All residents and fellows participate in the State Resident Retirement System (SERS). The State Board of Retirement manages the State Retirement Plan for all state employees.  Residents and fellows contribute 9 percent of their income plus an additional 2 percent for salary over $30,000 per year. Contributions are withheld from employee’s base salary. These contributions are made pre-tax and are in lieu of Social Security. 

The Plan provides for a monthly retirement benefit and is designed to reward long service employees. Actual benefits are based on years of service, pension-eligible pay and age at retirement. Employees must have a minimum of ten years of full-time creditable service to be vested in the State Retirement Plan.  Residents and fellows are able to withdraw their contributions or roll the amount to a qualified retirement plan (subject to IRS rules) upon leaving State employment.

State Board of Retirement website: www.state.ma.us/treasury/srb/htm