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.

MTRS Benefits Booklet

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 2019

403 (b) Universal Availability Notification - FY 2017

403 (b) Universal Availability Notification - FY 2015

403 (b) Universal Availability Notification - FY 2014

IRS Publication 571 for 403 b

Worcester Regional Retirement System Retirement Workshops:

Worcester Regional Retirement Workshop 5-1-19