Retirement Information
Norfolk County Retirement System
The Norfolk County Retirement System (NCRS), established in 1911, governed under Massachusetts General Laws, Chapter 32, is led by a 5 Member Board of Trustees. NCRS is 1 of 105 reciprocal retirement systems within the Commonwealth.
NCRS serves approximately 10,000 active and retired members from the County, 19 towns and 21 authorities and special districts. Retirement System membership is mandatory for employees regularly working 20 hours or more and, upon retirement, retirees receive a defined monthly benefit for life.
Please review the Links below for more information.
- Norfolk County Retirement System Helpful Links
- Massachusetts Public Employee Retirement Guide
- Norfolk County Retirement System Enrollment Form
- Norfolk County Retirement System Beneficiary Form
- Norfolk County Retirement System Change of Address Form
Mass Teachers Retirement System
The Massachusetts Teachers’ Retirement System is a contributory retirement system governed by the Commonwealth’s retirement law, Chapter 32 of the Massachusetts General Laws. The MTRS, which is the largest of the Commonwealth’s 104 contributory retirement systems, provides retirement, disability and survivor benefits to Massachusetts teachers, administrators and their families.
The MTRS is a defined benefit retirement plan intended to provide a meaningful retirement benefit to the employee who has chosen a career in public service. It operates as a qualified plan under section 401(a) of the Internal Revenue Code.
Please review the Links below for more information.
- Mass Teachers Retirement System Helpful Links
- MyTRS Online Enrollment Instructions
- MTRS Benefit Reference Guide
- MTRS 'Ready for Retirement' Reference Guide
S.M.A.R.T. Plan (Voluntary 457b Plans)
A 457 Deferred Compensation Plan is a supplemental retirement savings program that allows you to make contributions on a pre-tax basis. Federal, and in most cases, state income taxes are deferred until your assets are withdrawn, usually during retirement when you may be in a lower tax bracket.
A 457 plan is similar to a 401(k) plan, except there are never employer matching contributions and the IRS does not consider it a qualified retirement plan. Participants can defer some of their annual income (up to an annual limit), and contributions and earnings are tax-deferred until withdrawal.
Distributions start at retirement age but participants can also take distributions if they change jobs or in certain emergencies. Participants can choose to take distributions as a lump sum, annual installments or as an annuity.
403b Deferred Compensation Plan offered from TSA Consulting Group