Retirement Checklist
- Check out the Retirement Website: www.gcrsys.com and select Employee/Retiree Web Portal. Register, review your years of service/salary, and run an estimate.
- At least 9 months before planning to retire, call to discuss possible purchase of service credit enhancements:
- Make-up payments
- Refund/buybacks and redeposits
- Military service
- Service as a call firefighter or permanent intermittent/reserve police officer
- Other prior non-contributing service
- Contact the Social Security Administration to learn about potential benefits from your private sector work. Remember to let them know you will be receiving a public pension.
- Call your Personnel Office/Human Resource Office to discuss retiree health, dental, vision, and life insurance benefits as well as, unused sick and vacation buyouts. Gloucester Housing Authority individuals should contact the Group Insurance Commission at (617) 727-2310 for retiree health, dental, and life insurance benefits.
- Your retirement allowance is not subject to Massachusetts taxes. If you live in another state, your pension may be taxable in that state. Go to www.massretirees.com for information on how each state taxes retirement benefits.
- Your retirement allowance is subject to federal taxes.
- Direct deposit of your retirement allowance will take place on the last business day of the month.
- When ready to retire, please do the following:
- Decide on the date of your retirement.
- Make an appointment 2 months ahead of your retirement date for a retirement consultation to discuss post retirement earnings, COLA’s, Annual Affidavits, and other expectations. The Retirement Board cannot accept applications filed more than 4 months before your retirement date.
- You may wish to bring your spouse to the consultation.
Gloucester Contributory Retirement System
127 Eastern Avenue, Gloucester, MA 01930
(978) 281-9744
