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.
Fidelity Investments is the sole provider for the Plan. Eligible employees will be automatically enrolled in the program in the default Vanguard Target Date Funds. 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.
For more information regarding provisions please review the Summary Plan Description and review the plan 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.
As an employee of AURA, a not-for-profit research institution, you are eligible to establish a 403(b) Tax Sheltered Annuity (TSA). This account is distinct from your AURA 401(a) Money Purchase Pension Plan account.
The TSA is funded entirely through pre-tax or post-tax (Roth) employee contributions. The amount of money you may contribute is calculated according to IRS regulations. Most employees may not contribute more than $20,500 per year (2022 IRS limit). Certain “catch-up” provisions allow those over 50 years of age who meet certain eligibility qualifications to set aside an additional $6,500 (2022 IRS limit). It is important for you to know that there may be limits on the total of all your tax deferred compensation plans. You should consult a tax professional regarding your individual situation and the limits that apply. You may elect to contribute any amount up to your maximum.
Fidelity Investments is the exclusive retirement plan provider and record keeper for the AURA Retirement Plans. A tiered investment lineup offers a streamlined menu of investment options.
Information regarding the plan can be found at https://netbenefits.com/aura or the Summary Plan Description.
As with any issue involving your individual tax situation, we suggest you consult with your tax professional.