Employee Benefits
The Town of Andover currently offers the following benefits to those permanent employees who work 20 or more hours per week.
Life Insurance: Boston Mutual
Basic Life Insurance
Basic life insurance in the amount of $2,000 is available to all eligible active employees, at a cost of $1.28/month.Optional Life Insurance
Optional life insurance may be purchased in increments of $1,000 up to $1,000 less than the employees' annual salary, to a maximum of $50,000. Cost is based on age. Basic life is a prerequisite.Voluntary Life Insurance
Voluntary Life insurance may be purchased in increments of $5,000 to a maximum of $20,000. Cost is $4.16/month per $5,000 block purchased. Basic life is a prerequisite.
457 Deferred Compensation Plan: ICMA Retirement Corporation
The Town offers a voluntary 457 Deferred Compensation Program for employees who are interested in investing a portion of their salary tax deferred for retirement. This plan is administered by the International City/County Management Association Retirement Corporation (ICMA-RC). ICMA-RC is a non-profit, tax-exempt service organization specializing in retirement plans for local government employees.
Municipal Retirement:
All permanent non-professional town and school employees who regularly work 20 hours or more per week are required to participate in the Town's Contributory Retirement System.If you have any questions about employee benefits, contact the Benefits & Compensation Manager at (978) 623-8531 or the Benefits Specialist at (978) 623-8535.All permanent Teachers who regularly work .5 FTE or more per week are required to participate in the Massachusetts Teacher's Retirement System (MTRS). Enrollment is automatic upon hire as a permanent employee or after 6 months in a Permanent Substitute position.