85 George P. Hassett Drive
Medford, MA 02155
Phone: (781) 393-2517
Alternate Phone: 781-393-2521
Fax: 781-393-2522
Hours:
Monday, Tuesday, Thursday: 8:30 a.m. to 4:30 p.m.
Wednesday: 8:30 am. to 7:30 p.m.
Friday: 8:30 a.m. to 12:30 p.m.
Retirement Benefit
Monthly Retirement Payments
Medford Retirement System retirees are former city employees who receive a lifetime benefit. Survivors are beneficiaries of member/retirees who receive a survivor or death benefit. 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 is 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.
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.
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
The 1099-R form provides retirees with detailed information on his or her income for the previous year and will be mailed to you by January 31. Payees may view their most recent 1099-R statement online, by logging into the Employee/Retiree Portal. The Retirement Board strongly suggests that you receive tax advice from a professional tax preparer, the Retirement Staff cannot provide this advice.
Income Verification Letters
The Income Verification Letter displays the retirees retirement date and gross monthly retirement allowance. This is often needed as income verification for loans and other financial transactions. The Medford Retirement System has a feature for retirees using the Employee/Retiree portal to view and print an income verification report.
Heath Insurance Deductions
The Medford Retirement System does not provide the Retiree Health or Medical Program, it's provided by the City. The retirement staff can assist in completing the applications for heath and dental upon retirement. For questions regarding your Retiree Medical Benefits after retirement, please contact the appropriate agency.
Retirees from the School System please contact the School's Benefit Coordinator located in the school Administration offices
Retirees from the City, please contact the Benefit Coordinator located in the Mayor's office in City Hall
Direct Deposit
The Medford Retirement Board adopted a policy December 2018 mandating that all monthly retirement payments are paid via direct deposit. In addition, monthly advice notices will no longer me mailed unless a change to the benefit or financial information occurs. The Medford Retirement System has a feature for retirees using the Employee/Retiree portal to view and print monthly retirement benefit payments.
