How do I set up my 403b retirement account?

Mutual of America's 403(b) Thrift plan is an employer-sponsored retirement savings plan that operates much like a 401(k) plan. The 403(b) Thrift plan is only available to employees of public schools and charities exempt from federal income tax under Internal Revenue Code (IRC) section 501(c)(3) (not-for-profit tax-exempt employers that are not wholly owned by a state or local government).

The 403(b) Thrift Plan is available to all employees regardless of full-time or part-time status. An employee may begin to contribute to the 403(b) plan on the first day of the month coinciding with or immediately following their date of hire. Participating employees must contribute a minimum of $10 per paycheck.

An employee becomes eligible for employer contributions after being employed for two years and accumulating 1,000 hours of service per year for two years. Eligibility years are based on the employee’s commencement of employment and subsequent anniversaries of such date. Contributions will begin on the first day of the month coinciding with or immediately following the anniversary date at which you become eligible.

Contributions for participants employed for a specific project are provided from funds for that project.

There are two types of contributions under the plan:

i. Community Partners/Project Match
Under the 403(b) Thrift Plan, Community Partners projects offers a matching contribution up to $0.50 per dollar contributed by you, which match shall not exceed 3% of your annual salary.

ii. Community Partners/Project Base Contribution
Under the Base Contribution Plan, the project may, at the sole discretion of their advisory board, contribute 5% of your salary to the plan.

General Information about Community Partners’ Retirement Plan

From the first day that you become a participant in the plan, you are fully “vested” in your benefits under the plan. Thus, you fully own all of the benefits provided under the plan in your account. There are numerous mutual funds and interest-bearing accounts in which you can choose to invest, with transfers allowed among the investment options via toll-free telephone service and the plan’s website. Quarterly statements are either mailed to your home or sent to you via email. We encourage you to review your investment options carefully.

Community Partners is not responsible for fund performance or selection.

Plan benefits are payable in accordance with the terms of the plan. You will receive a copy of the applicable summary plan description upon becoming eligible to participate. If there is any conflict between this description and the applicable plan document or summary plan description, the plan document or summary plan description, as the case may be, will supersede this description.

If you have any questions or want to see official plan documents, please contact Human Resources. You may also contact Human Resources to request enrollment forms to enroll in the plan. [e-mail]