Did You Know?
UMass employees have the option of enrolling in the 403(b) plan with Fidelity and/or TIAA and the 457(b) plan with Empower Retirement.
A 403(b) plan (tax-sheltered annuity plan or TSA) a supplemental retirement plan offered by public schools.
A 457(b) plan is a tax-advantaged retirement savings plan offered to employees of state and local governments.
Employees may enroll at any time and contribute on a pre-tax or after-tax (Roth) basis. Contributing on a pre-tax basis save employees on taxation at the time of contribution. Contributing on a Roth basis does not save on taxation until such time as the employee begins to withdraw contributions (certain restrictions apply). Even a small contribution each pay period can make a huge difference in your account balance at the time of retirement.
Per the IRS limits for calendar year 2023, employees under age 50 can contribute any amount up to $22,500 and employees aged 50 and over can contribute any amount up to $30,000.
For more detailed information and links to online enrollment, please visit Section 5.1 on the Voluntary Benefits page on the HR website.