Retirement Plans (Active Employees)
Barnstable County Retirement Association/ Mass Teachers’ Retirement System (Retirees)
The Town of Nantucket requires employees who work 25 hours a week or more to participate in the Barnstable County Retirement System (BCRA) or Mass Teachers’ Retirement System (MTRS). The contribution rate for most employees will be 9% of regular compensation with an additional 2% if your annual rate of regular compensation of $30,000 or higher. This is a mandatory deduction, and employees cannot choose the % percentage to be taken.
Retiring with BCRA:
- BCRA RETIREMENT GUIDE – Prior to April 2, 2012
- BCRA RETIREMENT GUIDE – On or After April 2, 2012
- BCRA Active/Inactive Members’ Form Center HERE
Retiring with MTRS:
OBRA is the mandatory employee funded defined contribution plan for part-time, seasonal, and temporary public employees. In MA, it is called the SMART plan.
As a seasonal/ part-time and temporary employee of a MA government employer who is not eligible to participate in the Town retirement program, you are required to participate in a deferred compensation Smart plan-OBRA. OBRA is an alternative to Social security and it is a mandatory deduction. More information about the plan highlights and distribution options HERE.
- All participants classified as OBRA must make a mandatory contribution to the Plan equal to 7.5% of their gross compensation per pay period.
- If you choose to withdraw while working for the Town, you will be subject to penalties. You can rollover your funds to another differed plan after your employment has ended.
- You can contact The SMART Plan Service Center (877) 457-1900 directly to obtain more information and discuss investment plans & strategies.
457 Deferred Compensation
For more information and enrollment please contact the below representatives.
- Nationwide Retirement Solutions
William M. Redihan
Sr. Retirement Specialist
- Great West
Retirement Plan Advisor