Massachusetts SMART Plan Receives Leadership Award by National Association of Government Defined Contribution Administrators
The Massachusetts Deferred Compensation SMART Plan has received the 2020 Leadership Recognition Award through the National Association of Government Defined Contribution Administrators (NAGDCA). The NAGDCA Leadership Award recognizes excellence and innovation in retirement plan design, participant education, technology, and/or effective communication methods in government defined contribution plans. State Treasurer Deb Goldberg and the SMART Plan team are committed to assisting and providing economic security and opportunity for every Massachusetts public employee. This past December, Plan assets have risen to $10.06 billion from $4.5 billion in 2009. The plan now has more than 109,000 full-time employees and 178,000 part-time employees with active accounts. "The SMART Plan's mission is to provide a predictable financial future for our state's employees," said Treasurer Goldberg. "This award is a welcome recognition for the hard work done at Treasury to ensure a secure retirement is a reality for all who contribute." "We are pleased to receive this recognition from NAGDCA and excited about our results to date," said David Lynch, Executive Director of the Defined Contribution Plans, "The SMART active choice enrollment form with an auto-increase option helps new employees make an informed choice to begin saving for retirement early in their careers and at a rate that will have a material impact on their overall retirement benefits."
The Massachusetts Deferred Compensation 457 SMART Plan is a retirement savings program available for Commonwealth of Massachusetts state and municipal employees. Eligible employees can save and invest before-tax and after-tax dollars through salary deferrals into our wide array of low fee investments options.