Voluntary Retirement Plans
UMass employees are eligible to participate in different voluntary retirement plans based on the position in which they are employed.
Voluntary Retirement Plans for Benefited Faculty and Staff
Benefited university employees are eligible to contribute to two voluntary retirement accounts and may contribute up to the IRS maximum into each simultaneously (while also contributing to MSERS or the ORP). Each plan offers a pre-tax and a post-tax Roth option. Both plans consist of employee-only contributions:
The University 403(b) plan allows participants to contribute to a pre-tax, or post-tax, voluntary retirement plan investing with TIAA or Fidelity (UMass' 403b Fidelity plan number is 50266).
Contributions are taken via payroll-deduction and are data-fed into the University's payroll system (HR Direct) from the plan administrator's system (the Fidelity NetBenefits system) bi-weekly.
Both TIAA and Fidelity representatives are available to meet with UMass employees. Employees can establish an account, modify contribution amounts and schedule an appointment to meet with vendor representatives from the University 403(b) webpage.
The Commonwealth SMART plan allows participants to contribute to a pre-tax, or post-tax, voluntary retirement plan investing with the Commonwealth's 457/SMART Plan vendor, Empower Retirement.
Contributions are taken via payroll-deduction and are data-fed into the University's payroll system (HR Direct) by Empower monthly. Changes made in Empower's system will take effect the following calendar month.
Information about the plan, investment options and enrollment information is provided on Empower Retirement's website. Dan Moroney (dan.moroney@empower-retirement.com) is the 457/Empower retirement counsellor assigned to western Massachusetts and can assist if you have questions about this plan.
Instructions on how to enroll in the Massachusetts SMART / 457(b) plan are provided here.
For assistance contact Empower Retirement at 877-457-1900 & mention that you have a Plan Enrollment Code (code appears in the flier linked above).
New Enrollment: to set up your account online for the first time:
- In an internet browser visit Massachusetts SMART and select the REGISTER button.
- Select "I have a Plan Enrollment Code" (above) and follow the prompts using the information provided. The website will guide you through the enrollment process
Already have an Empower Account?
- You will be routed to a landing page that reads "We Found You!"
- Click "log in"
- Select the REGISTER button
- Select "I do not have a PIN" and follow the prompts to complete registration and enrollment.
Future logins: enter your user name and password in the participant login for Massachusetts SMART. For enhanced security you will be asked to confirm your identity using a verification code that Empower will send to you.
Voluntary Retirement Plan for Non-benefited Faculty, Staff and Students
When not exempt from participation, non-benefited Commonwealth of Massachusetts employees contribute 7.5% of regular compensation paid by UMass to the Massachusetts mandatory pre-tax OBRA retirement plan, administrated by Empower Retirement. Contributions are invested in a fixed return account unless they voluntarily work with Empower Retirement to elect different investments. OBRA funds can be withdrawn from, or rolled out of, the plan after employment with the Commonwealth of Massachusetts ends so long as re-employment is not anticipated.
Participants may contribute additional funds to a voluntary OBRA retirement account and should work directly with Empower Retirement (tel: 877-457-1900) voluntary OBRA, investment and withdrawal/rollover options.
Note: Empower Retirement data-feeds contributions into the University's HR Direct payroll system once monthly thus changes in contributions made in Empower's database are effective in the following calendar month.