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- State Employees Retirement System
- State Board of Retirement website for retirement calculator, for more information see the attached pdf for helpful instructions.
- Optional Retirement Program
Voluntary
- Tax Sheltered Annuitites (403b)
- Deferred Compensation (457)
- College 529
- Saving Bond
- Dependent Care Assistance Program (DCAP)
- Health Care Spending Account (HCSA)
Retirement Program
Planning for your retirement is too important a task to take lightly. Whether you are just beginning your career, are in the middle of it, or even approaching your final day on the job - knowing about retirement is a must. Also, please review important information in the Social Security section of this page.
Membership in the Massachusetts State Employees Retirement System (SERS) is mandatory for all employees with fringe benefits working at least half-time, with the exception of full-time faculty. Full-time faculty members may participate either in SERS or in the Optional Retirement Program (ORP). SERS is a defined benefit plan; ORP is a defined contribution plan. Under the ORP, full-time faculty have a choice of selecting from three benefit plans offered by Lincoln National, TIAA-CREF, or VALIC. Employees contribute a percentage of the gross salary each pay period.
The majority of benefited UMass Lowell employees are enrolled in the State Employee Retirement System. This program is administered by the State Board of Retirement. If you have questions about your coverage please call them at 1-800-392-6014.
Optional Retirement Program (ORP)
Benefited faculty members had the option of enrolling in an optional retirement program when they began their state service (or during the initial enrollment period). This plan is administered through the Higher Education Coordinating Council and is a defined contribution plan. The employee selects an approved insurance and investment company which underwrites the annuities offered by the Optional Retirement Program. Each month the state makes a contribution to the employees retirement account. The amount of monthly annuity income you receive at retirement will depend on the amount contributed to these contracts, the investment experience of those funds, your age at the time you begin receiving benefits, and the form of annuity payment you choose.
To learn more about this program please request a copy of the Optional Retirement from the Human Resource Office or visit the Massachusetts Board of Higher Education's website.
The three providers selected to provide ORP are:
- Lincoln National Life Insurance Company
1-800-232-1216 - Teachers Insurance and Annuity Association College Retirement Equities Fund (TIAA/CREF)
1-800-842-2776 - The Variable Annuity Life Insurance Company (VALIC)
1-800-448-2542
Tax Sheltered Annuities (403b)
All employees are eligible to have additional money withheld from their weekly paycheck on a pretax basis for purposes of supplemental retirement savings. The UMass system allows employees to have this money invested with Valic, TIAA-CREF, or Fidelity.
All employees are eligible to set up and contribute to a TSA/SRA. The University makes no contribution to this account. The employee chooses from one of five approved providers and contributes through payroll deduction an amount of money they determine. This money is contributed on a pretax basis.
To learn more about these programs visit the UMass Treasurer's web site, contact Human Resources, or contact these companies directly. The companies are:
- Fidelity Investments @ 1-800-343-0860
- TIAA-CREF @ 1-800-842-2776
- VALIC @ 1-800-42-VALIC
Deferred Compensation (457)
The Commonwealth of Massachusetts has a salary reduction program for state employees. This is a Federal and State Tax exempt program. Employees may participate in this program through payroll deductions.
529 College Savings Program
All employees are eligible to have additional money withheld from their biweekly paycheck on a pretax basis for the purpose of saving for a college education. The plans are administered by Fidelity . For more information, contact the Human Resources office at 978-934-3560.
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Savings Bonds
U.S. Savings Bonds through payroll deductions may be purchased. Please visit the Human Resource Office to obtain a form.
Dependent Care Assistance Program Plan
The Dependent Care Assistance Program (DCAP) allows you to set aside up to $5,000 of your income to pay for child care or other dependent care expenses on which you will not pay taxes. Through payroll deductions, you may contribute an amount to a reimbursement account before taxes to pay for dependent care expenses you would otherwise have to pay out of pocket.
Additional Information from the Group Insurance Commission
Health Care Spending Account
The Health Care Spending Account (HCSA) allows you to set aside up to $2500 (pretax) of your income to pay for certain medical expenses not covered by your medical insurance.