Life or Job Changes

Certain life events such as moving to a new home, a new marriage, a divorce or leaving employment before retirement can affect your retirement benefits.  It's important to contact the Retirement Office so we can provide you with information you need to make an educated decision. 

Start a New Position in a Different City or Town

If you terminate employment and take a position with another Massachusetts governmental unit, your Annuity Saving (and service) will be transferred to the retirement board.  This is an internal process.  Please notify your new employer's Retirement System that you have funds on account with the Medford Retirement System. 

Refund of Contributions 

Upon termination, you may receive a refund of you contributions plus interest paid directly to you or rollover your contributions and interest to a qualified plan and defer taxes.  If you withdraw your contributions you will no longer be eligible for any benefits including a retirement allowance and health insurance.  Contributions refunded (paid directly to you) will be subject to 20% federal tax withholding and you may incur a penalty from the IRS.  If you decide to rollover the taxable portion of your Annuity Savings to a qualified plan a check will be made payable to your financial institution and mailed directly to your financial institution.   Taxable contributions include employee contributions made prior to 1988.  The Retirement Board strongly suggests that you receive tax and/or legal advice before withdrawing your contributions, the Retirement Staff cannot provide this advice.  

Defer Retirement

Employees who have not attained retirement age but are vested (10 or more years of creditable service) have the option to defer retirement by leaving your contributions on deposit with the retirement system and retire at a later date.  Service transferred from other systems will be added to your creditable service.  You must leave your contributions on account to defer.  

If you defer your retirement, you may receive a retirement allowance: 

If you are vested and hired prior to 4/2/2012, you must attain the age of 55

If you are vested and hired after 4/2/2012, you must attain the age of 60

Deferred retirement is not automatic, you must apply for retirement. 

Leave Your Contributions on Account With The Retirement System and Return to Work at a Later Date 

You have the option to leave your contributions on account with the city and return to work at a later date.  This option will preserve your date of membership and when you return to work in a qualified position, you will continue to earn creditable service.  

If you are not vested and have no intentions to return to service or seek employment with a different Massachusetts governmental unit, you can leave your contributions on account with the retirement system.  However, interest will stop accruing two years after you terminate.  

If you are not vested and resign your position with city, upon refund your Annuity Savings account's interest will be recalculated at 3%.  If you are vested or terminated, you will receive regular interest upon refund. 

Moving to a New Home

If you are active, retired or deferred and change your address, please download a Change of Address Form and return it to the Medford Retirement office.  

Recently Married

If you are recently married you may need to update your beneficiary information with the Retirement System.  Download the Beneficiary Selection Form and return it to the retirement office 

Divorced

If you have been divorced, it may impact your retirement benefits.  It's up to the courts to decide the interest your former spouse has in your retirement allowance or your Annuity Savings Account.  It's important that any divorce orders do not violate the system's plan.  Please notify the Retirement Office in the event of a divorce and supply a copy of your separation agreement and Domestic Relation Order (DRO).  We will review your DRO and let you know if it violates the System's plan.  

Injured on the Job

If you are injured while performing the duties of your job, send a copy of the accident report to the Retirement Office.