The City 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
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
BENCOR Administrative Services
Customer Service: 888-258-3422
Seasonal/part-time employees will need to call BENCOR Administrative services and advise the Customer Service department that they have an “OBRA” account that needs to be close out because of retirement or termination of employment with the city. BENCOR will then mail a package to the employee. Once you receive this package please contact the Office of the Treasurer to complete the requested information. The employee will need to return the completed forms to BENCOR and they will send the “OBRA” account balance directly to the employee.