What does it mean to be a member of the Falmouth Retirement System?
A. Any public employee of the Town of Falmouth, who is regularly and permanently employed and contributing to the Falmouth Retirement System, is considered to be a member-in-service. Each pay period, a member-in-service contributes a percentage (based upon his/her entry into service) of his/her regular compensation. A members contributions go into an Annuity Savings Account created by the Falmouth Retirement System. Annually, a member of the Falmouth Retirement System will receive a statement identifying the amount of funds in his/her account. Once a member has accrued ten years of full-time creditable service, he/she becomes a vested member of the system. This means that at some point in time, once he/she fulfills the age requirement, the service requirement, and any other requirements, a lifetime retirement allowance may be granted.
