Retirement plan information for higher ed members

Deadlines are approaching for higher education employees currently participating in the Optional Retirement Plan to make a decision on the one-time opportunity to transfer into the Massachusetts State Employees’ Retirement System.

Members of the MTA eligible for the retirement plan transfer should have received notices from the state Department of Higher Education.  Notice of Interest forms are due back to the DHE by Oct. 27, 2014. Note that sending in this form is not a commitment to change plans; it is a statement of interest. However, any ORP participant who fails to return this form by this date will lose out on this transfer opportunity. (For the 110 or so active MSERS members with ORP assets, the deadline to return the Notice of Interest form is Dec. 29, 2014.)

Massachusetts Community College Council Vice President Diana “Donnie” McGee has been a tireless leader in MTA’s ORP campaign, which resulted in legislative changes, known as Section 60, allowing this opportunity to move out of the ORP’s defined contribution plan and into the state’s defined benefit plan. Included here is information that Donnie prepared with Public Higher Education Employee Retirement Director Richard Nunes and a link to information supplied by the DHE.

The MTA does not recommend a specific type of retirement plan to members. Individuals’ circumstances vary, and MTA suggests that members consult with their own financial planners if they are unsure which retirement plan is best for them. Questions about transferring out of the ORP can be e-mailed to Nunes at rnunes@bhe.mass.edu.

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