Upcoming Changes in 2016 to the UMass Supplemental Retirement Program
In the coming months a series of communications containing detailed information about the changes to the University’s 403(b) plans will be sent directly to faculty and staff. In addition, group educational seminars and individual meetings will be scheduled to further explain the plan changes and to offer counseling on retirement planning. Fidelity has committed to provide the University all necessary resources to achieve a high level of success and satisfaction with the plan changes.
Choosing A Retirement Plan
This information is intended to help employees understand both plans’ features; bolstering their ability to make a good choice. This is an important decision, for once you make your choice, it cannot be changed.
The State Employees’ Retirement System (SERS) is mandatory for all employees except faculty and senior level administrators. It is a defined benefit plan. A defined benefit plan provides predictable and guaranteed retirement income. Your employer is responsible for ensuring that adequate funds are available to pay the benefit that is promised to you at retirement. Click here for the Benefit Guide for the Massachusetts State Employees’ Retirement System.
The Optional Retirement Program (ORP) is a flexible and portable retirement plan for faculty and senior administrators at the Commonwealth’s public institutions of higher education. It is a defined contribution plan. A defined contribution plan provides retirement income that, for the most part, is based on your personal account balance at the time of retirement. This income can be either fixed or variable. You are responsible for selecting investments for your account that are made available by your Provider. Plan contributions and the account’s investment growth are tax-deferred.
Section 60 Pension Reform ORP Q&A Session (Courtesy of University of Massachusetts Medical School Human Resources)
UMMS sponsored Richard Nunes, Public Higher Education Employee Retirement Director from the Dept. of Higher Education (DHE), for a Sect. 60 ORP Q&A session. Richard answered Sect. 60 ORP questions and outlined important points to consider with your ORP transfer decision. Click HERE to view the Video
Current Member Resources
- SERS Beneficiary Change Form
- Pension Calculator *
- How much can I earn after I retire?*
- Purchase of Creditable Service (Buyback) Form *
- Contract Buy-Back Form *
- Group Insurance Commision
- Social Security Administration
- List of the States that do not Tax Massachusetts State Pensions*
*Are applicable for State Employee's Retirement System Members only.
Contact the Benefits Administrator at X8083 (508-999-8083) for assistance with retirement questions.