What is the Early Retirement Incentive Program?
The Early Retirement Incentive Program gives eligible members of the Amesbury Retirement System an opportunity to retire early with an increased benefit by adding up to 5 years of age or creditable service, or a combination of both, not to exceed the 5 years. Am I an eligible member of the Amesbury Retirement System? If you are currently an active member of the Amesbury Retirement System, and currently working for the Town of Amesbury, you are eligible to retire if you have: 10 years of creditable service in the Retirement System, and are 55 Or 20 years of creditable service in the Retirement System How is my retirement figured? The basic retirement formula is: Your age factor x # years of creditable service x your highest three year average annual rate of regular compensation Age factors differ based on what group you are in. All Town personnel are Group 1 employees, except for Public Safety. Here is an example of a Group 1 member, with 20 years of service, age 55, and an average thre
