Retirement
Let’s plan for your retirement.
Each of us has a distinct set of hopes, dreams, and worries related to retirement. Regardless of how you view that transition—the when, why, and how—we have resources to help make your future plans a reality.
At MCPHS, we offer various retirement savings benefits to all employees, whether full-time, part-time, or adjunct.
403(b) Plan
MCPHS offers a 403(b) Tax Deferred Annuity Plan (403(b) Plan) retirement savings plan. The 403(b) plan is a tax-deferred plan which allows eligible employees to contribute 1-80% of their eligible compensation each pay period on a pre-tax and/or after-tax ROTH basis (up to IRS limits) into the investment options in the Plan they choose to invest in.
MCPHS will automatically enroll eligible employees to contribute 5% of their eligible earnings on a pre-tax basis each pay period after 30 calendar days of employment. Employees may opt-out, stop, start, increase, or decrease their contribution percentage at any time.
401(a) Pension Plan
MCPHS provides eligible employees with a 401(a) Pension Plan. This qualified retirement plan is an integral part of employees’ total compensation package. On the first of the month following one year of service,* eligible employees will receive a 10% contribution from MCPHS to their pension account, with immediate vesting. Employees may choose which investments options of the plan in which to invest.
More retirement information for current employees.
*You will be credited with one year of service if you complete 1,000 hours during the 12 months beginning on your initial hire date or any fiscal year thereafter.
80%
Up TO 80%Employee contribution allowed to tax-deferred 403(b) annuity plan.
10%
Contribution 401(a) Pension PlanMCPHS contribution to your retirement once eligible.