The ACC Money Purchase Plan is a mandatory, defined benefit plan described in Internal Revenue Code (IRS) Section 401(a). All ACC employees working less than half-time (<20 hours/week participate in this mandatory retirement plan. The following table provides an overview of the program.
Highlights of the ACC Money Purchase Plan
| Statutory Basis | Omnibus Budget Reconciliation Act 1990 |
|---|---|
| Type of Plan | 401(a) |
| Type of Investment | Group Fixed Annuity / Mutual Funds |
| Annuity Company | Augustar Life Insurance Company |
| Vesting Time | 1 hour |
| Employee Contribution | 6% (pre-tax dollars) |
| Employer Contribution | 1.5% |
| Interest Rate | Will vary, but recent history approximately 3% |
| Plan Administrator | Merkley, Newman & McLaws, Inc. P.O. Box 5028 Mesa, AZ 85211 800-580-2176 Ext. 1 Fax: 480-823-7791 |
| Refund Date/Refund Request | 90 days after the close of the month in which you receive your final paycheck or later at the participant’s direction. Please return a completed Distribution Election Form to merkley@mnmpensions.com to request a refund. |
| Website | www.mnmpensions.com/services |
Employees are exempt from contributing to the ACCMPP if one or more of the following apply:
- They are currently contributing to either the Teacher Retirement System of Texas (TRS) or the Optional Retirement Program (ORP) through ACC or another TRS-covered employer
- They are retired or receiving retirement benefits from either TRS or ORP
- They are a part-time ACC student working for the college and enrolled in at least 6 hours in the Fall or Spring semesters or 3 hours in the Summer semester
- They work as a Work-Study student at the college
If you are in another retirement program with a private company or retired from the State of Texas (ERS), you must still enroll in the ACCMPP.
To access your individual account, please create an account at the MNM Pensions Account Login Page. If you have additional questions about your account or an account refund, please contact Merkley, Newman & McLaws, Inc.
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