We offer a variety of 403(b) service arrangements to meet your organization's needs, including aggregation and monitoring services for employers who prefer to rely on Mutual of America to coordinate plan aggregation and transaction services among multiple service providers.
- Exclusive Services – For 403(b) plan sponsors who choose Mutual of America as the sole provider for their retirement plan. Among other services, we provide all plan documents required for 403(b) plans, specimen documents for Tax-Deferred Annuities (TDAs) and standard plan documents for Thrift plans.
- Coordinated Services – For 403(b) plan sponsors who offer their employees multiple "approved" retirement plan providers, Mutual of America provides 403(b) plan document services and assists in the administration of your organization's retirement plan by sharing information with the plan sponsor or Third-Party Administrator (TPA), according to the information sharing requirements of the 403(b) regulations.
- Participant-Directed Services – Mutual of America provides participants with certain administrative and investment services as directed by the plan sponsor. We do not provide 403(b) plan document services.
- 403(b) Aggregation and Monitoring Services – For employers who intend to offer their employees multiple retirement plans and providers but prefer to rely on Mutual of America to coordinate plan aggregation and transaction services among various service providers.1
Administrative Services that Keep Your 403(b) Plan in ComplianceWe offer the administrative services you need to help keep your plan in compliance with 403(b) regulations (subject to the 403(b) service arrangement and plan provisions you adopt).
- 403(b) Plan Document Services
- Sample Universal Availability Notification
- Employee Communication Services
- Loan Administration Services
- Pension Protection Act (PPA) Compliant Quarterly Statements
- Monitoring 402(g) Elective Deferral Limit
- Hardship Withdrawals
- Minimum Distribution Processing
- Involuntary Distributions
- Annual Return/Report Form 5500 (only for plans subject to the Employee Retirement Income Security Act of 1974, as amended (ERISA))
- Information Sharing Agreement (ISA)
- Qualified Joint and Survivor Annuity (QJSA) Compliance Processing for ERISA Plans
- Summary Plan Description (SPD); Summary of Material Modifications (SMM) Services (only for plans subject to ERISA)
Mutual of America's 403(b) Aggregation and Monitoring Services Keep Your Plan in Compliance1
Our dedicated 403(b) Administrative Department coordinates employee requests (such as loan and hardship withdrawal) with your other retirement plan providers – to ensure that each transaction is handled in a timely and effective manner, and to help you prevent noncompliant transactions from occurring.
We help 403(b) plan sponsors stay in compliance regarding participant transactions by aggregating data from: (1) the plan sponsor (or participating employers or sub-employers in a plan covering more than one sponsor) and, (2) the issuers of the annuity contracts and custodial accounts2 as identified in the plan sponsor's written plan document to:
- Monitor compliance with the requirements of the 403(b) regulations and of your TDA or 403(b) Thrift written plan document, and
- Inform the various service providers whether such requirements permit the requested transaction (refer to the list below of specific transactions for which aggregation and monitoring services are provided).
- For all plan transactions under the group annuity contract issued to participants in all plans, and
- For participant transactions under Mutual of America's group annuity contract only.
Mutual of America's 403(b) Aggregation and Monitoring Services3
- Annual limit on plan participation elective deferrals.
- Overall limit of IRC Code Section 415 annual additions to a participant's account.
- Availability of hardship withdrawals and limitations, including, if applicable, a notification to the plan sponsor of each instance that a hardship distribution results in a six-month suspension of the participant's ability to make salary reduction contributions to the plan.
- Participant loans and limitations.
- In-service withdrawals and limitations.
- Withdrawals on account of termination of employment, including involuntary distributions of amounts less than $1,000, if required by the plan document.
- Commencement and annual payment of required minimum distributions, generally after age 70½.
2Certain annuity contracts and custodial accounts are, in accordance with IRS guidance, not required to be included under an employer's plan and are commonly referred to as "orphaned" and/or "grandfathered" contracts or custodial accounts. Aggregation and Monitoring Services do not take into account any such orphaned or grandfathered contracts or custodial accounts, or any other contracts or custodial accounts not identified in the employer's written plan document.
3Aggregation and Monitoring Services provide for the routine, ministerial application of the limits and requirements that apply to the above-specified transactions based on the aggregated data reported to Mutual of America. Aggregation and Monitoring Services do not involve the exercise by Mutual of America, its directors, or employees of any discretion with respect to the application of those requirements, the interpretation of any plan provisions or related administrative rules under the plan, or whether specific elements of plan-related determinations have been made. Any questions requiring discretionary authority, such as interpretation of plan provisions, will be referred to the plan administrator or other party designated in the plan documents as responsible for such decisions, or to the employer if the plan does not specify.