested means you are eligible to receive a retirement allowance. You are vested in the State system if you have at least ten years of full-time service. To be eligible to retire, you need to meet one of the following conditions:
You entered state service prior to April 2, 2012 and you have 20 years of full-time creditable service at any age, or
You entered state service prior to April 2, 2012 and you attain the age of 55 with ten years of creditable service, or
You entered state service on or after April 2, 2012 and you attain the age of 60 if retiring from Group 1, with ten years of creditable service.
If you leave state service after you are vested, you may leave your retirement contributions in the system and receive a state pension once you meet the minimum age requirement.
Assets Managed by: PRIM (Pension Reserves Investment Management Board) / http://www.mapension.com