Under Retirement Plus, retirement benefits for eligible and participating members are now increased by 2% for each full year of creditable service in excess of 24 years, up to the statutory maximum of 80%.The contribution rate for Retirement Plus participants was set at a flat 11%.
In February 2001, then current members of the MTRS were mailed an Election Form and given until June 30, 2001 to affirmatively elect to participate in Retirement Plus. New members as of July 1, 2001 are automatically subject to Retirement Plus. Members who transfer into the MTRS from another Massachusetts contributory retirement system on or after July 1, 2001 have 180 days in which to elect to participate in Retirement Plus; if they do not respond, they are not enrolled in Retirement Plus.
Eased restrictions on retiree re-employment
During a period of a "critical shortage" of teachers as declared by local school districts, and approved by the Massachusetts Department of Education, MTRS retirees are now allowed return to public teaching service in Massachusetts without restriction. Members who retire under Retirement Plus, however, must be retired for at least two years before they may be rehired without restriction. In the absence of a "critical shortage," the existing restrictions on re-employment in a Massachusetts public