Retirement

Hingham Retirement Plan Description

The Hingham Retirement System is one of 104 contributory retirement systems for public employees within the Commonwealth of Massachusetts. All 104 systems, although operating independently are bound together under one uniform retirement law, Chapter 32 of the Massachusetts General Laws. Chapter 32 establishes benefit contribution requirements, accounting, and funding structure for all systems. The Public Employee Retirement Administration Commission (PERAC) created by Chapter 306 of Acts of 1996 oversees these systems and ensures all board actions are in compliance with Chapter 32.

The Hingham Retirement System is a defined benefit plan that operates as a qualified plan under Section 401(a) of the Internal Revenue Code. The system is administered by a five-member board consisting of two elected members, two appointed members, and an ex-Officio member (Town Accountant). 

Membership

Membership in the Hingham Contributory Retirement System is mandatory for nearly all employees who are regularly employed on a full-time basis (20 or more hours per week).  

Certain part-time, provisional, seasonal, intermittent or temporary employees who are ineligible for membership will be required to participate in an alternative plan. Except in very limited circumstances, persons who are retired from one of the 104 public retirement systems in Massachusetts cannot join another Massachusetts public retirement system.

Teachers contribute to the Massachusetts Teachers' Retirement System (MTRS) and should contact Hingham Schools for additional information.