What is a smart retirement plan?

The SMART Plan is a retirement savings program authorized under section 457 of the Internal Revenue Code (IRC). Section 457 programs, commonly called 457 deferred compensation programs, allow eligible employees to save and invest before-tax and after-tax dollars through salary deferrals.

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People also ask, how do I sign up for Smart Plan?

Here’s how to apply:

  1. STEP 1: Choose Your Plan. Go to the Smart Online Store at store.smart.com.ph and click on Postpaid Plans. …
  2. STEP 2: (Optional) Choose your phone. Once you’re sure about your chosen plan, scroll down to see the available phones. …
  3. STEP 3: Check Out. …
  4. STEP 4: Accomplish Form and Submit Requirements.
Correspondingly, can I take money out of my smart plan? You can withdraw less than 100% of your SMART Plan balance as a partial lump-sum payment after severance of employment and then also elect a periodic payment option for the remaining balance. This option allows you to keep your remaining balance in the investment options available under the SMART Plan.

In this regard, how do I withdraw money from mass smart plan?

Contact the SMART Plan Customer Service Center at (877) 457-1900 to request paperwork. A customer service associate can answer questions you may have regarding your eligibility for a withdrawal.

How can I retire smart?

11 Smart Retirement Moves You Can Make Right Now

  1. Have an emergency fund. …
  2. Get out of debt. …
  3. Have a retirement plan. …
  4. Save and invest more. …
  5. Earn more, spend less. …
  6. Make use of IRAs and 401(k)s. …
  7. Invest more effectively. …
  8. Be insurance-smart.

What type of plan is the mass smart plan?

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.

How many days does it take for smart plan approval?

For postpaid applications, once the application has gone thru the validation & approval process which are relative to documentation and plan applied for, delivery takes 1 to 7 working days.

What are the requirements for smart plan?


  • Unified Multi-Purpose ID (UMID)
  • SSS (Digitized)
  • Passport (with signature)
  • Driver’s License.
  • Firearm license.
  • PRC ID.
  • IBP ID.
  • Digitized Postal ID.

How do I check my smart plan?

How do I check my latest Postpaid bill?

  1. Via GigaLife App. Download the GigaLife App on your mobile phone via the App Store or Google Play Store. …
  2. Via My Smart Web. Type my.smart.com.ph on your browser. …
  3. Via SMS. To check your Postpaid bill via SMS, just text BILL? and send to 211.
  4. Via *888.

Is Ma smart plan an IRA?

The Massachusetts Deferred Compensation SMART Plan is a voluntary retirement savings program. Retiring employees may defer accumulated sick pay, vacation pay and back pay into their SMART Plan account.

How do I withdraw money from Obra?

The money can be withdrawn or rolled over into other retirement savings accounts (401(k)s, 403(b)s, other 457 plans, IRAs, etc.) at the end of employment. Besides death and an end to an employment term, OBRA (and 457 plans generally) have more distribution triggers than most other retirement accounts.

What is smart capital preservation fund?

The SMART Capital Preservation Fund (the “Fund“) is a plan investment option that seeks to provide interest income consistent with prevailing market and interest rate conditions, principal stability, capital preservation, and liquidity for participant activity.

Can I cash out my Empower retirement?

You may make withdrawals without penalty from your traditional IRA after you reach age 59½. … If you take a withdrawal before age 59½ from your traditional IRA, your withdrawal is subject to a 10% early withdrawal federal penalty in addition to ordinary income tax.

What are Obra benefits?

Established in 1990, OBRA is an acronym for Omnibus Budget Reconciliation Act. The primary purpose of this 457 deferred compensation plan is to provide a retirement alternative to Social Security for all non-benefited part-time, seasonal and temporary employees.

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