403(b) Savings Plan
Whether your retirement is five or thirty years away, Mercy Housing’s 403(b) plan offers a powerful way to enhance your long-term financial wellbeing. We encourage you to invest in yourself and your future by participating in this retirement plan with a pretax contribution.
403(b) Savings Plan
Whether your retirement is five or thirty years away, Mercy Housing’s 403(b) plan offers a powerful way to enhance your long-term financial wellbeing. We encourage you to invest in yourself and your future by participating in this retirement plan with a pretax contribution.
403(b) Savings Plan
Whether your retirement is five or thirty years away, Mercy Housing’s 403(b) plan offers a powerful way to enhance your long-term financial wellbeing. We encourage you to invest in yourself and your future by participating in this retirement plan with a pretax contribution.
Plan Information
Eligibility
You are immediately eligible to participate in the 403(b) plan if you are a regular-status employee scheduled to work 20 or more hours per week.
Auto Enrollment
Enrollment is automatic. Unless you choose otherwise, after 45 days of hire, a 1% automatic contribution of your pay will be deducted from your paycheck. You have the option of opting out prior to 45 days of hire by contacting Transamerica. You may also make changes at any time by contacting Transamerica.
Your Contributions
You are able to make pretax contributions to a 403(b) account or you can contribute to a Roth 403(b) account which is funded with after-tax dollars. With the Roth 403(b), dollars may benefit from tax-free growth if you hold the account for at least five years and don’t withdraw the money until at least age 591/2. Your contributions are deducted from your paycheck and deposited into your 403(b) account following each pay period. You have the option of contributing up to 100% of your gross monthly pay, up to the annual IRS maximum.
Vesting
You are always 100% vested, including any rollovers or transfer contributions, and any contributions Mercy Housing makes on your behalf.
Employer Contributions
403(b) Contributions
After one year of service, Mercy Housing will begin making matching contributions to your 403(b) account to help you build your savings. Employer contributions are as follows:
Discretionary Contributions
Mercy Housing may provide a discretionary plan contribution on your behalf. This is not guaranteed, but historically, employees have received the following:
Contact the provider of this benefit:
Transamerica Retirement Solutions (Plan Record Keeper) - Customer Service: (800) 755-5801 www.transamerica.com/portal
ABOUT THIS GUIDE: Actual plan provisions for Mercy Housing (“the Company”) benefits are contained in the appropriate plan documents, including the Summary Plan Description (SPD) and incorporated benefit/carrier booklets. The Digital Benefits Hub is a summary only and does not describe each benefit option. This Digital Benefits Hub provides updates to your existing SPD as of the first day of plan year, which describes your health and welfare benefits in greater detail. Until the Company provides you with an updated SPD, this guide is intended to be a Summary of Material Modification (SMM) and should be retained with your records along with your SPD. As always, the official plan documents determine what benefits are available to you. If any discrepancy exists between this guide and the official documents, the official documents will prevail. The Company reserves the right to amend or terminate any of its plans or policies, make changes to the benefits, costs, and other provisions relative to benefits at any time with or without notice, subject to applicable law.