During Retirement

Monthly Retirement Payments

Retirement benefits are paid monthly by direct deposit on the last working day of the month and are accrued, for example your benefit payment on January 31 is for the month of January.  All retirement benefits are paid by direct deposit. As a reminder, you will not receive a direct deposit statement every month.  Direct deposit statements are only mailed when…

• your first direct deposit made;
• if there is a change in the amount of your direct deposit from the prior month (for instance, if you change the amount of your federal tax withholding or your insurance premium changes);
• in December, showing your complete year-to-date information for the calendar year.

Benefit Verification (Proof of Living)

The Massachusetts retirement law requires that retirement systems perform, at least once every two years, a proof of living verification of all retirees and beneficiaries who receive a monthly benefit (840 CMR 15.01 ).

1099-R for tax purposes

Your 1099-R will be mailed by January 31.  The Retirement Board strongly suggests that you receive tax advice from a professional tax preparer, the Retirement Staff cannot provide this advice.  

Cost of Living Adjustment (COLA)

Cost of living adjustments will be applied as directed by the Retirement Board and PERAC. If approved, typically COLA's will be effective July 1 for retirees who retired on or before June 30 of the prior year.