If you are a public service employee interested in saving for retirement, you may be eligible for our SMART Plan.
The Massachusetts Deferred Compensation 457 SMART Plan is a retirement savings program available for Commonwealth of Massachusetts state and municipal employees. Eligible employees can save and invest before-tax and after-tax dollars through salary deferrals into our wide array of low fee investments options.
Take advantage of this valuable employee benefit: Save Money And Retire Tomorrow.
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As an expert in web security and government websites, it's crucial to emphasize the importance of verifying the legitimacy of official government platforms. The information you provided revolves around the official website for the government of Massachusetts, indicated by the domain extension .mass.gov. This domain is a clear indicator that the website is owned and operated by an official government organization in Massachusetts.
One key aspect of web security mentioned is the use of HTTPS certificates. The presence of a lock icon (🔒) or the "https://" in the website's URL signifies a secure connection. This is crucial for ensuring that users can safely connect to the official website without the risk of their data being compromised. It's a fundamental practice for all official government websites to use HTTPS to protect sensitive information.
The article also highlights various state services and information available on the website, organized into different categories such as State Organizations, Health & Social Services, Legal & Justice, Business Resources, Education, Parks & Recreation, and more. These categories cover a wide range of topics, indicating the comprehensive nature of the services provided by the Massachusetts government through its official website.
Specifically, the article mentions the SMART Plan for Public Employees, a retirement savings program for state and municipal employees in Massachusetts. The SMART Plan allows eligible employees to save and invest both before-tax and after-tax dollars through salary deferrals. This information is valuable for public service employees interested in planning for their retirement.
Additionally, the article provides links to social media profiles, including Twitter and Facebook, reinforcing the transparency and accessibility of government information. Users are encouraged to log in to their SMART Plan accounts and find local SMART Plan representatives through the provided links.
The inclusion of PDF files related to meetings and notices demonstrates the government's commitment to transparency and communication. These files cover topics such as the Deferred Compensation Audit Advisory Board meetings, CARES Act information, and other relevant updates.
In conclusion, the article not only serves as a gateway to various government services in Massachusetts but also emphasizes the importance of web security and transparency. Users are encouraged to explore the provided links for specific services, stay informed about relevant meetings and updates, and utilize the official website for secure and trustworthy interactions with the government.
The SMART Plan is open to employees of the Commonwealth of Massachusetts and participating governmental entities. There are no age or service requirements to enroll or participate in the SMART Plan.
You may voluntarily defer additional income into the 457(b) plan/MA SMART Plan through Empower Retirement up to the IRS limit of $23,000 if you are under 50 years of age, or $30,500 if you are 50 years or older. The 457(b)/MA SMART Plan also has a Roth option.
The Massachusetts Deferred Compensation 457 SMART Plan is a retirement savings program available for Commonwealth of Massachusetts state and municipal employees. Eligible employees can save and invest before-tax and after-tax dollars through salary deferrals into our wide array of low fee investments options.
457(b) plans are tax-advantaged, employer-sponsored retirement plans offered to some government employees, as well as employees of certain tax-exempt organizations. 457(b) plans are split into 2 different categories—governmental and non-governmental—depending on whether you work for the government or not.
A qualified plan refers to employer-sponsored retirement plans that satisfy requirements in the Internal Revenue Code for receiving tax-deferred treatment. Most retirement plans offered by employers qualify including defined contribution plans like 401k plans and defined benefit plans like pensions.
The employees who are eligible for non-qualified plans are typically executives and other key employees. This is because non-qualified plans are designed to meet their specific needs as high earners—and to provide extra incentive to keep them at a particular company.
Through the SMART program, Massachusetts' three investor-owned utilites (Eversource, National Grid, and Unitil) compensate program participants for their solar production on a monthly basis for 10 years. A flat compensation rate is locked-in when the ratepayer signs up for SMART.
The Massachusetts Deferred Compensation SMART Plan is a voluntary retirement savings program. Retiring employees may defer accumulated sick pay, vacation pay and back pay into their SMART Plan account. Employees separating from service may defer accumulated vacation and/or back pay.
My withdrawal may be subject to fees and/or loss of interest based upon my investment options, my length of time in the Plan and other possible considerations. If I have not been advised of the fees and risks associated with my withdrawal, I may contact Service Provider for a withdrawal quote at 1-877-457-1900.
State Employee GIC benefits include non-Medicare health insurance, dental & vision, LTD, Life Insurance & AD&D, FSA, and the Mass4YOU Employee Assistance Program.
An annual administrative fee of 0.08% of your account balance will be charged on a monthly basis. For example, if you have a $10,000 account balance, the annual administrative fee would be $8.
One of the main advantages of saving in this type of account is that it's a non-qualified plan. This means that it's not subject to the same withdrawal rules as a 401(k). They aren't technically retirement plans and don't come with early withdrawals penalties.
“In the 401(k) plan, if you needed money to buy a house or to pay tuition for a dependent, you could do that,” Pizzano says. “But in the 457 plan, those types of foreseeable withdrawals are not allowed. It has to be something catastrophic, like a fire without adequate insurance to replace your house.”
Smart Plans are a way to save time and money while still receiving the best in health care coverage. By pooling resources and providing a consistency of benefits, we can all be better together and achieve stability and affordability when it comes to health insurance benefits.
Setting specific, measurable, achievable, relevant, and time-bound (SMART) objectives is a good way to plan the steps to meet the long-term goals in your grant. It helps you take your grant from ideas to action.
Smart Communications Inc (Smart), a subsidiary of PLDT Inc, is a provider of wireless communications and digital services. The company offers a wide range of telecom products and services. Its offerings include prepaid, postpaid, broadband, international roaming, Wi-Fi, and infinity services.
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