Your retirement account is a true pension plan, not a 401K.
Your pension is guaranteed as long as you live regardless of the amount you contributed to the plan.
There are no provisions for loans or withdrawal of funds while you are still working.
You must have 10 years of creditable service to be vested.
● Vesting is the establishment of the right to a retirement allowance.
Annual Statements of Account are sent in April. These are not IRS documents and contain no required information for tax purposes.
Retirement members before April 2, 2012: Pensions are calculated using your years of creditable service, a minimum age of 55, and your 3 highest consecutive years' average regular compensation.
Retirement members after April 2, 2012: Pensions are calculated using your years of creditable service, a minimum age of 60, and your 5 highest consecutive years' average regular compensation.
NOTE: Adams, North Adams and Pittsfield have their own retirement systems and are not part of Berkshire County Retirement. Click "Who We Serve" for complete details.