Massachusetts Proposed Additional Compensation Plan with copy of plan
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How to fill out Proposed Additional Compensation Plan With Copy Of Plan?
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FAQ
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.
Deferred compensation plans are available mainly to high-income earners who want to put away funds for retirement and find the company 401(k) plan inadequate to their needs.
Annual limit: The minimum contribution amount to participate in the Massachusetts Deferred Compensation SMART Plan (SMART Plan) is 1% of your gross income or $10 per pay period. You can contribute a maximum of 100% of your includible compensation, not to exceed the annual IRS limit of $20,500 in 2022.
The plan is a voluntary savings program that allows employees to defer any amount, subject to annual limits, from their paycheck on a pretax basis.
You get all the benefits of the SMART Plan on your remaining balance. You will have to pay federal and state taxes on the amount you withdraw. You lose out on the potential for tax-deferred growth on the amount you withdraw. If you select a full lump-sum distribution, the full value of your account will be distributed.
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.
Deferred compensation plans allow employees to withhold a certain amount of their salaries or wages for a specific purpose. Deferred compensation plans can be qualified or non-qualified. Qualified plans fall under the Employee Retirement Income Security Act and include 401(k)s and 403(b)s.
The Massachusetts Deferred Compensation SMART Plan is a voluntary retirement savings program. Log in to your SMART Plan Account here. Participating in the Massachusetts Deferred Compensation SMART Plan may help provide a more comfortable and secure financial future.