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What happens to the money that I contribute to the system?

Your employer makes pre-tax deductions from your pay and forwards your contributions to us on a monthly basis. HCRRS establishes and maintains an annuity savings account on your behalf for your retirement. Your annuity savings account consists of two parts:

1. your contributions, which are deducted from your paycheck (pre-tax) by your employer and forwarded to HCRS

2. statutory interest, which is earned on your prior year's ending balance and credited at a rate determined annually by the Public Employee Retirement Administration Commission (PERAC). The interest credited to your annuity savings account is a guaranteed rate set by law at the average annual passbook savings rate.



      

Hampden County Regional Board of Retirement
67 Hunt Street, #116, Agawam, Ma 01001
Tel. (413) 737-1344 • Fax (413) 732-7999