Elective Deferral Retirement Savings Plans

University of Massachusetts 403(b) Elective Deferral Savings Plan

The University's supplemental retirement plan, frequently referred to as a Tax-Deferred Annuity (TDA) plan or a Tax Sheltered Annuity (TSA) plan, is a defined contribution retirement plan that operates under Section 403(b) of the Internal Revenue Code. The Internal Revenue Service (IRS) on July 26, 2007 issued new 403(b) regulations. The new regulations amend the original regulations that were issued in 1964.  The new regulations generally became effective on January 1, 2009.

For a summary of the University 403(b) plan provisions, effective January 1, 2009, please click on the following link: 403(b) Key Provisions.  The University's 403(b) Plan provides a unique savings opportunity to University of Massachusetts employees. Your contributions to the plan are made through payroll deduction, making regular savings easy for you. There is no contribution from the University. The payroll system reduces your pay by the amount of your contribution before it applies Federal and Massachusetts state income taxes to your check.

Your contribution is sent directly to the plan carrier (also referred to as "plan provider"), which you select from among the University's approved providers, 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.

The three approved providers for the University's 403(b) Plan are as follows:

For more information about the University's 403(b) Retirement Plan, visit these links:

Commonwealth of Massachusetts 457 Deferred Compensation Plan (SMART Plan)

Massachusetts Deferred Compensation SMART PLAN is a retirement savings, 457(b), deferred compensation plan. The plan allows employees to save and invest before tax dollar through salary deferrals. Great-West, on behalf of the Commonwealth of Massachusetts, serves as the third-party administrator and record-keeper for the SMART Plan. University employees may contribute up to the maximums for both the University's 403(b) Plan and the SMART Plan. Please click here for a brief comparison of 457(b) and 403(b) plans.

Visit www.mass-smart.com or call 877-457-1900 for more information on the SMART Plan. You may also contact your local SMART Plan representative below for more information.

 

 Smart Plan Representative
 Work Location
 Contact Number
 Ben Chayes  Amherst Campus  (860) 810-3989
 Walter Manning  Boston Campus, President's Office - Franklin Street  (508) 930-3893
 Vito DeSimone  Dartmouth Campus  (401) 439-3715
 Jim Begley  Lowell Campus  (781) 281-6060

 Eileen Neuburt

Worcester Campus, Worcester Campus - Auburn Location, South Street (Worcester and President's Office)  (508) 207-8656

For additional information you may also contact the University's Treasurer's Office at (774) 455-7586.

Contribution Limits

2015 Contribution Limits for the 403(b) Plan and the 457(b) SMART Plan