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Savings Plans

Tax Sheltered Annuity (TSA) 403(b)
Employees may contribute to tax sheltered annuities through various vendors approved by the Commonwealth of Massachusetts. The seven providers available for the TSA 403(b) are:

  • AIG Retirement
  • AXA-Equitable
  • Fidelity Investments
  • ING Life Insurance and Annuity Company
  • Lincoln Financial Group
  • MetLife
  • TIAA-CREF

Please contact Human Resources for contact information of the approved providers. For more detailed information, please visit the Mass. Dept. of Higher Education, select Campus Employees, Other Retirement and Savings Plans, then 403(b)Tax-Deferred Annuity.

Commonwealth’s SMART Plan The 457 Smart Plan is a deferred compensation plan employees can contribute pre-tax contributions invested in employee selected investment options. For more detailed information on the Smart Plan, please visit the Mass. Dept. of Higher Education, select Campus Employees, Other Retirement Savings Plans, 457 Deferred Compensation or www.mass-smart.com, select Participate to view, Plan Highlights, Contribution Amounts, and Distribution Options.

EE Series Savings Bonds
EE Series Savings Bonds are available for purchase through bi-weekly payroll deduction in values of $100, $200, $500, and/or $1000. Forms are available through the Payroll office. For more detailed information, please visit the Mass. Dept. of Higher Education web site at Mass. Dept. of Higher Education, select Campus Employees, Other Retirement and Savings Plans, then Savings Bonds.

Massachusetts State Employee Credit Union
Massachusetts State Employee Credit Union is available for employees to contribute through payroll deductions or through the credit union. For more detailed information, please view Mass. Dept. of Higher Education, select Campus Employees, Other Retirement and Savings Plans, then Credit Union.

U. Plan
U. Plan is a 529 Plan - Prepaid Tuition Program that allows employees to save for college through payroll deductions to a choice of 80 Massachusetts colleges and universities. For more information on the 529 plan, please visit the Mass. Dept. of Higher Education web site at Mass. Dept. of Higher Education, select Campus Employees, Other Retirement and Savings Plans, then U.Fund.

Pre-tax Flexible Spending Accounts
There are two types of Flexible Spending Accounts available to all active state employees which allows employees to pay for out-of-pocket medical expenses and/or qualified dependent care expenses on a pre-tax basis.

Health Care Spending Account (HCSA)
Employees may choose an annual election of $500 to $5,000, which will be deducted from their paychecks on a pre-tax basis. All HCSA participants receive a free debit card from Benefit Strategies to conveniently pay for health care expenses out of their HCSA account. As the employee incurs health care expenses, a claim form and receipt must be submitted to Benefit Strategies. The reimbursement amount is posted to the employee’s direct deposit account or a check is mailed to the employee if the employee is not enrolled in direct deposit. As required by the IRS, please keep all copies of HCSA receipts with your tax documents.

Dependent Care Assistance Program (DCAP)
An employee may choose an annual election of up to $5,000 to pay for child care, after school programs, or day camp for your dependent child under age 13 or adult dependent day care expenses on a pre-tax basis. As you incur expenses, submit a claim form and receipt to Benefit Strategies. They will deposit the reimbursement to your bank account.

For more detailed information on HCSA & DCAP, please visit the Group Insurance Commission.

Open enrollment for GIC’s money-saving Flexible Spending Accounts (HCSA and DCAP) require an enrollment form to completed in November every calendar year for benefits to be effective January 1. Current participants MUST re-enroll annually to receive benefits in the following calendar year.

Contact Details


Human Resources
Fall River Campus
Phone: 508.678.2811, ext. 2194
Fax: 508.730.3278
Location: 208A
Hours:
Monday through Friday, 8:00 a.m.- 5:00 p.m.

Event Calendar

Date: Tue, 30 Sep 2014 12:30:00 GMT

Annual Bishop Connolly, Bishop Stang, & Coyle Cassidy Mini-Fair (9/30/2014)

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Date: Tue, 30 Sep 2014 12:30:00 GMT

Bellingham High School Mini Fair (9/30/2014)

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Bridgewater State University Info Tables (9/30/2014)

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Date: Tue, 30 Sep 2014 14:00:00 GMT

Bryant University Info Tables (9/30/2014)

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