About the 403(b) Savings Plan

The Massachusetts 403(b) Elective Deferral Savings Plan supplements benefits of the state’s retirement plans, and is an important component of your personal savings for retirement. It is intended to operate under Internal Revenue Code Section 403(b) and is subject to the fiduciary standards described in Massachusetts General Laws Chapter 32, Section 23(3).

Contributions: The Plan accepts only your own voluntary Employee Contributions.  The Commonwealth does not contribute to the plan.

Providers: The Commonwealth sends your contributions to the Contract Provider you select. Contract Providers are those holding a valid Contract for Service with the Commonwealth.  You control the investment of your contributions, using funds available from your Provider.

Distributions: While the Commonwealth expects your savings to be used over the long term, for retirement, you have access to your savings in a wide variety of payment methods, at different times. Additionally, the plan includes a loan provision. Also, emergency distributions are available through Hardship Withdrawals.

Plan Provisions: You can learn about the Plan’s provisions in subsequent sections of this web site.