Benefits Guide and Stipend Information For Residents and Fellows

STATE EMPLOYEE RETIREMENT SYSTEM (SERS)

All residents and fellows participate in the State Resident Retirement System (SERS). The State Board of Retirement manages the State Retirement Plan for all state employees.  Residents and fellows contribute 9% of their income plus an additional 2% for salary over $30,000 per year. Contributions are withheld from employee’s base salary. These contributions are made pre-tax and are in lieu of Social Security. 

The Plan provides for a monthly retirement benefit and is designed to reward long service employees. Actual benefits are based on years of service, pension-eligible pay and age at retirement. Employees must have a minimum of ten years of full-time creditable service to be vested in the State Retirement Plan.  Residents and fellows are able to withdraw their contributions or roll the amount to a qualified retirement plan (subject to IRS rules) upon leaving State employment.

State Board of Retirement website: www.state.ma.us/treasury/srb/htm