Does a member's contribution to the Retirement System earn interest? If so, how is the interest calculated?
Your contributions are placed in an individual annuity savings fund where it earns annual interest at a statutory rate comparable to that of a passbook savings account. The interest rate is determined by the Public Employee Retirement Administration Commission and the Commissioner of Banks. This annual interest rate is independent of that earned on the Retirement System's investments.

Show All Answers

1. Why do I have to contribute to the Hingham Retirement Board?
2. What do you do with my contributions?
3. Do you invest my money?
4. What is the most I can get as a retirement allowance?
5. Does a member's contribution to the Retirement System earn interest? If so, how is the interest calculated?
6. Are employee contributions used to fund the administrative expenses of the Retirement System?
7. What does it mean to be vested?
8. When is retirement an option?
9. What is the retirement allowance based on? How is it calculated?
10. Can I purchase creditable service earned in another Massachusetts public retirement system?
11. Will prior creditable service affect my membership date or contribution rate in the Hingham Retirement Board?
12. Is regular compensation the same as total compensation?
13. Does my participation in a deferred compensation plan affect my Hingham Retirement Board's retirement benefit in any way?
14. If I leave my job, what happens to my contributions?
15. If I leave my job and decide to withdraw my contributions, will I receive all my interest?
16. Is there any time limit after your termination for requesting a refund of your contributions?
17. Can a member who is vested and who terminates employment still be eligible for a refund?
18. If I terminate my employment and leave my money in the retirement system, can I retire at a later date?
19. Can a member withdraw or borrow money from his or her account in the retirement system without resigning or retiring?
20. What are the tax consequences if I take a refund of my retirement contributions?
21. If I die before retirement, what happens to my money?
22. I want to retire, what do I do?