The City also offers several deferred compensation (457) plans.  These plans are tax deferred up to certain participation limits.  For more information, please refer to the plan’s web site  or contact the listed company representative for more information:

Massachusetts Deferred Compensation SMART Plan
Great West Company
Brian Rocha, Representative
31 St. James Ave., Suite 810
Boston, MA 02116
1-877-457-1900 ext 20087 or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it
www.mass-smart.com

Nationwide Investment Services Corp
Judith A. Santosuosso
Retirement Specialist
Cell 617-840-9901
1-877-677-3678 x 48187 or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it
www.nrsforu.com

VALIC Financial Advisors, Inc.
Vencelo D. Mello, CRC
Financial Advisor
100 Winter Street, Suite 3750 South
Waltham, MA 02451
508-998-1451 or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it
www.aigvalic.com

Omnibus Budget Reconciliation Act of 1990 (OBRA)

The OBRA expanded Social Security coverage to include all state and local employees unless they are covered by the employer’s retirement system.  In 1991, the Treasury Department issued final regulations interpreting the new law, which included the employer responsibility to automatically deduct the required contribution from your gross salary to provide seasonal or temporary city employees, with a defined contribution retirement plan instead of Social Security coverage, which is otherwise required under IRS code section 3121(b)(7)(f).

Instructions To Withdraw “OBRA” Monies After Separation of Employment

Seasonal/Part Time Employees need to call Nationwide Retirement Solutions at 1-877-677-3678. Employees need to tell the Nationwide Retirement Solutions representative that they have an “OBRA” account that needs to be closed out because of retirement or termination of employment with the City.  A packet will be mailed and the Human Resources office must sign off on a section of form. The whole packet needs to be brought into the HR office. Nationwide will provide an envelope to mail the form back to them. They, in turn, send the “OBRA” monies.