|Elective Deferral Retirement Savings Plans||
New Roth 403(b) option available: Roth contribution option
University of Massachusetts 403(b) Elective Deferral Savings Plan
As an employee of the University of Massachusetts, you have valuable retirement investment options available to you, one of which, the University of Massachusetts 403(b) Elective Deferral Savings Plan makes it easy to save and invest more for retirement with special tax advantages and the convenience of regular payroll deductions.
By saving just a little more from each paycheck now, you can make a big difference in the amount you could have to work with when you retire. Your participation in the University of Massachusetts 403(b) Elective Deferral Savings Plan is a significant step toward helping you prepare for your retirement goals. For 2018, if you are under age 50, your 403(b) plan elective deferral limit is $18,500. If you are age 50 or older, your 403(b) plan elective deferral limit is $24,500.
Pay Less in Taxes While Saving for Retirement: Traditional 403(b) contributions are deducted from your gross income before tax, meaning your contributions allow you to reduce your federal and state income taxes. For example, a pretax contribution of $10 per biweekly paycheck actually translates to only an $8 deduction from your net pay (if your combined federal and state tax rate is 20%).
Realize Your Tax Savings Later (New Plan Feature): Roth 403(b) contributions are now available! With the Roth 403(b) contribution option, your contributions are deducted from your pay after income taxes are taken out, meaning you do not receive an immediate tax break. As with traditional contributions, earnings grow tax deferred. Since you already paid tax on Roth contributions, you will not owe tax when you withdraw them. If your withdrawals of earnings are qualified (typically if it has been five years since your first Roth contribution and you are over the age of 59 ½), those distributions are completely tax free also.
As of April 1, 2016, the University has moved to a new record keeping model and plan design that includes a much smaller investment lineup, which will be carefully reviewed and monitored in terms of fees and performance. The new plan structure also includes a self-directed brokerage window, which will allow access to a larger selection of investment options that will not be under the direct oversight of the plan. The benefits of these new enhancements include: a streamlined, efficient investment lineup comprised of high quality and competitively priced funds; enhanced participant services; reduced overall administrative/participant costs; significantly improved employee communication, education and assistance.
To start or change a biweekly contribution amount:
If you are already participating in the plan and would like to make a change to your biweekly contribution amount, please visit www.netbenefits.com/umass.
If you need assistance with the NetBenefits system, see the User Guide.
For one time deferrals of sick and vacation time:
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. Empower Retirement (formerly 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.
For one time deferrals of sick and vacation time:
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.
For additional information you may also contact the University's System Treasurer's Office at (774) 455-7586.
|MetLaw Legal Plan||
Hyatt Legal Services
All full-time and part-time benefitted employees are eligible for the group legal plan offered through MetLife. MetLaw is a voluntary benefit that provides an employee, their spouse, and dependents with convenient, professional legal counsel for $18.25 per month through payroll deductions. The plan provides fully covered legal advice and representation for most legal matters. To enroll in the plan, terminate your coverage or make changes, please visit www.metlife.com/mybenefits, (company name: UMass) or call 1-800-GET-MET8 (1-800-438-6388) and say “legal.”
Open enrollment runs December 1st - Dec 31st of every year.
|MetLife Auto, Home/Renters Insurance||
Automobile & Homeowners/Renters Insurance
All full-time and part-time benefitted employees are eligible for group discounts offered through MetLife for auto and home owners insurance through payroll deduction.
For more information please visit the MetLife website or call 1-800-438-6381. (Company name: UMass)
|529 College Savings Program||
With as little as $15 per month through direct deposit, you are able to start saving for the cost of higher education through:
MEFA's U.Fund 529 College Investing Plan with Fidelity Investments
For more information or to enroll, go online to https://www.fidelity.com/go/529-Massachusetts/overview or call 1-800-544-2776 to speak to a dedicated U.Fund College Investing Plan representative. Once your account has been set up with Fidelity, your contributions can be made automatically from your bank account, your Fidelity Account, or with direct deposit from your paycheck.