Information about the Stoneham Retirement System
The Stoneham Contributory Retirement System is a defined benefit plan that operates as a qualified plan under Section 401(a) of the Internal Revenue Code. We have approximately 600 members including active and retired members. The Public Employee Retirement Administration Commission (PERAC) located in Somerville, Massachusetts oversees the Stoneham Retirement System as well as the 105 other Massachusetts retirement boards. Although operating independently all systems are bound together under one retirement law – Chapter 32 of the Massachusetts General Laws – that establishes benefits, contribution requirements, and an accounting and funds structure for all systems.
Since its inception in 1937, the Stoneham Contributory Retirement System has provided retirement, disability and survivor benefits to the employees of the system. Counseling services are available to all members who would like to discuss the various retirement benefits available and receive estimates of their potential retirement allowances.
The Stoneham Board of Retirement is comprised of the Town Accountant Ex-Officio member, a second member who shall be appointed by the Board of Selectmen, a third and fourth member who shall be elected by the members and retirees of the System for a term not exceeding three years, and a fifth member who shall not be an employee, a retiree, or an official of the governmental unit and shall be chosen by the other four members for a term of three years.
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