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Retirement Board

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1. Who is covered by the City of Woburn Retirement System?

Participation in the City’s retirement plan is mandatory for all full-time, permanent employees, with the exception of teachers who have their own state plan. Eligibility with respect to part-time, temporary or intermittent employment is governed by each local board. Membership is optional for certain elected officials.

2. How much does an employee/member have to contribute?

Member contributions which are withheld from regular compensation, as defined by statute, vary depending upon date hired as follows:

Date of Hire Contribution Rate

Prior to 1975 5% of salary
1975 to 1983 7% of salary
1984 to 1996 8% of salary
1996 and Later 9% of salary
1979 and Later 2% of salary excess of $30,000 annually

3. When is a member eligible to retire?

If membership began on or after January 1, 1978, a member (non-public safety employee) must have at least ten years of creditable service and be 55 or older to be eligible to receive a retirement allowance. If such a member terminates their employment prior to completing ten years of creditable service, eligibility for benefits is limited to a refund of accumulated deductions. A member is eligible to retire at any age if they have twenty years of creditable service. If a member began service prior to January 1, 1978, upon attaining age 55 they would be eligible to retire as there are no minimum service or vesting requirements for members in this category.

4. How is a member paid when they retire?

Retired members are paid a monthly retirement allowance based on a formula which considers their age at retirement, years of creditable service and their highest annual rate of regular compensation paid over any three consecutive years of their eligible employment. Included in the monthly allowance is an annuity based on the deductions the member accumulated over the term of their membership.

5. What happens to the member’s retirement allowance when they die?

When a member retires, they elect to receive payment in accordance with a payment option which determines not only the amount of each monthly retirement allowance, but whether or not an eligible designated beneficiary will receive a lump-sum death benefit or a survivorship allowance paid on a regular basis. In some instances, benefits are payable to the survivors of public employees who are active members of a Massachusetts contributory retirement system at the time of their death. The amount of benefits payable in any particular instance depends on a number of factors including the length of service, the eligibility of a member’s immediate family, and the cause of the member’s death.

The purpose of this site is to familiarize you with the contributory retirement system for public employees of the City of Woburn. The content does not affect the contractual rights between the Woburn Retirement System and its members, and in the case of any conflict, applicable state law shall govern.