Make It Easier For Retirement Plan Participants And Administrators!
Now You Can Offer Your Employees the Added Convenience of
Making Their Salary Deferral Elections Online
It’s More Efficient for Plan Administrators, Too!
This self-service approach also requires less employee interaction with your administrative staff to review or change elections.
You can choose to offer Online Salary Deferral Elections for both Traditional and Roth contributions, and allow both dollar and percentage contributions, or only dollar or percentage contributions, as applicable.
Streamlined AdministrationEach business day, we will send you an e-mail summarizing all deferral rate changes made by your employees during the previous day. To help you identify if a change was made during the weekend or a holiday, the e-mail will also include the date such changes were made.
A Deferral Rate Changes Report for payroll administration is also available through Mutual of America SponsorConnect®, Mutual of America’s online plan administration system, which can be accessed conveniently through the internet.
SponsorConnect and Online Salary Deferral Elections make it easier to manage your employees’ deferral rate changes.
More Convenient for Your Employees to Review and Change Their Salary Deferral RatesYour employees will appreciate the ease and convenience of making their salary deferral elections and changes online instead of with paper forms.
Plus, they will receive immediate e-mail confirmation of their changes.
- Maximum elective deferral limits currently allowed for retirement savings plans
- Catch-up contributions for employees age 50 and older
- Suspensions of contributions due to hardship withdrawals
- Advantages and ways to save more and prepare for a more secure retirement
- Date and amount of last contribution
- Total contributions year-to-date
- Contributions by money type (Traditional/Roth and Employee/Employer-Matched)
It's easy to sign up for Salary Deferral Elections online by selecting the Salary Deferral Opt-in link from the Data Exchange menu on SponsorConnect!
For more information about how to add Online Salary Deferral Elections to your retirement plan, call your local Mutual of America Regional Office, or 1-866-954-4321 for the office nearest you.
Mutual of America's group and individual retirement products are variable annuity contracts and are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment funds you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should carefully consider a variable annuity contract's other features before making a decision.
Not available for SEP plans.