{"id":16559,"date":"2023-05-26T14:02:41","date_gmt":"2023-05-26T18:02:41","guid":{"rendered":"https:\/\/marymount.edu\/?page_id=16559"},"modified":"2024-02-20T11:39:06","modified_gmt":"2024-02-20T16:39:06","slug":"retirement","status":"publish","type":"page","link":"https:\/\/marymount.edu\/faculty-and-staff\/human-resource-services\/benefits-2\/retirement\/","title":{"rendered":"Retirement"},"content":{"rendered":"<p>Resources for Retirement planning.<\/p>\n<h2>Retirement Savings Plan<\/h2>\n<p>Marymount offers a rich retirement plan that is open to all eligible regular full-time and part-time employees. The plan includes an automatic 2% employer contribution of the employee\u2019s base salary and will match up to 6% of employee pretax contributions. <strong>Voya<\/strong>, our retirement vendor, offers several investment choices.<\/p>\n<h3>Eligibility Information<\/h3>\n<p>All eligible regular full-time and part-time employees may immediately participate upon hire.\u00a0 <span style=\"font-weight: 400;\">Not eligible:\u00a0 Non-Resident Aliens (NRAs), Student Employees.<\/span><\/p>\n<h3>Plan Information<\/h3>\n<p><b>Voya<\/b><span style=\"font-weight: 400;\"> Financial serves as the administrator for Marymount\u2019s 403(b) <\/span><b>Defined Contribution<\/b><span style=\"font-weight: 400;\"> and non-qualified (NQ) retirement plans. These flexible plans allow employees to set aside money either on a pre-tax or Roth basis [403(b) only] via payroll deduction up to the IRS permitted limits [<\/span><a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-403b-contribution-limits\"><span style=\"font-weight: 400;\">IRS annual limits<\/span><\/a><span style=\"font-weight: 400;\">] which can be invested in a wide array of low cost<\/span> <a href=\"https:\/\/marymount.beready2retire.com\/investments\/investment-options\/664694\"><span style=\"font-weight: 400;\">investment options<\/span><span style=\"font-weight: 400;\">.<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">For employees that meet or exceed the IRS definition of highly compensated, they are eligible to participate in a<\/span><a href=\"https:\/\/marymount.beready2retire.com\/plan\/457b-plan\"> <span style=\"font-weight: 400;\">457(b) Deferred Compensation Plan<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Marymount\u2019s Retirement Savings Plans offer a convenient way to set aside money for your financial future. To learn more about the plans, tools, and resources, go to\u00a0<\/span> <a href=\"https:\/\/marymount.beready2retire.com\"><span style=\"font-weight: 400;\">https:\/\/marymount.beready2retire.com\/<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Employer Contribution<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Marymount will make a 2% non-elective contribution of your qualifying pay each pay period, to eligible employees immediately after hire date with their first paycheck.\u00a0 In addition, Marymount University will match employee contributions up to 6% (dollar per dollar).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Employee Contribution<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Employees who participate in the<\/span><a href=\"https:\/\/marymount.beready2retire.com\/plan\/403b-plan\"> <span style=\"font-weight: 400;\">403(b)<\/span><\/a><span style=\"font-weight: 400;\"> are eligible to receive a 100% match up to 6% of qualifying pay.\u00a0 The Defined Contribution Plan will automatically enroll all new employees into this plan with a 2% employee contribution. Within the first thirty (30) days a new employee has the option to opt out of the 2% contribution or enroll and make an election.\u00a0 If the employee doesn\u2019t take any action, the 2% employee contribution will begin on the next payroll after the 30 days.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">How does it work if\u2026<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">I do nothing and the automatic employee contribution of 2% of my salary is taken?<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">You will receive an employer contribution match of your 2% contribution.\u00a0 In addition, you will also receive the non-elective employer contribution of 2% for a total Marymount University contribution of 4%.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">I opt out and 0% of my salary is taken?<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">You will still receive the employer non-elective contribution of 2% only.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">I elect to have an employee contribution of 8% of my salary taken?<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">You will receive an employer match of 6%.\u00a0 In addition, you\u2019ll receive the employer non-elective contribution of 2% for a total Marymount University contribution of 8% of which only 6% is the match.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Vesting Schedule\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">All non-elective and elective employer contributions made by Marymount University are subject to the vesting schedule below.\u00a0 Employees are always 100% vested in the contributions they add to their account.