OBRA / 457
To help you achieve your financial and retirement goals, the Commonwealth
sponsors a 457 Deferred Compensation Plan (Plan). The Plan is available
to employees and independent contractors who work for the Commonwealth
of Massachusetts. Great West is a Third Party Administrator
(TPA) for the Plan.
About the
plan: SMART Plan
403(b)
The University's Tax-Deferred Annuity (TDA) Plan provides a unique savings
opportunity that is available to University of Massachusetts employees.
The Plan operates under Section 403(b) of the Internal Revenue Code.
Your contributions
to the plan are made through payroll reduction, making regular savings
easy for you. The payroll system reduces your pay by the amount of your
contribution before it applies federal income taxes to your check. There
is no contribution from the University.
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 own. You will direct how the carrier manages your
investments.
For questions and
forms related to the 403(b) program: Treasurer's
website
