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The Peabody Retirement System is administered by a five-member board, consisting of two elected members, one member appointed by Mayor Bettencourt, the Director of Finance who serves as an ex-officio member, and one member who is appointed by the other four members. The board meets monthly on a regular basis. Special meetings are convened as necessary. The office staff consists of two full time employees who are responsible for all active members; all retirees, survivors and beneficiaries; financial transactions, investment activity, member accounts, retirement and pre-retirement counseling, and government reporting. We are governed by Massachusetts General Laws, Chapter 32 with the Public Employees Retirement Administration Commission (PERAC) as its regulatory authority.
To assist you in understanding the retirement system, as well as learn about your individual rights, we are providing the following guides*. There are several factors that affect your retirement eligibility including when you first became a member of a Massachusetts contributory retirement system and Group of your position. Each guide has been developed and is maintained by the Public Employee Retirement Administration Commission. The guides are made available to provide members with a general understanding of the retirement system. For specific information pertaining to your unique circumstances, we strongly advise that you contact or visit the retirement board for individual counseling.
On January 5, 2025, President Biden signed into law The Social Security Fairness Act, which repealed the Windfall Elimination Provision (“WEP”) and Government Pension Offset (“GPO”) provisions of Social Security. This law has a retroactive effective date of January 1, 2024, which means that the Social Security Administration (“SSA”) will be required to recalculate benefits for anyone impacted during 2024.
The WEP and GPO have negatively impacted thousands of Massachusetts public employees and their beneficiaries for decades. The WEP is a formula used to decrease Social Security worker benefits for individuals who receive “non-covered pensions” (i.e., Chapter 32 retirement benefits) and qualify for Social Security benefits based on Social Security-covered earnings. The GPO adjusts spousal Social Security or widow(er) benefits for individuals who receive “non-covered pensions.”
Your eligibility for any potential Social Security Benefits is an SSA matter. The Peabody Retirement System is not involved and is unable to answer any questions you may have regarding eligibility.
Updates on the Social Security Fairness Act can he obtained at this hyperlink to SSFA