- General Information
- Student Employment
- Employee Benefits
Defined Contribution Plan
Below are two described retirement plans, both of which are considered to be "defined contribution plans." This means that funds contributed by MBI and MBI employees are held in individual accounts under the employee's name. Employees have the opportunity to make decisions about the investment of these funds from a wide range of investment fund choices made available by the Plan's service provider. All funds contributed are set aside on a pre-tax basis.
AIG Retirement Services (formerly VALIC), an experienced and nationally-known company of retirement plan services, was chosen by the Institute as the service provider for both of these plans.
The features of the plans are as follows:
MBI Match Savings Plan - 401(a)
- Eligibility Requirements: Employees must have one year of service at MBI and have attained age 21.
- Once the eligibility requirements are met, employees will enter the Plan on the following January 1st or July 1st and receive a discretionary monthly contribution of up to 4% of salary made by MBI. Employees will have a "vested" (non-forfeitable) right to these funds after three years of service. Prior MBI service may count toward this vesting requirement if it meets the rules for vesting service.
- Employees contributing to the MBI Retirement Plan described below will also receive a monthly contribution from MBI that matches dollar for dollar employee funds of up to 3% of salary. Employees will have a "vested" (non-forfeitable) right to the MBI funds after three years of service. Prior MBI service may count toward this vesting requirement if it meets the rules for vesting service.
MBI Retirement Plan (Tax Deferred Annuity) - 403(b)
- Eligibility Requirements: All full-time and part-time non-student employees are eligible to participate in the Plan (which includes employees who are grandfathered participants in the MBI Pension Plan).
- Effective the 1st of the month following the employee's date of hire, the new employee will be enrolled in the 403(b) Plan with a pre-set contribution rate of 3% of salary (unless a "Rejection of Enrollment" form is completed and faxed or delivered to the HR Benefits Office). All contributions to the Plan are immediately 100% vested.
- Employees may make contributions up to the annual maximums set by law. However, contributions in excess of the 3% of salary will not be matched.
- Employees who initially opt out of this Plan may choose to re-enter at any future date.
- Account maintenance (personal information changes - address, marital status, etc., investment allocation changes, contribution changes) may be completed by either going online to www.aig.com/retirementservices, by contacting a Customer Service Representative by phone at 1-800-448-2542, or meeting with MBI's on-campus AIG Retirement Services Representative on his once-per-month visit.
- Financial counselors are available by phone upon request (number above), or you may phone or meet with MBI's on-campus AIG Retirement Services Representative.
- Any change in an employee's account made online by the 12th of the month will go into effect that month. Contribution amounts changed after the 12th of the month will be updated the following month.
- Retirement and investment resources are available at AIG's web site (see Planning Guide under "Forms"). See also www.choosetosave.org.