What is a Massachusetts deferred compensation 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.

What is Massachusetts deferred compensation smart plan mandatory Obra?

In Massachusetts, it is called the SMART Plan and is a 457b savings plan that automatically deposits 7.5% of pre-tax DCE earnings into the DCE member’s interest-bearing OBRA account. It also requires a small annual service fee, which as of December 2011 it is $18.48 a year, charged monthly.

What type of retirement plan is the ma smart plan?

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.

Can you withdraw from Ma smart plan?

You can withdraw less than 100% of your SMART Plan balance as a partial lump-sum payment after severance of employment and then also elect a periodic payment option for the remaining balance. This option allows you to keep your remaining balance in the investment options available under the SMART Plan.

How does the smart plan work?

The SMART Plan is a retirement savings program authorized under section 457 of the Internal Revenue Code (IRC). Section 457 programs, commonly called 457 deferred compensation programs, allow eligible employees to save and invest before-tax and after-tax dollars through salary deferrals.

Can you collect a pension and Social Security in Massachusetts?

Massachusetts is a “non-Social Security” state. That means that your Massachusetts public employment is not covered by Social Security. Neither you nor your employer pays into Social Security.

Is the Smart plan A 401k?

3.1 Exclusive Benefit. This Plan is created for the sole purpose of providing benefits to the Participants and enabling them to share in the growth of their Employer.

What is a 457 deferred compensation plan?

A 457 deferred compensation plan allows you to save and invest money for retirement with tax benefits. Contributions are made to an account in your name for the exclusive benefit of you and your beneficiaries. The value of the account is based on the contributions made and the investment performance over time.

Is the SMART plan A 401k?

How can I register for SMART plan?

Here’s how to apply:

STEP 1: Choose Your Plan. Go to the Smart Online Store at store.smart.com.ph.
STEP 2: Customize Your Plan. You will be led to the page where you can customize the inclusions of your plan.
STEP 3: Check Out.
STEP 4: Accomplish Form and Submit Requirements.

What is Ma SMART plan?

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Are deferred comp plans good?

See up to five investing pros we trust. Consider this, if you’re a high six- or seven-figure earner, it’s likely you’ll pay a decent amount in federal income tax each year. But you can lessen the blow by using a deferred compensation plan whose dollars aren’t taxed until the money is withdrawn.

Are deferred-compensation plans a good deal?

Deferred compensation plans can be a great savings vehicle, especially for employees who are maximizing their 401 (k) contributions and have additional savings for investment, but they also come with lots of strings attached.

What is mass SMART plan?

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