What does it mean to be a member of the Falmouth Retirement System?
Any public employee of the Town of Falmouth, who is regularly and permanently employed and contributing to the Falmouth Retirement System, is considered to be a member-in-service. Each pay period, a member-in-service contributes a percentage (based upon his/her entry into service) of his/her regular compensation.

A member’s contributions go into an Annuity Savings Account created by the Falmouth Retirement System. Annually, a member of the Falmouth Retirement System will receive a statement identifying the amount of funds in his/her account.

Once a member has accrued ten years of full-time creditable service, he/she becomes a “vested” member of the system. This means that at some point in time, once he/she fulfills the age requirement, the service requirement, and any other requirements, a lifetime retirement allowance may be granted.

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1. If I work full-time for the Town of Falmouth, do I have to join the Falmouth Retirement System?
2. What does it mean to be a member of the Falmouth Retirement System?
3. How much am I required to contribute?
4. Who is subject to the additional 2% contribution?
5. Is regular compensation the same as total compensation?
6. How do I earn creditable service?
7. Why do I have less creditable service than my co-worker when I started working before he/she did?
8. I work for the Town of Falmouth and I also have a job in Barnstable. Do I get double service credit for my work?
9. Formerly, I was a member of a contributory retirement system, and I withdrew my funds. Now, can I “buy back” that service and enter the retirement system at my earlier (and lower) contribution rate?
10. I need to pay off some bills. Can I borrow from my Annuity Savings Account?
11. When I leave my job with the Town of Falmouth, what happens to my Annuity Savings Account?
12. How can I change my beneficiary?
13. Do I need to let the Falmouth Retirement System know if I change my personal information, i.e. my address, my marital status, my beneficiary, etc.?
14. How do I qualify for a retirement allowance?
15. What is the maximum retirement allowance that I can receive?
16. When I decide to retire, what steps do I need to take?
17. What are the different ways you can collect a retirement allowance?
18. Will my Health Insurance be covered by the Town?