Massachusetts Law requires you to contribute a set of percentage of your salary and an additional 2% on any salary over $30,000 by regular payroll deductions. Your rate of contribution is determine by the date on which you first became eligible for membership in a Massachusetts Contributory Retirement System and maintained your funds on deposit.
Contribution Rates
|
Before January 1, 1975
|
5%
|
|
January 1, 1975 - December 31, 1983
|
7%
|
|
January 1, 1984 - June 30, 1996
|
8%
|
|
July 1, 1996 - or after
|
9%
|
Additional Qualifications
Whether or not you are subject to the additional 2% for the compensation over $30,000 is also determine by your membership date.
- Membership before January 1, 1979 are NOT subject to 2%
- Membership on or after January 1, 1979 are subject to 2%