Annual affidavits for all retirees and beneficiaries were mailed on Thursday, February 15. Please call the office if you do not receive your form within one week. We require anyone receiving a monthly allowance from the Cambridge Retirement System to sign an affidavit every year. The signed form must be returned by April 2 in order to avoid any interruption in your payment.
- Check out our website and use our calculator to review your years of service, salary and run an estimate. Well before you are ready to retire, you can make an appointment at the Retirement Board office, 617.868.3401, to talk about estimates, payments, options, possible make-ups and military service.
1099-R forms were mailed on January 26th. All retirees, beneficiaries and members who received a refund in 2017 should receive a form. In most cases, this information must be included on your 2018 tax return. Please contact the retirement office if you do not receive your 1099-R within one week.
New federal tax withholding rates are in effect for all retirees effective for the January 31st payment. If there was a change to your tax withholding, you will receive a statement this month showing the new amount being withheld.
Active members of the Cambridge Retirement System have two options as to how beneficiaries will be paid out should the member die prior to retirement. The first option is for the balance of the member’s Annuity Savings Fund to be paid out in a lump sum to any named beneficiary.
Legislation adopted in 2011 requires all Retirement Systems in Massachusetts to review the earnings history of new retirees. This is done to prevent situations in which a member might attempt to enhance a retirement benefit by negotiating a substantial pay increase, and increasing his/her average pay for the three years immediately preceding retirement. This regulation does not affect members who are granted an Accidental Disability retirement allowance.
The Cambridge City Council has apprvoed an increase in the base used to calculate Cost of Living Adjustments for retirees. The base increase had also been approved by the Cambridge Retirement Board at a prior meeting. With the approval of both bodies, the new COLA base will come into effect in July 2018.
The new COLA base will be $16,000, up from $14,000 in 2017. The means the maximum increase to a retiree's monthly benefit will now be $40 per month, rather than $35. The Board will likely vote on a COLA later in the year.
The Cambridge Retirement System is looking for applicants interested in serving as the 5th member of the Retirement System. The 5th member works with the other four members to ensure that the Retirement System is run in accordance with MGL Chapter 32 as well as local board procedures and policies. Applicants for the 5th member seat may not be an employee, retiree, member of the Cambridge Retirement System or an official of the City of Cambridge, Cambridge Housing Authority, Cambridge Redevelopment Authority or Cambridge Health Alliance. The
It is hereby determined that John Shinkwin was the only candidate to have submitted valid nomination papers for election to the Cambridge Retirement Board. Therefore, at the meeting of the Cambridge Retirement Board held on Thursday, May 11, 2017, the Board voted to declare that John Shinkwin be considered elected to the Cambridge Retirement Board and that no election shall be held. His term will commence on August 1, 2017 and expire on July 31, 2020. He will serve in all respects as though he had been elected by election.
An election is to be held on July 13, 2017 for the purpose of electing a member or retiree of the Cambridge Retirement System to serve on the Cambridge Retirement Board for a term of three (3) years, said term to commence on August 1, 2017.
All holding membership in the Cambridge Retirement System may qualify as a candidate by filing with the Cambridge Retirement Board a nomination paper containing the signatures and addresses of at least twenty (20) members and/or retirees of this system.
Two retirement seminars which had been postponed due to inclement weather have now been rescheduled.
An information seminar for members of the Fire Department which had been scheduled for February 9 will now be held on March 21 at 9:00 am at 31 Smith Place.
The seminar for all City employees (pre-registration required) which had been scheduled for March 14 will now be held on April 16 at 9:00 am at City Hall Annex. All participants who originally registered for the event will be automatically scheduled to attend.