When I leave my job with the Town of Falmouth, what happens to my Annuity Savings Account?
A member has three options:

1. A member may leave his/her money on account with the Falmouth Retirement System to preserve his/her contribution rate should he/she return to work for the Town of Falmouth or for another Chapter 32 system (the Commonwealth of Massachusetts, or a different town, city, or county). Should a member find a job with another Chapter 32 System, the Falmouth Retirement System, upon notification from the new retirement system, would transfer his/her deductions to that system.

2. If a member is vested, he/she may leave his/her deductions on account with the Falmouth Retirement System, and he/she may receive a retirement allowance when all the retirement requirements have been met.

3. A member may roll his/her deductions into a qualified retirement plan with no tax penalties. Or, a member may take a lump-sum distribution of his/her accumulated deductions. If a member takes a lump-sum distribution, the Falmouth Retirement System will withhold 20% for the federal tax payment due on that portion of a member’s retirement contributions made after January 12, 1988. In addition, if a member takes a refund prior to reaching the age of 59 1/2, there may be an additional penalty due at year's end.

The Retirement System has all of the paperwork needed to effectuate any of the above options.

Show All Answers

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?