Retirement pensions in Massachusetts
The retirement pensions in Massachusetts are one of the well known state pension programs in the US. The pension plan and retirement benefits plan takes care of the needs and preferences of the public sector retirees. Employees of public schools as well as teachers are also covered under the retirement pensions in Massachusetts.
In addition to the retirement and pension benefits, the retirement board of Massachusetts also manages various types of health care benefits for the retirees and older adults. Higher benefits are provided to people who work in high risk sectors such as police service, fire service and other sectors.
A number of health care benefits are included in the retirement pensions in Massachusetts. Retirees are free to select their health care benefits as per their needs and preferences. The financial experts of the state retirement board help the retirees to choose their ideal retirement and health care plan by providing valuable advice.
The income that is earned on the contributions of the federal employee contributory plan is a part of both federal as well as the Massachusetts gross income. The federal employee contribution plan is also excluded from the gross income. As the contributions are a part of the Massachusetts gross income, they are entitled to deductions for the contributions made to any local, state, city, town, county of Massachusetts. The deductions are applicable to pension endowment or retirement fund or subdivision annuity up to a maximum amount of around $2,000.
Various survival benefits are also available to the living spouses after the death of the retiree. These are also exempted from taxation. The pension distributions of senior judges are also entitled to income tax applicable to Massachusetts.
A number of jobs are also provided to the retirees and older adults by the retirement board of Massachusetts. There are part time jobs as well as full time jobs. One can also work on contractual basis. The jobs are provided to help retirees to be financially stable even after they retire from the main job.