The retirement plan has two
components, a 457 and a 401(a) account
(457 and 401(a) are IRS designations
for the types of retirement investment
accounts). The 457 account is used for
employee contributions (deferred pay)
via pre-tax withholding. Thus, no
federal or state taxes are withheld on
the employee contribution, however
Social Security and Medicare taxes are
withheld. A minimum of $20 is
required to be withheld/deferred from
the participant's pay. The
401(a) account is used for MU Extension
contributions and any voluntary County Extension Council contributions. Federal, state,
Social Security or Medicare taxes will
not be withheld from 401(a) funds, as
they will not be processed through the
employees payroll.
The retirement plan has two
components, a 457 and a 401(a) account
(457 and 401(a) are IRS designations
for the types of retirement investment
accounts). The 457 account is used for
employee contributions (deferred pay)
via pre-tax withholding. Thus, no
federal or state taxes are withheld on
the employee contribution, however
Social Security and Medicare taxes are
withheld. Effective January 1,
2003, all contributions to the 457
fund are at the discretion of the
employee. The 401(a) account is
used for Extension contributions and any
voluntary County Extension Council contributions. Federal, state, Social
Security or Medicare taxes will not be
withheld from 401(a) funds, as they
will not be processed through the
employee's payroll.
MU Extension will contribute 6 percent of the monthly rate of pay
to each individual’s 401a account.
The MU Extension County Office
Secretary Retirement Plan has a one-year vesting requirement.
Vesting creates ownership rights to the individual’s 401(a) plan
account. To become vested, a secretary is required to enroll in the
plan by submitting a completed NRS form to the MU Extension Benefits
office, and complete one year of service with an FTE of 75% or
more. Employment time at less than the 75% FTE minimum will not
count toward the one year vesting requirement. Breaks in service of
30 days or more will require that a new vesting period be satisfied.
For all county secretaries hired after
12/31/2005, MU Extension will begin making contributions (currently 6 percent
of the annual rate of pay) to the eligible individuals’ plan at the
point that they meet vesting requirements. No retro-active
University contributions will be made for the vesting period for any
eligible service that begins after 12/31/2005. If a secretary leaves
County Extension Council employment prior to vesting, the individual’s contributions
to the 457 plan will be available for distribution to the individual
from the plan administrator,
Nationwide
Retirement Solutions.
Contacting
Nationwide Retirement Solutions (NRS)
Nationwide Retirement Solutions may
be contacted by:
- Direct Access by phone at
1-877-NRS-FORU (1-877-677-3678).
For retirement planning
questions, ask to speak to a
Direct Retirement Specialist ( 7
a.m.-8 p.m. Monday-Thursday and 7
a.m.-6 p.m. Friday).
For administrative questions,
ask to speak with a Customer
Service Representative ( 7 a.m.-7
p.m. Monday-Friday).
Automated Services are
available at any time.
- Internet services are
available from the Nationwide
Retirement Solutions website.
Follow the instructions to
"Access My Account."
First-time users will be asked to
sign up for a personal
identification number to access
account information. Individuals
may use the website to access
account balances and make on-line
transactions.
Questions about the MU Extension County
Secretary Retirement Plan should be
directed to Tamra Robbins
Phone: 573-882-7755.
