Direct Deposit Calendar

When will I receive my monthly retirement allowance?

On direct deposit your monthly retirement allowance will be available in your account on the last business day of each month. The Retirement Board recommends all retirees be on direct deposit.

What if I go to Florida in the winter, how will I get my 1099R in January?

The Retirement Board will send your 1099R and any other information to your Florida address. You need to inform the Board of the dates you want us to use your Florida address and the dates you want us to use your local address.

Do I have to notify the Retirement Board if I move?

Yes, please let the Retirement Board know of all life changes in writing.

What do I do if I change my bank account?

Please notify the Retirement Board in writing and provide a voided check or letter from the bank identifying your account checking/savings and the bank routing number.

Will the Retirement Board take out health insurance premiums?

Yes, as long as you are eligible to have health insurance the Retirement Board will take out your monthly premiums. The Dental and Vision is a self -pay program.

When can I change my health insurance?

You may change your health insurance during open enrollment. You should receive notification on an annual basis from the Benefits Office about open enrollment, in most cases the Benefits Department holds a health fair during that time. City of Cambridge 617-349-4337; Cambridge Health Alliance 781-306-8711;
Cambridge Housing Authority/ GIC 617-727-2310 ext.7057 or 7061

Will I receive any increases to my retirement allowance?

You will if the Cambridge Retirement Board approved a Cost-of Living Adjustment (COLA). The Board generally approves a 3% on the first $14,000.00 of a retiree's allowance.

Who can make changes to my retirement information?

Only the retiree can make changes unless there is a guardian or power of attorney.

Will there be any change to may retirement allowance if my spouse dies?

If your Option C beneficiary pre-deceases you your retirement allowance will pop-up to Option A.

Can I access my retirement information from the internet?

Yes, go to www.cambridgeretirementma.gov