CONSIDER AN ANNUITY:
Any time is a good time to investigate contributing to a 403(b), a tax-sheltered annuity. The annual investment level is $15,500. If you are 50 or older this year, you can contribute $20,500.
If you have not already investigated, take the time to find out what it will mean financially to start an annuity with as little as $25 per paycheck.
You can call MTA-Benefits 1-800-336-0990. They can give you more information on how to make contact with a representative from METLIFE, the MTA-endorsed provider.
The BEA offers a worksheet on Financial Planning every Fall. Watch for it in October.
MTRS SPRING SEMINARS
The MTRS has scheduled their Spring seminars and all MTRS members are invited to attend one or both programs:
YOUR MTRS BENEFITS—an optional, free, 2 hour (4-6 PM) informal program for any member who wants more information about MTRS retirement benefits—whether you are a new member, mid-career educator or soon-to-be retiree. Topics include:
the benefits provided under the MTRS plan,
purchasing creditable service,
estimating your retirement benefits under the regular and RetirementPlus formulas,
various issues you need to consider in retirement, including halth insurance coverage, taxation of your retirement benefit, the rules on working after retirement, Social Security , and more!
THE NEXT CHAPTER—an award-winning, retirement planning program for members who are 5 to 15 years from retirement, but also a valuable seminar for any educator working on a retirement plan. Members are encouraged to bring spouses or companions. This all-day program features expert speakers on retirement issues including:
Financial planning
Estate planning
Social Security and Medicare for the Massachusetts educator
Your MTRS Benefits
Both programs are space limited, and registration is available on a first-come, first-serve basis. Program dates, locations and online registration is available at http://mass.gov/mtrs.
It is a prime opportunity for teachers and administrators to get answers to their questions about retirement benefits.
THREAT TO COLLECTIVE BARGAINING FOR HEALTH INSURANCE
It is possible the Legislature will try to enact legislation that gives municipal officials the power to put municipal employees into the Group Health Insurance (GIC) without collectively bargaining the change.
To prevent this, it is crucial that legislators hear from members.
Please immediately send back the postcards you will soon receive to your representative, senator and Speaker Sal DiMasi asking
them not to support this proposal.
Personally contact your legislators by phone or e-mail or in person to ask them to give the law a chance to work. Also ask them to urge the Speaker and Senate President Therese Murray not to take away the collective bargaining rights of teachers and to give the law a chance to work.
Four years ago, MTA and other unions beat back an attempt to take away the right to collectively bargain municipal employees’ health insurance. This move was driven, in part, by double-digit increases in health insurance premiums at the local level. One of the reasons we were able to prevent this erosion of rights was that the unions agree to look for ways communities could reduce the cost of health insurance.
As a result, MTA and other public employee unions met for two years with the Municipal Health Insurance Working Group. The group was chaired by Sovereign Bank President John Hammill and included employer, employee, legislative and GIC representatives. The group proposed legislation that would allow municipal employees to join GIC through collective bargaining. The legislation was introduced in the Legislature and also became part of Governor Patrick’s Municipal Partnership Act. Last July, it was passed unanimously by the Legislature and signed by the governor.
Despite a tight timeline of just several months, nine jurisdictions have already joined the GIC and saved millions of dollars for themselves and their communities. Each community and its employees must examine this option carefully because it may not make sense for everyone. Currently, employers and employees in over 100 communities are evaluating the GIC option.
Recently, Speaker Di Masi raised the possibility of allowing municipal officials to mandate GIC participation . “Municipal leaders should have the sole discretion in determining whether their communities join [the Group Insurance Commission] and deliver on the promise of property tax relief on the local level,” he said. “Therefore, I believe that it may be time to change the law to allow municipal leaders alone to make this decision.
To protect the right to collectively bargain health insurance, it is crucial that we send in our postcards and call our representative and senator and ask them not to support this proposal and urge the Speaker not to advance it
