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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.
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.
Investing your deferred compensation Your plan might offer you several options for the benchmark?often, major stock and bond indexes, the 10-year US Treasury note, the company's stock price, or the mutual fund choices in the company 401(k) plan.
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.
Like the better-known 401(k) plan in the private sector, the 457 plan allows employees to deposit a portion of their pre-tax earnings in an account, reducing their income taxes for the year while postponing the taxes due until the money is withdrawn after they retire.
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.
You may voluntarily defer additional income into the 457(b) plan/MA SMART Plan through Empower Retirement up to the IRS limit of $22,500 if you are under 50 years of age, or $30,000 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.