• Tax Sheltered Annutities

    Tax Sheltered Annuities

    403(b) Providers

    A 403(b) or 457(b) plan, also known as a tax-sheltered annuity plan, is a retirement plan for certain employees of public schools.  Employees can elect to set-up a 403(b) or 457(b) in addition to contributing to one of the public retirement plans (Mass. Teachers Retirement System, Worcester Regional Retirement System, Mass.Deferred Compensation SMART Plan-Mandatory OBRA).  Please be advised that the Town does not offer "matching funds”.  

    • CONTRIBUTION LIMIT FOR 2020 is $19,500 
    • AGE-BASED ADDITIONAL AMOUNT - Participants who are age 50 or older any time during the year qualify to make an additional contribution of up to $6,500. 
    • SERVICE-BASED CATCH UP AMOUNT - The special catch-up provision allows participants to make additional contributions of up to $3,000 if, as of the preceding calendar year, the participant has completed 15 or more full years of employment with the current employer, not averaged over $5,000 per year in annual contributions, and has not utilized catch-up contributions in excess of the aggregate of $15,000.  For a detailed explanation of this provision, please visit http://www.tsacg.com

    The Town will work with the financial investment providers listed below.  For additional information on Tax Sheltered Annuities or to view the Authorized Investment Providers, please click on the TSA Consulting Group link below:
    https://www.tsacg.com/individual/plan-sponsor/massachusetts/sutton-public-schools

    Salary Reduction Agreement Form may be returned to Dotty Georgiopoulos, Business Office or to Erin Chinappi, Payroll Coordinator.

    Financial Investment Company

    Contact Information

    Ameriprise Financial

    Karen Maloney – Financial Advisor

    Office: 508-796-0083

    Cell: 978-618-4077

       

    AXA Equitable Life Insurance Company

    Patrick Belniak

    Office: 781-237-8340

    Cell: 774-276-0320

    Email: Patrick.belniak@axa-advisors.com

    Commonwealth Annuity Life Ins. Co.

     

    Lincoln Investment Planning, Inc.

     

    MetLife Resources

    Naomi Myhaver

    Office:  508-890-6260

    Email: enmyhaver@baystatefinancial.com

    Oppenheimer Funds

    Michael Tuomala – Financial Advisor – Edward Jones

    Office: 508-987-5327

    VALIC/AIG Retirement

    Brian Dunphy

    Cell: 1-401-601-6626

    Email: Brian.Dunphy@valic.com

    457(b) Provider

    Mass. Deferred Compensation SMART Plan

    Eileen Neubert

    Email: eileen.neubert@empower-retirement.com