401(a) Money Purchase Pension Plan
The Money Purchase Pension Plan (MPPP)--401(a) is a retirement plan for employees of AURA. The retirement plan is a part of AURA’s total compensation package and is intended to help provide retirement income to its employees.
As a Regular Full-time or Regular Part-time AURA employee you are eligible to participate in the 401(a) retirement plan. Employees may participate in the Plan upon date of hire.
The 401(a) Plan is funded entirely by employer contributions. AURA will contribute on a biweekly basis an amount equal to 10% of your eligible wages for the pay period. Employees are immediately vested at 100%. Upon completion of employment, you may have several options for distribution.
Effective August 1, 2017, Fidelity Investments will be the sole provider for Plan. Eligibles employee will be automatically enrolled in the program in the default Vanguard Target Date Funds Investor Shares. Once enrolled, employees may change investment selections from the funds offered within the plan and reallocate among the funds according to the terms of the Plan. All contributions after August 1, 2017 will be directed to Fidelity.
For more information regarding provisions review the enrollment information at https://netbenefits.com/aura or contact your Human Resources representative.
Finally, participation in this Plan provides certain tax benefits and liabilities. We suggest you consult your tax professional for advice.