{"id":123,"date":"2022-09-30T17:07:34","date_gmt":"2022-09-30T17:07:34","guid":{"rendered":"https:\/\/offices.austincc.edu\/human-resources\/?page_id=123"},"modified":"2025-07-24T17:24:45","modified_gmt":"2025-07-24T17:24:45","slug":"acc-money-purchase-plan","status":"publish","type":"page","link":"https:\/\/offices.austincc.edu\/human-resources\/acc-money-purchase-plan\/","title":{"rendered":"ACC Money Purchase Plan (ACCMPP)"},"content":{"rendered":"

The ACC Money Purchase Plan is a mandatory, defined benefit plan described in Internal Revenue Code (IRS) Section 401(a)<\/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.<\/p>\n

Highlights of the ACC Money Purchase Plan<\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Statutory Basis<\/th>\nOmnibus Budget Reconciliation Act 1990<\/td>\n<\/tr>\n
Type of Plan<\/th>\n401(a)<\/td>\n<\/tr>\n
Type of Investment<\/th>\nGroup Fixed Annuity \/ Mutual Funds<\/td>\n<\/tr>\n
Annuity Company<\/th>\nAugustar Life Insurance Company<\/td>\n<\/tr>\n
Vesting Time<\/th>\n1 hour<\/td>\n<\/tr>\n
Employee Contribution<\/th>\n6% (pre-tax dollars)<\/td>\n<\/tr>\n
Employer Contribution<\/th>\n1.5%<\/td>\n<\/tr>\n
Interest Rate<\/th>\nWill vary, but recent history approximately 3%<\/td>\n<\/tr>\n
Plan Administrator<\/th>\nMerkley, Newman & McLaws, Inc.
P.O. Box 5028
Mesa, AZ 85211
800-580-2176 Ext. 1
Fax: 480-823-7791<\/td>\n<\/tr>\n
Refund Date\/Refund Request<\/th>\n90 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<\/a> to merkley@mnmpensions.com to request a refund.<\/td>\n<\/tr>\n
Website<\/th>\nwww.mnmpensions.com\/services<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

Employees are exempt from contributing to the ACCMPP if one or more of the following apply:<\/p>\n