Your retirement allowance depends on several factors which are explained in more detail below:
- Length of Creditable Service
- Salary Average (Highest Consecutive Three Year Average)
- Group Classification
Use your age as of your last birthday to determine your benefit rate. This factor is measured in full years. For example, if you are currently 55 years of age, your age factor is 0.015….you will not receive the age factor of a 56-year old until on or after your next birthday.
Length of Creditable Service
You are considered eligible for retirement if you have twenty years of creditable service or you are age 55 with at least 10 years of creditable service. Creditable service is earned by all members employed on at least a half-time basis and who contribute to the retirement system. Unlike your age, your creditable service is measured in months. An employee with 10 years and 6 months of creditable service will be at a higher benefit rate than an employee with 10 years of service, but at a lower benefit rate than an employee with 11 years of service.
- Part-Time Public Service: If you are employed on less than a full-time basis, you will earn an amount of creditable service equal to a percentage of the full-time creditable service rate. A worker employed on a half-time basis will receive 50% or 6 months of creditable service for each year completed.
- Military Service: Employees who are ordered to active duty will receive creditable service during their period of actual military service, to a maximum of four years, provided they return to their public sector employment within two years of their discharge. Active members may also purchase up to four years of creditable service for their service in the military prior to employment with the Town of Falmouth under the following circumstances:
- you were honorably discharged;
- you were called to serve in a war;
- you served in the armed forces under the Selective Service Act of 1948;
Or, once you are an active member in service, you may purchase service with the National Guard as well with five years of National Guard service equal to one year of public service.
To determine your salary average, add your three highest consecutive years of regular compensation and divide by three.
Your group classification will determine the specifics of your benefit rate. Group classification is determined under M.G.L. Chapter 32 and not by your employer. All questions regarding group classification should be directed to the Falmouth Retirement System.
- Group One: Officials and general employees including clerical, administrative and technical workers, laborers, mechanics and all others not otherwise classified. If you think you qualify for Group One classification, you are ready to determine your approximate annual retirement allowance.
- Group Two: Employees with hazardous occupations such as mental health hospital attendants, some corrections employees, certain court employees and employees of a city or town who are employed as licensed electricians. If you believe that you qualify for Group Two classification, add five years to your current age and then determine your approximate annual retirement allowance. (note: you must be at least 55 years of age to retire in this group)
- Group Four: Police officers and fire fighters. If you believe that you qualify for Group Four classification, please contact the Falmouth Retirement System to determine your approximate annual retirement allowance.