Being vested means you are eligible to receive retirement funds.
Optional Retirement Plan (ORP)
If you participate in the ORP, you are immediately vested in your ORP account. “Vesting” means ownership of the funds in your account. When you terminate employment, no money reverts to the Commonwealth.
Massachusetts State Employees' Retirement System (SERS)
You are vested in the SERS system if you have at least ten years of full-time service. Vesting means your entitlement to employer-funded retirement benefits payable under the plan. To be eligible to retire, you need to meet one of the following conditions:
- You entered state service prior to April 2, 2012 and you have 20 years of full-time creditable service at any age, or
- You entered state service prior to April 2, 2012 and you attain the age of 55 with ten years of creditable service, or
- You entered state service on or after April 2, 2012 and you attain the age of 60 if retiring from Group 1, with ten years of creditable service.
If you leave state service after you are vested, you may leave your retirement contributions in the system and receive a state pension once you meet the minimum age requirement.
Learn more at https://www.mass.edu/forfacstaff/orp/about.asp