Inactive Members / Withdrawals

If you are no longer contributing to the Wellesley Contributory Retirement System but still have funds on deposit, you are an inactive member.

If you are employed by another municipality and a member of a Massachusetts contributory retirement system, please contact this office so we may transfer your funds and creditable service from the Wellesley Retirement System to your current retirement system.

If you are not employed by another Massachusetts municipality, you may be entitled to withdraw your retirement deductions on account. A withdrawal is payable to you as a lump sum or may be directly rolled over to an IRA or other qualified retirement plan.

Withdraw or Rollover Your Deductions

Please carefully read the memo regarding the withdrawal  forms. The Checklist for Withdrawal of Accumulated Total Deductions must be notarized or presented in person with an ID. Please note we will automatically withhold 20% for federal taxes on all lump sum withdrawals and that the lump sum may be subject to additional penalties as detailed in the Special Tax Notice (PDF).

You may download a complete Withdrawal Application Kit or request one be mailed to you by contacting the Retirement Office.

Please note your account will be credited interest only for the first 2 years immediately following your termination date unless you leave your funds on deposit and later return to work for the Town of Wellesley or another municipality that requires membership in a Massachusetts contributory retirement system.

If you funds remain on deposit, you will remain a member and be entitled to the plan formula and employee contribution rate in effect when you were previously active.

Change of Address

Please provide this office with changes of address so we may continue to contact you regarding your funds in the future, view the Change of Address Form (PDF).