Treasurer's Office

2008 Limits Memo

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2008 Contribution Limits

for the 403(b) Plan and the 457(b) SMART Plan


Dear Employee:

Saving what you need for retirement can be a challenge, and participating in the supplemental retirement plans available to University employees is a great way to either start or increase your retirement savings. University employees can get started with contributions of as little as $8 per biweekly paycheck for the University of Massachusetts 403(b) Plan (the "403(b) Plan") and $10 per biweekly paycheck for the Commonwealth of Massachusetts 457(b) Deferred Compensation Plan (the "457(b) Plan" or "SMART Plan").

University employees are eligible to participate in either the 403(b) Plan or the 457(b) Plan, or employees may choose to contribute to both the 403(b) Plan and the 457(b) Plan. In 2009, the general limit is $15,500 for contributions to the 403(b) Plan and $15,500 for contributions to the 457(b) Plan. If you will be age 50 or over, you may also contribute up to an additional $5,000 to each plan, for a total of $20,500 per plan. To substantially increase your savings, you may contribute up to the maximums for both the 403(b) Plan and the 457(b) Plan.

The University's 403(b) Plan salary reduction agreement form, as well as information on how to start a 403(b) Plan retirement account, can be found at the University Treasurer's Office website at Information on the 457(b) Plan can also be found at the University Treasurer's Office website at, or by visiting or by contacting your campus SMART Plan representative. To speak with a SMART Plan representative call the SMART Plan Service Center at (877) 457-1900 and select option 2, then request to be connected to your local office.

For more information on the 403(b) Plan and 457(b) Plan, or to make changes to your current 403(b) contribution amount, please contact the University Treasurer's Office at (774) 455-7586.

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