Massachusetts licensed teachers working .67 FTE or more must join the Massachusetts Teachers Retirement Board. Other permanent employees working more than twenty (20) hours per week must join the Chelsea Retirement Plan. These are comprehensive systems which offer defined benefit pensions to workers who have retired after a fixed number of years of creditable service, having attained a certain age or who have become disabled.
403(b) Plan Option
Chelsea Public Schools allows employees to invest a portion of their wages on a tax-deferred basis to a supplemental retirement savings account through payroll deduction. Contributions to the 403b plans are invested in a variety of investment vehicles such as stock and bond funds, guaranteed accumulation accounts and money market funds.
Deferred Contribution Plan