Part-Time Employee Benefits
The federal Omnibus Budget Reconciliation Act of 1990 (OBRA) requires that beginning July 1, 1991 employees not eligible to participate in their employer's retirement program be placed in Social Security or another program meeting federal requirements. The Massachusetts Deferred Compensation SMART Plan meets those federal requirements.
Part-time, seasonal and temporary employment statuses do not meet the minimum requirements for membership in the Contributory Retirement System, therefore you are required to participate in the SMART Plan.
A minimum pre-tax deduction equal to 7.5% of your gross wages will be taken and contributed to the SMART Plan. All amounts contributed will be deposited with Great West.
Please see the attached Information Guide for further information.