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Millbury Public Schools

Once a Woolie, always a Woolie

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  4. Retirement and 403b Information

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.

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.