A Second Chance to Participate in the Teachers' Alternate Retirement Plan (TARP) or Retirement Plus

An Act Relative to Teacher Retirement Election

(House Docket 1594 filed by Representative Consalvo

Senate Docket 1049 filed by Senator Miranda)

An Act relative to benefits for teachers

(House Docket 3384 filed by Representative Peisch)

An Act relative to the retirement options of certain educational personnel

(Senate Docket 574 filed by Senator Timilty)

In 2001, Massachusetts introduced Teachers' Alternate Retirement Plan (TARP) or Retirement Plus, an enhanced retirement option for teachers, school nurses, related service providers and other educators with a deduction rate of 11%. All educators hired after July 1, 2001 were automatically enrolled in the new program, but current educators had only 6 months to opt in. A complicated process and confusing branding meant that many educators didn’t properly enroll, or thought they were enrolled when they really weren’t. (For instance, the branding of TARP as “Retirement Plus” caused many eligible teachers to think they were already in the program when they saw a deduction of “9+2%” on their paychecks). Others were unenrolled from the program without notice when they transferred between different school districts. As a result, several thousand educators will have to work for 3-5 years longer to earn the maximum retirement benefit.

HD.1594, SD.1049, HD.3384, and SD. 574 would allow current non-TARP educators to opt into the enhanced TARP retirement benefits that current employees receive, by paying the difference between what they’ve paid in deductions since 2001 and what they would have paid if they had opted in at the time. This “make-up amount” could be paid in either a payment plan or in one lump-sum payment. The legislation would require modest additional state funding of teacher retirement benefits, and would result in substantial savings to local school districts through the retirement of R+ educators and the hiring of new teachers at significantly lower salaries.

https://actionnetwork.org/letters/a-second-chance-a-retirement-plus?source=facebook&&fbclid=IwAR3fAwlRvoJij5OdG_3BT2iyFRpk-Sp5m1XoWLAjeZ2r3ECBK3gudbc3Bx4

More details to follow! Save the date!!

Paraprofessional Conference

Coming very soon to the Butler School ... in-person retirement seminar offered by Jason Levine and Marie Ardito!

Here's the invitation. You must RSVP in order to attend!

We are excited to be back in person.

Whether you’re in the early stages of your career or contemplating the final years, it’s always a good time to be considering how to navigate your retirement. Choosing your pension option is one of the most important decisions that you will need to make before you retire. Join us for a presentation to learn how to calculate and estimate your pension benefit. We will review the 3 available Options plus discuss the impact of Social Security.

About the Speaker:

Marie Ardito taught in the public schools of Massachusetts for 31 years. In preparation for her retirement, she began to study the Massachusetts retirement system. She was largely responsible for the research that prompted the MTRS, the Massachusetts legislature and both teachers’ unions to recognize the grave injustices that existed in the retirement formula.

She is an active member of the “grass roots” group of teachers responsible for the passage of six pieces of legislation involving retirement benefits. Marie is currently Information Coordinator of the Massachusetts Retirees United. Her knowledge and understanding of the Massachusetts retirement system, as well as her respect for educators, is evidenced in her presentation.

Marie is both an informational and inspirational speaker, and places emphasis on the emotional, psychological, and practical aspects of financial preparation for retirement.

Topics covered:

1. Pension Criteria and Options

2. A Case study to illustrate the differences among the Options

3. Impact of Social Security (GPO and WEP)

4. Preparing for Retirement - Next Steps

WHEN: Wednesday, October 26, 2022, 4 – 6p.

WHERE: Butler Middle School Auditorium - 1140 Gorham Street, Lowell MA.

Please CLICK HERE to register for the event.

Jason W. Levine, MBA, CFP®

Financial Advisor

Please visit me at: www.jasonwlevine.com

Lincoln Investment

95 Sawyer Road, Suite 430

Waltham, MA 02453

781-647-3050 (Direct)

781-647-3070(Fax)
800-608-3937 (Ext. 5491)

Jlevine@lincolninvestment.com

All staff will report to their individual schools on Monday, August 29th, for Orientation Day. On Tuesday, August 30th, Teachers and Paras will attend at their regular time for a day of Professional Development. Students in Grades 1-12 will report to school on Wednesday, August 31st, and Thursday, September 1st.

The Labor Day weekend will commence on Friday, September 2nd, through Monday, September 5th, 2023.

No students will attend school on Tuesday, September 6th, BUT, all staff will attend school that day. Teachers and Paras will receive another full day of Professional Development.

On Wednesday, September 7th, ALL STUDENTS, including Pre-K and Kindergarten students will return to school!

We extend best wishes to all members and their students for a very successful and happy new school year!!