What happens to the money that I contribute to SWRS?

Once you become a member of SWRS, an Annuity Savings Account is established on your behalf. Your employer deducts your retirement contributions and forwards them to the Swampscott Retirement Board (“Board”), which deposits your contributions into your Annuity Savings Account. Your contributions, plus any accumulated interest, are credited directly to your account. Each year, the Board issues a statement to all its active members that reflects the yearly and total contributions and interest credited to the account.