Employees are eligible to participate in the Commonwealth’s Deferred Compensation Plan (also known as a Section 457 Plan). This allows an employee to shelter income from federal and state income tax through a payroll deduction. Additional information is available at the Massachusetts Deferred Compensation Smart Plan website.
Employees are eligible to participate, at no cost, in tax-sheltered annuities (also known as 403(b) plans). An annuity is a tax-saving, retirement planning device that allows an employee to shelter income from federal and state income tax through a payroll deduction. A representative at a participating company will provide a payroll deduction form, which you may also download and print out here. This form must be filled out and submitted according to BPS 403b Procedures.
AIG/VALIC (Variable Annuity Life Insurance Co.), Nashua, NH. (603) 594-8340