Avenues provides opportunities for its employees to defer income through
a 403B Tax Deferred Annuity (TDA) plan. .
Tax deferred annuities are funded by employee payroll
deduction.
You can begin deductions for the TDA in the first payroll immediately following
the end of your 90 day waiting period. All employees past their 90 day wait
period are eligible to participate. Check with your immediate supervisor
if you have any questions about your status.
Individuals who continuously have been an employee for 12 months, working a minimum of 1000 hours, and are not in a temporary or seasonal classification, may be eligible for the Avenues 403B match once they accumulate a minimum of 1000 additional hours after their 12 month anniversary.
You may be eligible to receive a match from Avenues for a portion of your payroll deduction that you place in your 403B plan. For 2008, the match is 50 cents on each deposited dollar, up to a maximum of 2% of your annual base salary. You must remain an Avenues employee for 36 total months before you become 100% vested with the Avenues portion of your 403B. Your payroll deduction deposits are 100% yours from day one.
The 2008 maximum 403B contribution for those employees with less than 15 years of service with Avenues is $16,000. The $16k is an aggregate total of all your 403B accounts, including those not from Mutual of America and personal and other employers. Persons 50 and older may contribute an additional $5,000 per year. Employees with 15 or more years of service may also be eligible for a catch up provision.
Mutual of America is sponsoring the Avenues 403B match program. You must enroll in the Mutual of America 403B to receive any matched funds. Employees can also enroll in 403B plans offered by other entities, however, payroll deductions deposited in other accounts will not be matched. It is up to the employee to ensure that all their personal retirement plans are within IRS maximum deposit guidelines.
Restrictions and penalties will apply on all withdrawals before age 65.
Please click on the links below to download pdf copies of the Avenues 403B enrollment forms. These forms can be filled out online, however, you must print them out before exiting your browser. Otherwise, print out the blank forms and complete them by hand.
Both forms need to be completed by all eligible employees. Avenues to Independence cannot provide you with any investment allocation advice. You need to determine this on your own, or through Mutual of America. Click on the Mutual of America Investment Summaries web page for more information.
Even if you are NOT making a payroll deduction, form 2 must be filled out, signed and returned.
Whether completed online or by hand, both completed forms need to be submitted to HR for processing.
Mutual of America Employee Enrollment Form (Form 1)
403B Thrift Plan Contribution Election Form (Form 2)