Savings & Investment Benefits

Retirement Planning

There are three types of Benefit Programs to assist employees in saving for retirement.
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State/Boston Retirement System

The State/Boston Retirement System is a pension program mandated by Federal and State laws.  Most City of Boston employees who work more than 20 hours per week contribute to the State/Boston Retirement System instead of contributing to the Federal Social Security System.

Deferred Compensation (IRS 457)

Is a Voluntary Retirement Account available to City of Boston employees as well as employees of the Boston Public Schools.  Employees may choose to contribute anywhere from $10 per pay period up to the IRS legal limit.

Annuity Programs (IRS 403b)

Annuity Programs are optional and available only to employees of the Boston Public Schools.

Credit Unions

City of Boston employees are eligible to join three different Credit Unions, which offer various savings and checking accounts at competitive interest rates: regular savings, club discounts, N.O.W. accounts, money market accounts and Individual Retirement Accounts.
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Direct Deposit

A banking system that enables the City of Boston to  deposit your paycheck into your checking, savings or NOW account at your financial institution on payday.
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