Retirement Information and Legislation

NOTE: If you are one of the 30 UMB non-tenure track faculty members of the ORP-SERS class action, please contact the FSU before reading the information below.

This is a very important decision with long-term consequences.  The FSU strongly encourages you to meet with a financial planner concerning issues related to your retirement. The MTA provides free retirement consultation for members and will be conducting a retirement workshop for members on June 26th here at UMass Boston. For more information see here or contact Edward McCourt- 781 325-2553 directly.

The Pension Reform Act of 2011 allowed for a one-time opportunity to switch from the Optional Retirement Program (ORP, the defined contribution plan) to MSERS (MA State Employee Retirement system, the defined benefit plan). The opportunity to switch is sometimes referred to as the Section 60 legislation.

For updates and for more information on Section 60 legislation, go to the Dept of Higher Ed website.

Click here as well to see the latest information from the MTA on the Section 60 transfer process (the original MTA toolkit for Section 60 members can be seen here).

All eligible participants should have already received a packet with an official letter confirming eligibility and an overview of the Section 60 implementation process (if you did not receive a packet you should contact an ORP administrator directly). Note the Statement of Interest Form in this packet: its due date was 10/27/14 if participants are interested in exploring the viability of this transfer option. Participants who did not respond by this date will lose this opportunity. Deferred retirees and prospective retirees who have indicated to the DHE that they plan to retire in the year following receipt of the Statement of Interest Form will be getting preferential treatment if they returned this form right away. Note the established deadlines allow for participants to take more time before returning the related forms in order for them to be able to save more money to pay for the cost to transfer and/or use the assets they have in the most prudent way.

Workshops run by the MTA and the ORP on the Section 60 legislation and the process for switching from ORP to SERS were held in Spring 14. Click here to download an updated summary of materials presented at the workshops (workshop materials revised May 2015).

We will be sure to keep members updated on this important issue. For more information contact the FSU.