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 three providers available for the TSA 403(b) are:

• Fidelity Investments
• TIAA-CREF
• Corebridge

All employees may enroll in the TSA 403(b) plan any time during the year and may contact Human Resources for approved providers information including a Salary Reduction form. For more detailed information, please visit Massachusetts Department of Higher Education Savings Plans.

Massachusetts Deferred Compensation SMART Plan (457 Plan)

Massachusetts Deferred Compensation SMART Plan (457 Plan) is a deferred compensation plan employees can contribute pre-tax contributions invested in employee selected investment options. For more detailed information or enroll visit Massachusetts Deferred Compensation SMART Plan (457 Plan)

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 Massachusetts Department of Education 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, visit Massachusetts Department of Education U Plan.

Pre-tax Flexible Spending Accounts

There are two types of Flexible Spending Accounts available to all active state employees which allow 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)

Effective July 1, 2023, employees may choose a fiscal year (7/1 through 6/30) election of $250 to $3,050, which will be deducted from their paychecks on a pre-tax basis. All HCSA participants receive two free debit cards from ASI Flex to conveniently pay for health care expenses out of their HCSA account. Or, if preferable, reimbursement can be sent directly to your checking or savings account via direct deposit. 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 a fiscal year (7/1 through 6/30) election of up to $5,000 per household to pay for child care, after-school programs, or day camp for your dependent child under age 13 or adult dependent daycare expenses on a pre-tax basis. 

For more detailed information on HCSA & DCAP, please visit Pre-Tax Benefits - Flexible Spending Accounts HCSA and DCAP. 

Open enrollment for GIC’s money-saving Flexible Spending Accounts (HCSA and DCAP) requires an enrollment form to be completed every April during open enrollment for benefits to be effective July 1. Current participants MUST re-enroll annually to receive benefits in the following fiscal year.