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Middlesex Massachusetts online Form 8888: What You Should Know
To be eligible for benefits or to organize with the union, an employee must: Have worked for an executive department in any of Massachusetts Public Department departments or Any of Massachusetts Governor Marty M Mass, or Governor Otto H Mass. Prior to his/her joining the Executive Department, the employee must have been a member of a collective bargaining unit for at least one year and must have participated in a certification election. Massachusetts Government Pension and Retirement System Pension and Retirement System of Massachusetts The PEERS System is a state-operated pension fund, administered by the Massachusetts Department of Labor and Retirement. PEERS provides pension benefit programs to employees and retirees, including: Retirement and Disability: PERS-contributions can either be invested in mutual funds or invested in individual accounts to make them tax-deferred. PEERS -benefits are paid in the following ways: • Annuitized benefit is paid on the anniversary of the employee's initial employment • Lump-sum payment is paid on death or disability Annuities • Annuity payments are in the form of a life annuity PEERS also offers health care benefits and benefits for a wide range of employment status. To learn more about these program, visit the Massachusetts Department of Labor and Retirement. Massachusetts Retirement System Regulated for safety, reliability and affordability by the Commission on Public Employee Retirement System Regulation and Supervision and Retirement Board. The Massachusetts Retirement System (MRS) is a state-funded retirement benefit system that is available to all state employees. At least 50% of the employee's salary is required to be paid into a retirement annuity. An annuity is a fixed payment to a retiree based upon the employee's years of pay and the retiree's earnings and years of service. Annuities are provided with two parts: • Lump-sum option: This option pays a fixed monthly payment. • Fixed option: This option pays a fixed monthly payment, with a range of payments that can vary from year to year depending on the annuity's earnings. Each annuity is managed by the Commission on Public Employee Retirement System Regulation and Supervision and the Retirement Board. There are six different annuity types, each offering different levels of payments. The range of payments offered by the MRS is based upon the highest tier of the annuity's earnings.
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