Retirement Programs
Universal Availability Notice
Most employees are eligible to participate and voluntarily save for retirement with a tax-deferred compensation plan. For additional information, please see the Meaningful Notice/Plan Summary Information.
Retirement Programs
MC Employees do not Participate in Social Security
Participation in one of the retirement programs listed below may be
required
- Part-Time Employees, not benefits eligible, will be required to participate in:
U.S. BENCOR/MidAmerica
A defined contribution retirement plan required as an alternate to Social Security.
(800) 430-7999
- Full-Time employees or benefits-eligible Part-Time employees, may be eligible for participation in:
Teacher Retirement System Of Texas (TRS)
A traditional defined benefit State retirement program in which investment risks are
generally absorbed by the State.
(800) 223-8778
- Full-Time faculty, librarians, and certain administrators may be eligible to participate
in:
Optional Retirement Program (ORP)
An individualized defined contribution plan in which each participant selects from
a variety of investments offered by approved companies through annuity contracts or
mutual fund investments.
Tax Deferred Compensation Plans
7% Employer-paid Tax Deferred Annuity Plan
Full-Time employees receive tax deferred annuity payments in the amount of 7% of base salary, paid by the College. Employees with temporary full-time assignments are not eligible for this benefit. The plan is administered by:
Voya Financial
(432) 520-8335
jamie.phillips@voyafa.com
Optional Tax-Deferred Annuity Contributions
All employees, with the exception of student employees, are eligible to participate
in the 403(b) and 457(b) plans immediately upon employment. Employees may make elective
deferrals to an approved vendor up to the IRS maximum allowable contributions. The
contributions are pre-tax and made through payroll deduction. To participate, you
will need to set up your contract with an approved vendor and submit 403(b) Salary
Reduction Agreement or 457(b) Enrollment Form to the Human Resources/Payroll office.
A list of approved vendors and required forms may be found on the TSA Consulting Group,
Inc. website.
Distribution Procedures
403(b) & 457(b) Plan Information for Employees & Advisors
U.S. OMNI & TSACG Compliance Services (USOTCS) has been contracted to provide 403(b) & 457(b) plan administration services. USOTCS will be responsible for the approval of all plan-level transactions, including distributions, exchanges, transfers, loans, and rollovers. Additional information on plan transactions may be found on the USOTCS website.
Submit Transaction Online
The fastest way to receive a transaction approval is to submit your transaction online by clicking the link below.
Original Signature Required
If an original signature is required on investment provider paperwork, mail the documents to USOTCS for manual processing to the following address:
U.S. OMNI & TSACG Compliance Services
Attn: Participant Transaction Department
P.O. Box 4037
Fort Walton Beach, FL 32549-4037
Customer service representatives can be reached at (888) 796-3786 or recordkeeping@tsacg.com.
U.S. BENCOR/MidAmerica
Access your account online to request a distribution. Log into your account at www.myMidAmerica.com. Once logged in, select Request a Distribution from the Transactions drop-down menu. If you are a first time user, you can set up your account by selecting New User from the login screen.
If you have questions about your distribution, you can call U.S. BENCOR/MidAmerica at (800) 430-7999 or email accountservices@myMidAmerica.com.