Hampshire County Retirement System

Retirees

Benefit Payment Schedule

Annual Verification Statements

Post-Retirement Employment Restrictions

Reporting Death of Retiree or Beneficiary

Government Pensions Social Security

Health and Life Insurance

Annual Cost of Living Adjustments (COLA)

Annual Verification Statements

The 2010 Annual Verification forms will be mailed with the October benefit checks/ notices. 

“Yes, I’m still alive! Please continue to send or deposit my monthly benefit check!”

Annually every retiree and survivor receiving monthly benefits will receive an “ANNUAL VERIFICATION STATEMENT” form.  Each retiree/survivor must complete, sign and return this form to our offices promptly.  If the form is returned by mail or delivered by someone other than the named individual, the Retiree’s/Survivor’s signature must be notarized by a notary public.  If the retiree/survivor delivers the form in-person, a member of our staff will perform the signature verification.   

Failure to return the appropriately signed “ANNUAL VERIFICATION STATEMENT” will result in a suspension of retirement benefits.

Special arrangements may be made in cases where infirmities, illness, hospitalization or residential nursing home care prevents the retiree/survivor from providing a notarized signature and/or visit the office in-person.  Please call (413) 584-9100 to make a request for special arrangements.

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Post-Retirement Employment Restrictions

As a Massachusetts Public Employment Retiree, there are restrictions on post-retirement employment for any and all Massachusetts Public Employers (including all cities, towns, public schools, fire/water or health districts, housing authorities, state agencies, state colleges and universities).  Restrictions also apply to federal grant funded positions with a Massachusetts Public Employer.

Public sector employment for retirees is limited to both aggregate hours and earnings per calendar year.  Hours of compensated work are limited to an aggregate of 960 hours per calendar year.  Earnings are limited to the difference between your retirement allowance and the compensation paid for the position you retired from.  For example, if the position you retired from currently pays $30,000 and your retirement allowance is $20,000, you are limited to the difference - $10,000 of earnings from public sector employment in a calendar year.  The rationale – as a public sector retiree, you cannot be compensated (from public funds) more than you would have received had you continued working in the position from which you retired.  You, the retiree, are responsible for monitoring your aggregate hours and compensation from all public sector employment.  You must cease all public employment when either limit is reached.  If you exceed either limitation, you will be subject to reimbursement of all compensation in excess of limits or you must waive receipt of your retirement allowance for the period of re-employment with any public sector employer(s).

For regular “Superannuation” retirees (i.e. regular age/service based retirements) post-retirement employment in the private sector is not subject to restrictions. 

For “Disability” retirees all post-retirement earning including private sector earnings are subject to restrictions.  

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Reporting Death of Retiree or Beneficiary

The payout option (A, B or C) chosen when you retired determines the benefit available to your named beneficiary(s).  Please advise your family or other beneficiaries that benefits may be available to them and to notify the Hampshire County Retirement Office at (413) 584-9100 upon your death.  They will need to provide us with a copy of the death certificate for us to appropriately payout benefits to them.

If you chose an “Option C” benefit at retirement and your named beneficiary predeceases you, you will be eligible for an increased benefit (Pop-Up) equivalent to the “Option A” calculation.  In such a case you need to notify us and provide us with a copy of the beneficiary’s death certificate.  Upon notification and receipt of the death certificate, we will adjust your allowance retroactive to the date of your beneficiary’s death.

If you chose either “Option A” or “Option B” at retirement you may change your named beneficiary(s) at any time by completing and submitting a specific “CHANGE OF BENEFICIARY” form.  It is important to note a specific form, obtained from the Hampshire County Retirement System, is required to change a named beneficiary(s). No change will take effect unless and until that form is received by the Hampshire County Retirement Office.

It is also important to keep us informed of changes in address(es) for your beneficiaries in the event we need to contact/locate them upon your death.  To change a beneficiary’s address a specific form is not required, simply call or write to the Hampshire County Retirement Office.

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Government Pensions Social Security

Benefits received from Social Security may be offset by any pensions you receive from the Hampshire County Retirement System (which is a Government Pension Plan under the IRS code).  The amount of offset is determined by Social Security.  While you do not need to report Social Security benefits to us, you do need to report benefits received from us to Social Security.  If you are subject to offset by Social Security, you must also report changes in benefits (i.e. COLA increases) to Social Security. Contact your local Social Security Office with questions regarding offset.  The Holyoke branch office for Social Security is located at Second Floor, 200 High Street , Holyoke , MA 01040 and may be reached at (413) 536-3649 or (800) 772-1213.  Information may also be available at the Social Security Administration Web site: http://www.socialsecurity.gov/ or http://www.ssa.gov/.

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Annual Cost of Living Adjustments (COLA)

Effective July 1, 2010 and payable July 31, 2010, a 3% COLA on the first $12,000 of retirement allowance was granted by the Hampshire County Retirement Board for all retirees having retired on or before June 30, 2009.

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