\u00a0\u00a0<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 51.0917%; text-align: center;\" width=\"114\"><strong>Years of Service<\/strong><\/td>\n<td style=\"width: 45.8515%; text-align: center;\" width=\"102\"><strong>Vested %<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 51.0917%; text-align: center;\" width=\"114\"><strong>1<\/strong><\/td>\n<td style=\"width: 45.8515%; text-align: center;\" width=\"102\"><strong>25%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 51.0917%; text-align: center;\" width=\"114\"><strong>2<\/strong><\/td>\n<td style=\"width: 45.8515%; text-align: center;\" width=\"102\"><strong>50%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 51.0917%; text-align: center;\" width=\"114\"><strong>3<\/strong><\/td>\n<td style=\"width: 45.8515%; text-align: center;\" width=\"102\"><strong>75%<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 51.0917%; text-align: center;\" width=\"114\"><strong>4<\/strong><\/td>\n<td style=\"width: 45.8515%; text-align: center;\" width=\"102\"><strong>100%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>How do I Enroll?<\/h3>\n<p><span style=\"font-weight: 400;\">To make changes to retirement elections or opt out, log in to <\/span><b>Workday<\/b><span style=\"font-weight: 400;\">, <\/span><i><span style=\"font-weight: 400;\">select Benefits <\/span><\/i><span style=\"font-weight: 400;\">and <\/span><i><span style=\"font-weight: 400;\">click on Retirement <\/span><\/i><span style=\"font-weight: 400;\">external link to be directed to <\/span><b>Voya\u2019s<\/b><span style=\"font-weight: 400;\"> website. Or you may go directly to enroll.voya.com.\u00a0 You will need to enter the following information:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Plan Number: 664694<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Verification Number: 019673\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h3>Contact and Plan Information<\/h3>\n<p><span style=\"font-weight: 400;\">For more information read the <a href=\"https:\/\/marymount.edu\/wp-content\/uploads\/2023\/08\/Marymount-University-Retirement-Summary-Plan-Description.pdf\">Summary Plan Description<\/a>.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"width: 23.126%;\" width=\"191\"><strong>Voya<\/strong><\/td>\n<td style=\"width: 37.4801%;\" width=\"198\">\n<p style=\"text-align: center;\">(800) 584-6001<\/p>\n<\/td>\n<td style=\"width: 38.118%;\" width=\"235\"><a href=\"https:\/\/marymount.beready2retire.com\">marymount.beready2retire.com<\/a>.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Rolling Over Other Retirement Accounts<\/h3>\n<p>Consolidating your retirement savings into a single account is one of your options that could help simplify your financial life. Voya\u2019s\u00ae here to educate you on all your options. Our team of professionals is here to support you and help you on achieving a simpler financial life today and a successful retirement tomorrow.<\/p>\n<p>For instructions to roll over from a TIAA CREF account <a href=\"https:\/\/marymount.edu\/wp-content\/uploads\/2024\/02\/Rollover-Instructions-From-TIAA-to-Voya.pdf\">click here<\/a>. For instructions to roll over an old employer plan <a href=\"https:\/\/marymount.edu\/wp-content\/uploads\/2024\/02\/Marymount-Voya-Roll-in-Instructions-and-Form-2-1-24.pdf\">click here<\/a>.<\/p>\n<p>To learn more or for help consolidating your accounts, call 612-217-9694 or email oxander.caballero@voya.com<\/p>\n<h2>Financial Wellness<\/h2>\n<p><strong>CAPTRUST<\/strong> serves as a resource providing financial wellness, savings, and investment advice. You may call CAPTRUST at 1-800-967-9948 to speak to a counselor, who will assist you with your investment questions and other financial inquiries you may have. CAPTRUST also provides a Retirement Blueprint financial plan to assist with your long-term financial needs. Counselors are available Monday to Thursday, 8:30 a.m. to 6:00 p.m., Friday 8:30 a.m. to 4 p.m. ET, or you can make an appointment online via <a href=\"http:\/\/www.captrustadvice.com\">www.captrustadvice.com<\/a>.<\/p>\n<h2>Medicare Resources<\/h2>\n<p><strong>SmartConnect <\/strong>is a service offered to all employees at no-cost.\u00a0 Whether you are a Medicare-eligible employee still working, or an employee considering transitioning to retirement, or you have friends or family members with Medicare questions, SmartConnect will guide you and ensure you understand the details that impact enrollment, costs, and coverage.\u00a0 How to get connected: (877) 374-2705, Monday \u2013 Friday, 8 a.m. \u2013 5 p.m. CT, or <a href=\"https:\/\/gps.smartmatch.com\/mercer\">https:\/\/gps.smartmatch.com\/mercer<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Resources for Retirement planning. Retirement Savings Plan Marymount offers a rich retirement plan that is open to all eligible regular full-time and part-time employees. The plan includes an automatic 2% employer contribution of the employee\u2019s base salary and will match up to 6% of employee pretax contributions. Voya, our retirement vendor, offers several investment choices. [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/marymount.edu\/faculty-and-staff\/human-resource-services\/benefits-2\/retirement\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":222,"featured_media":0,"parent":16443,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/left-sidebarpage.php","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","ngg_post_thumbnail":0,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retirement - Marymount University<\/title>\n<meta name=\"description\" content=\"Resources for Retirement planning. Retirement Savings Plan Marymount offers a rich retirement plan that is open to all eligible regular full-time and . 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