Lawrence Retirement Board

Events Page

 

MONTHLY BOARD MEETINGS

All monthly meetings are held in our conference room located at our office at 354 Merrimack Street, ENTRY C, Suite 302, Lawrence, MA.

Our July board meeting will be held on Friday, September 29th, at 8:00 a.m.

MONTHLY REFUND PAYMENTS For employees that leave their employment for the City of Lawrence, and file the proper forms with the Lawrence Retirement Board. Refunds are processed. Processing may take thirty (30) to ninety (90) days per statute. Generally speaking, however, once approved at a board meeting, refund checks are processed the following month once all applicable forms are returned from appropriate department heads. After which payments will be mailed. A courtesy call for a check pick-up can be made if duly noted on the top of the withdrawal form.

ANNUAL STATEMENTS OF YOUR ANNUITY SAVINGS FUND

Statements showing your current balance (contributions and interest) are mailed on an annual basis.  Your balance as of December of the previous year, current contributions and current interest will also be displayed.  Remember that the percentage of interest added to your account annually is set by Massachusetts Legislation.  Also, because this is a defined benefit plan, your retirement allowance is not based on your contributions, interest or stock market changes.  Your retirement allowance is based on your age at retirement, your highest annual three year average and your total creditable service.

Click here for a link to the GIC website for Rate Changes Non Medicare/Survivor AND Click here for a link for Medicare

All forms must be returned to the Benefits Coordinator Jennifer DesRoche 200 Common Street, Lawrence MA 01840

Please remember that the Altus Dental insurance is not through the GIC. Altus Dental benefits are independent of GIC through the City of Lawrence.

TAX FORMS 1099-R

Retiree 1099-R's - Please note if you became age 59 1/2 during 2016

Due to the IRS Private Letter Ruling and Determination Letter, superannuation (non disability) retirees who turned 59 1/2 during a calendar year will recieve 2 forms 1099-R for that calendar year. One will be created with a distribution code 2 (under age 59 1/2) one with a distribution code 7 (over age 59 1/2). All subsequent years your 1099R will be coded 7.

ALSO Please note, IRS ruling on Accidental Disibility Survivors Section 101 - Effective tax year 2014, you will not recieve a form 1099-R unless you had income tax withholdings. Your pension is now defined as NON TAXABLE.

1099-R forms for the year 2016, will be mailed out prior to the deadline date of January 31st, 2017. All retirees will receive a form 1099-R except Accidental Death Widows and Section 101 Survivors. Anyone who received a refund in the calendar year 2016 will also recieve a form 1099-R. We encourage you to update this office with any address change that may occur between now and January 31st, 2017.. If you do not receive a form 1099-R, please do not hesitate to contact this office for a duplicate.

IRS Publication 575 deals with municipal pensions and their taxable amounts. For any tax questions, please refer to this publication.

PLEASE NOTE: We are pleased to announce that we have calculated the taxable amount of your pension starting on the 2004 1099-R forms for Retirees. In the past we have left this amount undetermined and it was up to the individual retiree to utilize publication 575 for their taxable amount. The calculated amounts were figured based on the formulation for the Simplified General Rule (see IRS publication 575). For any questions or concerns about your 1099-R, please contact the office at (978)620-3570.

Accidental Disibility Veterans.......... If you applied for and are receiving veterans benefits as of 2006, please note that the earnings are considered TAXABLE. Your 1099-R will reflect this amount. The monthly figure will show up on your paystub separately each month.

 

FOR ALL VETERANS THAT RETIRED UNDER A REGULAR (Non Disability Retirement)..... Your Veterans allowance is included in the Pension portion of your check. It is not separated each month.

 

 

 

 

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