Elective Deferral Plans
Commonwealth employees have two money-saving plans than can significantly decrease taxable earnings and tax withholding as you save for retirement.Your contributions are made on a pre-tax basis, and all earnings are tax-deferred. The amounts accumulated on your behalf are distributed at retirement, or due to another qualifying event, such as separation from service or death.Contributions to these plans can be as little as $200 per year, or as much as $15,500, or greater if you qualify for “catch-up” provisions.You may also stop and re-start your contributions at anytime during the year.
There are 2 types of Elective Deferral Plans: Click for E-nrollment Instructions
Tax Deferred Annuity or Tax Sheltered Annuity (403 B)
Your contribution is sent directly to the plan carrier of your choice where it will be invested according to your instructions. Your plan carrier will maintain an account that you ow.You will direc how the carrier manages your investments. The unversity offers three approved 403B carriers: Fidelity, TIAA-CREF and AIG Valic.
Deferred Compensation / GREAT-WEST SMART Plan (457B)
The SMART Plan is administered by Great-West Life Insurance and Annuity Company. Visit www.mass-smart.com or call 877-457-1900 for more information on the SMART Plan. You may also reach the University Treasurer's Office at 508-856-1231 for more information on how to sign up or make changes to your contribution amount. University employees may contribute up to the maximums for both the University's 403(b) Plan and the SMART Plan.
Last Updated On: 6/13/08
