Retirement Process

The Medford Retirement Board has prepared this checklist for members who are close to retirement. Most items deal directly with the City’s retirement plan, but we have included additional related items for your convenience. Please refer questions regarding Social Security benefits to the Social Security office and questions regarding health insurance to the City’s Human Resources office.  The following checklist applies for Superannuation retirement. For Disability retirements, please contact the retirement office.

12 Months to Retirement

• Familiarize yourself with the retirement options and benefits
   
• Obtain a retirement estimate from the retirement office.  Note to teachers: Your retirement is handled by the Massachusetts State Teachers’ Retirement System, please contact them directly at 617-679-6877 Click here to visit their website at www.mass.gov/mtrs
   
• Request an estimate of your retirement benefits from social security.
   
• You will be receiving a pension from the City who didn't withhold Social Security taxes from your earnings, the Windfall Eliminations Provision (WEP) and Government Pension Offset(GPO) may reduce your Social Security benefit.
• Bring the estimate you received from the retirement office to social security, they can use it to calculate your social security benefit and determine the WEP (offset)
   
• Go to www.medicare.gov for information on Medicare. Medicare typically starts at age 65 for most individuals. However, depending on your situation, this could be different.

4 - 5 Months to Retirement

• Request another estimate from the Social Security Administration.
   
• Schedule a one-on-one counseling appointment with the Retirement Office. During this appointment, you will receive the retirement application and a Medford Retirement Benefits Specialist will review the application and you will have the opportunity to ask questions and receive information specific to your retirement.  We require that you bring your spouse.

60 – 90 Days Before Retirement

• Submit your retirement application to the Retirement Office. A benefit specialist will assist you in completing the application and let you know if additional forms are required.
  • Locate and make copies of required forms for yourself and your beneficiaries. This includes birth certificates, marriage certificate, and your DD214 form if you are a veteran. You will need to include the copies when you submit your retirement application paperwork.
     
• File for retirement by submitting your completed retirement application to the retirement office.
   
• Employees visit the Human Resources office in City Hall Room 204 to review your health insurance options.
   
• Inform your department head of your pending retirement.
   
• If you plan to work for a municipality after you retire, make sure you have read and understood the criteria listed in the “Working After Retirement” handout included with your retirement application.  There are limitations on the number of hours you can work and earnings.

RETIRED AT LAST!

You will receive your first benefit payment on the last working day of the month.It can take up to 60 days before you receive your first payment.If this occurs, your first benefit payment will be retroactive back to your date of retirement.

Allow at least two to three months for payroll adjustments to be processed.