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Retirement and 403b Information
If you are contemplating retirement, consider reviewing these two booklets. The first one applies to all Massachusetts public employees and the second one applies to members of the Massachusetts Teachers' Retirement System. Please remember, all retirement boards recommend that you submit your retirement application at least three months before your retirement date. This will also enable them to process your first retirement check soon after you retire.
Massachusetts Public Employee Retirement Guide
OBRA Smart Plan 457 Retirement - Contact Information
A 403 (b) retirement plan is an optional retirement plan availalbe to any employee of the school district. It is voluntary (employee paid) and supplements the three (MTRS, WCR or OBRA) required retirement systems. School personnel do not pay into Social Security. 403 (b) contributions are handled by an approved vendor (see Participation Guide). The 403 (b) vendor will notify Pen Serv that you want to have contributions taken from your paycheck, then the Town of Millbury will make the payroll deduction. It helps the district to have a Third Party Administrator, Pen Serv, because of the IRS regulations regarding these type of plans.
Pen Serv is our Third Party Administrator for 403 (b) retirement options:
Pen Serv 403 (b) Participation Guide
Pen Serv 403 (b) Salary Reduction Agreement Form
403 (b) Universal Availability Notification - FY 2023
403 (b) Universal Availability Notification - FY 2021
403 (b) Universal Availability Notification - FY 2020
403 (b) Universal Availability Notification - FY 2019
403 (b) Universal Availability Notification - FY 2017
403 (b) Universal Availability Notification - FY 2015
403 (b) Universal Availability Notification - FY 2014
PenServ CARES Act Newsletter with New Provisions 7-11-20
Worcester Regional Retirement System Retirement Workshops: