FAQ Retirement Refunds / Withdrawals 

Can I withdraw or borrow from my funds while still employed?
No. State law prohibits withdrawing or borrowing from your accumulated deductions while still a contributing member. Your funds can only be withdrawn upon termination of employment.

Are there penalties for withdrawing my funds?
If you choose to take the money yourself, the WRRS will withhold 20% of the balance as a Federal tax withholding. This portion is sent directly to the IRS. This portion may not represent your entire tax liability for the payment and if you are under age 59 ½ at the time that you receive your refund, you may be subject to additional penalties. For more information, you may review the Special Tax Notice Regarding Plan Payments, available by clicking here, or consulting with a tax professional. Refunds are not currently subject to Massachusetts state income tax.

Can I rollover my funds to another plan?
Yes. If you choose to rollover your funds, your refund will not be subject to any tax withholding. Federal law allows the WRRS to move funds directly to a traditional IRA, a 403(b) plan or an eligible 457 governmental deferred compensation plan. We are not able to make direct rollovers to 401(k) plans or Roth IRAs.

Can I get a refund if I owe child support?
You may not be entitled to some or any of your retirement funds if you owe back child support. All applicants are checked with the Department of Revenue for child support obligation purposes before funds are released.

Can I leave my funds in the system upon termination of employment?
If you are not vested you may leave your funds in the retirement system up to 10 years, upon which time your account is considered abandoned.

Can I transfer my funds to another retirement system?
You may transfer your funds and creditable service to any public municipality retirement system within the Commonwealth of Massachusetts. To do so, ask your new retirement system to request a transfer from our system. No forms are required from or office to process a transfer, only a letter from the requesting retirement system.

How long does it take to get my refund?
We will generally process your application within 60 days of receipt. All refunds require Board approval before any funds can be released. The Board meets once a month, generally the last Tuesday of the month, and checks are processed the last business day of the month. Please click here to download application.