Retirement Plans
Secure Your Future with Comprehensive Retirement Benefits
Planning for Your Future
Chelsea Public Schools offers comprehensive retirement benefits to help you build a secure financial future. Whether you're a licensed teacher or support staff member, we provide multiple retirement plan options including defined benefit pensions, tax-deferred savings accounts, and deferred compensation plans.
Available Retirement Plans
Choose the plan that best fits your career path and financial goals
Massachusetts Teachers Retirement
Massachusetts licensed teachers working .67 FTE or more must join the Massachusetts Teachers Retirement Board. This comprehensive system offers 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.
- Defined benefit pension plan
- Required for teachers working .67 FTE or more
- Creditable service accumulation
- Disability coverage included
Chelsea Retirement Plan
Other permanent employees working more than twenty (20) hours per week must join the Chelsea Retirement Plan. This comprehensive system offers 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.
- For permanent employees (20+ hours/week)
- Defined benefit pension system
- Years of service credit
- Age and disability benefits
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 403(b) plans are invested in a variety of investment vehicles such as stock and bond funds, guaranteed accumulation accounts and money market funds.
- Tax-deferred savings through payroll deduction
- Multiple investment options available
- Stock and bond funds
- Guaranteed accumulation accounts
Deferred Compensation Plans
Additional retirement savings options are available through Smart Plan Deferred Compensation and VOYA Financial. These plans allow you to defer a portion of your income for retirement, providing additional flexibility and tax advantages for your long-term financial planning.
- Smart Plan Deferred Compensation
- VOYA Financial options
- Tax-advantaged savings
- Flexible contribution options
Human Resources Department
Retirement Benefits Support
Phone
(617) 466-4467
Office Hours
Monday - Friday, 8:00 AM - 4:00 PM
Need Retirement Planning Assistance?
Contact the Human Resources department for personalized guidance on retirement plan options, enrollment procedures, and benefit calculations. We're here to help you make informed decisions about your financial future.