The Massachusetts 457 Deferred Compensation SMART Plan, in collaboration with the Massachusetts State Retirement Board, sought to increase participation and streamline enrollment through its SMART Plan Active Choice Enrollment Form. Building on the success of the original Active Choice Form, beginning in March 2019, the SMART Plan adopted a new option for enrollment in the SMART Plan – incorporating an automatic increase feature. The new Active Choice Form presented new employees with three “active choice” options to begin retirement saving: a default pre-tax salary deferral of three percent with an annual automatic increase of one percent to a maximum six percent (“auto-increase”); a write-in pre-tax salary deferral percentage; or a decline of participation. Participants electing to begin contributions were then automatically enrolled in a SMARTPath Target Date Fund based on their date of birth. From March 2019 through end of 2019, over 74% of new employees using the Form elected the default deferral with auto-increase for a total of 771 enrollments with auto-increase.

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  • July 22, 2020 Create Date
  • August 31, 2023 Last Updated
Commonwealth of Massachusetts – SMART Plan Active Choice Enrollment Form with Auto-Increase Option