All permanent employees of the Town of Wellesley and the Wellesley Housing Authority, scheduled to work more than 1,000 hours a year, and not eligible for the Massachusetts Teacher's Retirement System, are required to become members of the Wellesley Contributory Retirement System (WCRS). The WCRS is a defined benefit retirement system. If you work long enough to qualify, you may be eligible to receive a retirement allowance based on a formula that factors in your age at retirement, your years of creditable service, and your average regular compensation. More information on the WCRS for active employees can be found HERE.
In addition to the WCRS, the Town of Wellesley sponsors a 457(b) deferred compensation plan. This plan is designed to provide additional financial security by supplementing your Town of Wellesley pension plan through additional voluntary retirement payroll deductions. Additional information on how this benefit works can be found HERE.
Benefits of the plan include:
- Pre-tax contribution
- Tax deferred earnings growth
- Ability to choose from a wide range of mutual fund families
- An alternative stability of principal account with minimum interest guarantees
- Withdrawal options for retirement, separation of service, hardship, or death
- Numerous distribution options are available once a trigging event has occurred, including IRA Rollovers