The Everett Retirement System is 1 of 106 contributory retirement systems in the Commonwealth of Massachusetts and is subject to the provisions of Massachusetts General Laws Chapter 32. Membership in the Everett Retirement System is mandatory for all permanent employees who work more than 20 hours per week.


The Retirement System is governed by a 5 member board.  The members of the retirement system are employees for the City of Everett and the Everett Housing Authority or are retired from one of the above entities.


Robert Shaw
Director of Retirement Department

Phone Number:

484 Broadway
Room 30
Everett, MA 02149

Monday, 8:00 AM – 7:30 PM
Tuesday – Thursday, 8:00 AM – 5:00 PM

Retirement Board Members

William Pierce

Michael Matarazzo
Elected member

Eric Demas
Ex officio Member

Keith Slattery
Mayor’s appointed member

Peter Cocciardi
Appointed by other members


“The Retirement Board is pleased to announce that a 3% Cost of Living increase was approved for al retirees, capped at $14,000. The COLA is effective July 1st and retirees will see the increase in their July allowance”

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Frequently Asked Questions

What does "vested" mean?

Vesting is a term commonly used to signify the right to a retirement allowance at a later date. Vested benefits are those benefits, which a member is entitled to today, not based on additional service.

When am I vested?

You are vested in the Everett retirement system once you have accumulated the equivalent of 10 years of full-time service.

What if I leave city service after I am vested but before I am old enough to retire?

If you leave service after you are vested, you may leave your retirement contributions in the system and receive a retirement allowance at age 55. Members who join the system after April 2, 2012, must have 10 years of service and age of 60 to be eligible for an allowance.

Why do I pay a higher percentage toward my retirement than some other employees?

Contribution to the retirement system is determined by your most recent entry into the system. Members who re-enter the system with funds on deposit or who transfer from another contributory retirement system maintain their former contribution level. The contribution rates are available here.

What if I leave city service before I am vested?

If you leave service before you are vested, 2 options are available to you. You may receive a refund of your retirement contributions, with 20% deducted for federal taxes. Alternatively, you can have it rollover into a tax-qualified IRA. Under certain circumstances, there may be a penalty for early withdrawal.

Do I get any interest on my refund?

If you voluntarily leave employment that began after January 1, 1984 and have less than 10 years of service, you will receive 3% interest. If you have over 10 years of service, interest will be refunded to you at the regular interest rate. Also, if you are removed or discharged, you will receive the “regular interest” rate regardless of the years of service.

What does "buy back" mean?

You may buy back any prior public service with the City of Everett or certain other service with the Commonwealth that was refunded or service in which retirement contributions were not withheld. You must buy back such service prior to your actual retirement date in order to have that time credited toward a retirement. Buyback requests must be submitted in writing and you will have to pay the appropriate contribution plus accumulated interest as determined by the Board.

How is my retirement allowance calculated?

Your retirement allowance is determined by your age, years of creditable service, 3-year-average annual rate of compensation, and your group classification. The maximum retirement allowance is 80% of the high 3-year-average annual rate of compensation. Your age factor times the number of years of service determines this percentage.

Can I borrow money from my retirement account now and pay it back later?

No! Under Massachusetts law, your retirement account has no provisions for withdrawal under any circumstance, including mortgage down payment or college education.

When can I file for retirement?

No sooner than 120 days before you plan to retire. You can also file for retirement up to 60 days after you leave public service. You can file after 60 days but your benefits will not be retroactive to your retirement date. Therefore, the Everett Retirement Board strongly recommends that you plan your retirement before leaving your job. Certain retirement options will not be available to you once you stop working. You should therefore obtain counseling from the Everett Retirement Board before you stop working.

How much may I earn by working after I retire?

There are limitations that apply to superannuation retirees who work after retirement in positions in local as well as state government. Two limitations are your employment may not exceed 960 hours per calendar year and/or your total earnings per calendar year cannot exceed the difference between the retirement allowance and the current salary of the position from which you retired. After the first year of retirement, you can earn the difference plus $15,000.

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