Retirement, Savings & Investment Benefits


FLEXIBLE SPENDING ACCOUNTS

  • The City of Boston's Flexible Spending Accounts are administered by Cafeteria Plan Advisors, Inc. Flex spending lets you deduct pre-tax money for out-of-pocket medical expenses, dependent care, and transportation. Annual enrollment for flex spending occurs in November for the plan year beginning January 1. Participants of this program will receive a Benny Card at the start of the new year that they can begin using immediately for eligible expenses.


Voluntary Insurance

  • Other insurance providers offer short and long-term disability. They also offer optional life insurance and critical illness coverage. These are voluntary insurance programs.

    Please be advised that these benefits are not administered by the Health Benefits Office.


Retirement Planning

  • Boston Retirement Board

    The Boston Retirement Board is fiduciary of the Boston Retirement System and a governmental defined benefit plan. Visit the City of Boston Retirement Board Webpage or contact:

    1 City Hall Square, Room 816
    Boston, MA 02201-2038
    617-635-4311
    retirementboard@boston.gov
    Monday - Friday, 9 a.m. - 5 p.m.

    Employees are eligible to participate in two types of voluntary deferred compensation retirement plans:

    457 SMART Plan

    Employees are eligible to participate in the Commonwealth’s Deferred Compensation Plan (also known as a Section 457 Plan). This allows an employee to shelter income from federal and state income tax through a payroll deduction. Additional information is available at the Massachusetts Deferred Compensation Smart Plan website. Click here for more information Deferred Compensation (IRS 457).

    403(b) Plans

    Employees are eligible to participate, at no cost, in tax-sheltered annuities (also known as 403(b) plans). An annuity is a tax-saving retirement planning device that allows an employee to shelter income from federal and state income tax through a payroll deduction. A representative at a participating company will provide a payroll deduction form, which you may also download and print out here. This form must be filled out and submitted according to BPS 403(b) procedures.

    • AIG/VALIC (Variable Annuity Life Insurance Co.), Nashua, NH. (603) 594-8340
    • American United Life Insurance Company
    • Ameriprise Financial Services, Inc., Minneapolis, MN (800) 862-7919
    • Ameritas Life Insurance Corporation, Lincoln, NE (800) 745-1112
    • ASPire Financial Services, Tampa, FL (866) 634-5873
    • AXA Equitable Life Insurance Company, Wellesley, MA (781) 237-8264
    • Commonwealth Annuity and Life Ins. Co., Topeka, KS (800) 457-9047
    • Fidelity Investments Mutual Funds
    • Great American Advisors, Inc., Cincinnati, OH (800) 216-3354
    • Great American Financial Resources, Inc., Cincinnati, OH (888) 497-8556
    • Horace Mann, Springfield, IL (866) 999-1945
    • Kemper Annuity and Life Ins. Co., Topeka, KS (800) 457-9047
    • Lincoln Investment Planning Mutual Funds, Waltham, MA (781) 647-3050
    • Lincoln National Life Insurance Company, Fort Wayne, IN (800) 454-6265
    • MetLife, Bloomfield, CT (860) 768-0139
    • MetLife of CT, Bloomfield, CT (860) 768-0139
    • Midland National Life
    • North American Company for Life and Health
    • New York Life Insurance Company, Sleepy Hollow, NY (914) 846-5608
    • Protective Life, Topeka, KS (800) 457-9047
    • The Union Central Life Ins. Co., Cincinnati, OH (800) 825-1551