Voluntary Savings Programs

The University of Massachusetts' 403(b) Elective Deferral Savings Plan (the "403(b) plan") is a voluntary defined contribution retirement plan that operates under Section 403(b) of the Internal Revenue Code. Employees make contributions to the plan on a pretax basis so that taxable wages are reduced. There are no contributions from the university. Contributions made to the 403(b) plan are sent directly to the plan carrier (also referred to as "plan provider"). The plan carrier will maintain an account which is owned by the employee. In addition, employees will direct how the carrier manages their investments. 

To learn more about these programs, contact the UMass System HR Office or email UMass Lowell Benefits.

Commonwealth of Massachusetts 457 Deferred Compensation Plan (SMART Plan)

The SMART Plan allows for voluntary pretax contributions through payroll deduction. Employees may enroll at any time. Empower, on behalf of the Commonwealth of Massachusetts, serves as the third-party administrator and record-keeper for the SMART Plan. Visit the SMART Plan or call 877-457-1900 for more information. UMass Lowell employees may contribute up to the maximums for both the 403(b) Plan and the SMART Plan. Comparison of 457(b) and 403(b) plans.

529 College Savings Program

With as little as $15 per month through direct deposit, you are able to start saving for the cost of higher education through the MEFA U.Fund 529 College Investing Plan with Fidelity Investments. Visit the Fidelity Investments website for more information, or call 800-544-2776 to speak to a dedicated U.Fund College Investing Plan representative. 

Once your account is set up with Fidelity, your contributions can be made automatically from your bank account, your Fidelity Account or with direct deposit from your paycheck.