Request a Refund
If you are no longer working in a public sector position in Massachusetts, you may request a refund of your accumulated deductions plus interest. By doing so you forfeit all rights to membership in the Newburyport Retirement System.
If you became a member of the retirement system prior to 4/2/2012, and believe that there is even a slight chance that you will ever return to public sector service in Massachusetts, it is strongly encouraged that you reach out to our office before requesting a refund.
You may elect to receive a refund directly, or opt to roll all or a portion of your funds into a qualified retirement plan. For any portion of your refund that you receive directly, we will withhold 20% for federal income tax. Additionally, if you are under age 59½ you will be subject to a 10% IRS penalty for any funds not rolled into a qualified plan.
Refunds are typically processed on the last business day of the month following that in which we received your application.
If you became a member of the retirement system prior to 4/2/2012, and believe that there is even a slight chance that you will ever return to public sector service in Massachusetts, it is strongly encouraged that you reach out to our office before requesting a refund.
You may elect to receive a refund directly, or opt to roll all or a portion of your funds into a qualified retirement plan. For any portion of your refund that you receive directly, we will withhold 20% for federal income tax. Additionally, if you are under age 59½ you will be subject to a 10% IRS penalty for any funds not rolled into a qualified plan.
Refunds are typically processed on the last business day of the month following that in which we received your application.
Please fill out section A, B, & C of the refund application in their entirety. Once we receive your application with Section A, B, & C filled out, we will reach out to your previous department head to fill out Section D, and we will fill out Section E.