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 Options
- Option A - receive your full retirement allowance in monthly payments as long as you live. All allowance payments will cease upon your death and no benefits will be provided for your survivors.
- Option B provides you with a lifetime allowance which is approximately 1% to 3% less per month than Option A. Upon your death, your surviving beneficiary(ies) of record, or will be paid the unexpended balance of your accumulated total deductions, if any, from the annuity reserve account. Under Option B there is no limit on choice of beneficiary - you may designate any person(s) or charity or institution as your beneficiary. if you choose Option B you may change your beneficiary at any time after retirement.
- Option C - Selecting option C, you will receive approximately 7 to 15% less than Option A. Upon your death, your beneficiary will be paid a monthly allowance for the remainder of their lifetime. That allowance will be equal to two-thirds of the allowance which was being paid to you at the time of your death. Limits on beneficiary selection for option C: limited to your spouse, your former spouse (provided he or she has not remarried at the time the Option C benefit becomes payable to you), your child, your parent, or your sibling. You may not change your Option C beneficiary after your retirement becomes effective. Option C Pop-up - If your Option C beneficiary pre-deceases you, you will “Pop-up” to the retirement allowance you would have received had you elected Option A at the time your retirement.
