RETIREMENT PLANS – GENERAL EMPLOYEES
A Retirement Plan You Control Your 401(a) account will help you build retirement savings. Your account is funded by contributions made by you and the city. The value of your account fluctuates based on the performance of the investments you select. You do not pay any taxes on the money in your account until you withdraw it. You have flexible options upon separation from service. In the event of your death, your designated beneficiaries will receive the money in your account. Manage Your Investments You control how the money in your account is invested and can make changes at any time. Review the available investments and the on-line resources Mission Square Retirement offers to help you decide how to invest contributions.. 401(a) All General Full-Time Employees Mandatory Retirement Plan for General Employees City contributes 8% Employees contribute 2%, immediately vested Contributions are pre-tax City contributions are vested after 5 years of service Loads available for vested balances In-Service withdrawals available after age 59 1/2 Access Your Retirement Account You manage your account and boost your investing knowledge online at www.missionsq.org or right from the palm of your hand with our mobile app for iPhones or Android smartphones, or tablets. With our mobile app, you can: View your account balance, year-to-date account activity, retirement income projection and fund performance. Change your fund selections. Review messages within your retirement savings account to stay current on updates to our retirement plan services and features. Access Your Money In-service : Plan rules allow you to borrow up to 50% of the vested balance in your account. Only one loan per calendar year is allowed, and payments are automatically deducted from your bi-weekly pay. After Separation : When you leave the City, you can withdraw assets regardless of the reason or your years of service. At separation, you have the following flexible withdrawal options for vested assets: You can withdraw your entire balance. Choose periodic, partial withdrawals as you see fit. You can make installment payments of a certain dollar amount and frequency, such as monthly or quarterly, and you can change your scheduled withdrawals at any time. You can choose lifetime income payments. After you reach age 72 or separate from service, whichever is later, you will be required to withdraw at least a minimum amount from your account each year, per Internal Revenue Service (IRS) rules.
CONMB Employee Benefit Guide 2025
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