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Human Resources and Payroll » Retirement, OBRA, 403(b) and 457 SMART Plans

Retirement, OBRA, 403(b) and 457 SMART Plans

 
Mandatory Contributions
 
City of Beverly employees do not contribute to Social Security; instead, mandatory contributions at set rates are made as follows:
 
 
Beverly Retirement Board: Unit C (Paraprofessionals) and AFSCME Units
 
Bencor (OBRA): Temporary employees and/or permanent employees working less than 20 hours per week
 

Voluntary Contributions
 
403(b) Plan
We offer a 403(b) plan to employees regularly scheduled to work 20 or more hours per week.  Participation is completely voluntary and separate from the contributions to the plans noted above.
 
OMNI is our third party remitter, and detailed information on our 403(b) plan and participating investment providers can be found here.  Payroll deductions for plan enrollments, changes or stops are processed through OMNI's website.  New enrollments, plan/contribution changes and stopping contributions are allowed at any time and are effective the next payroll.
 
Prior to completing a Salary Reduction Agreement with OMNI, you will need to establish an account with at least one of the listed investment providers.  You are able to contribute to multiple accounts through OMNI.
 
Please see the following detailed information provided by investment providers:
 
Some investment providers require an access code to set up an account:
  • Fidelity: 60175
  • MetLife: 0826464
  • Sentinel: heg2NxFD

Before getting started, we recommend you review this FAQ page. 
 
Helpful forms that can be found on OMNI's website include:

  • Salary Reduction Agreement: start, change or cancel contributions
  • Exchange: movement of funds from one 403(b) provider to another eligible 403(b) provider under our plan
  • Transfer: movement of funds from previous employer's 403(b) plan to our 403(b) plan 
  • Rollover: movement of funds to a 403(b) account from any other type of account such as an IRA, 401(k), 401(a), etc.
  • Distribution: cash or rollover disbursement from our plan with a qualifying event (either 59 1/2 years of age or separation from service)
 
457 SMART Plan
The City of Beverly offers a 457 SMART plan to employees regularly scheduled to work 20 or more hours per week.  Participation in the 457 SMART plan is completely voluntary and separate from the contributions to the plans noted above.  Detailed plan information can be found here.