BLANDFORD – At a town Selectmen’s meeting last night, a representative from Nationwide Retirement Solutions informed town residents of an alternative to Social Security.
Desiree Joy spoke to the crowd of around 25 about the benefits of the Save Money and Retire Tomorrow (SMART) plan.
The SMART Plan is an alternative to Social Security as permitted by the federal Omnibus Budget Reconciliation Act of 1990 (OBRA).
Under OBRA, employees not eligible to participate in their employer’s retirement program must be placed in Social Security or another program meeting federal requirements.
The SMART plan is designed for part-time, seasonal, or temporary employees of a municipality such as Blandford.
According to Joy’s presentation, as an OBRA employee, one must contribute 7.5 percent of their gross compensation per pay period to the plan, contributions of which will need to be invested in the income fund. Employees may also make additional voluntary contributions to the plan if they so choose.
Following the meeting, Blandford Selectboard Chairman Mick Brennan was optimistic about the program’s future with Blandford, a town with just over 1,200 residents, a large chunk of which are nearing retirement age.
“I think people are going to love it,” said Brennan. “Imagine working ten or twelve hours a week, paying into social security. You’re never going to get qualified quarters or a benefit package.”
One of the other notable matters discussed at the meeting was the timetable of which the selection for a new Fire Chief would begin.
According to the selectboard, the groundwork for fielding candidates, such as advertising in local newspapers, would be done within the next few weeks.
“The plan is a good one,” said Brennan. “We’ll try to attract applications. When we get our number, we’ll evaluate those applicants.”
Brian Care, a ten-year veteran of the volunteer department, was appointed interim Chief at a special town meeting last Friday evening. His appointment was made official last night.
