401(k) Retirement Savings Plan
The Archdiocese of Kansas City in Kansas knows how important it is to save for the future. That’s why we are pleased to offer our employees a generous and comprehensive program for building their retirement income through a 401(k) Savings Plan with matching employer contributions.
The Archdiocese works with Investing for Catholics (IFC) and Mutual of America (MOA), who have joined forces to meet the unique needs of Catholic organizations and their employees.
Together, IFC and MOA deliver retirement plans that provide MOA’s recordkeeping, administration, participant communications, and education services, combined with IFC’s fiduciary and investment selection and portfolio management services.
Eligible employees may invest in a traditional 401(k) plan, a Roth 401(k) plan, or both.
Eligibility
All regular full and part-time employees age 18 or older are eligible to participate in the plan and are immediately fully vested in the plan on the day they begin contributing. However, Archbishop, Priests, Vowed Religious Brothers and Sisters are excluded from the plan. These employees may be eligible for the Archdiocesan 403(b) Plan.
Contribution Limits
The plan allows employees to contribute up to the greater of 75% of pay or up to the annual IRS maximum dollar limitation. During the 2024 calendar year, the IRS maximum limitation is $ $23,000. However, for participants who will reach age 50 on or before December 31, 2023, can contribute an additional $7,500 for a total dollar limitation of $30,500. The IRS adjusts maximum contribution amounts annually; usually in late October.
Automatic Enrollment
Regular full-time employees are automatically enrolled with a 4% contribution. Employees are encouraged to make additional voluntary contributions.
Account Access
All eligible employees are encouraged to set up their own account access on the Mutual of America website- https://www.mutualofamerica.com. Mutual of America provides instructions via email after the first day of employment. Establishing website access provides 24/7 access to make voluntary elections, view account balances, investments, and other activity.
Full-Time Employees-Employer Contributions
Regular full-time employees who work 30 hours or more per week are eligible for employer matching contributions available at 100% of employee contribution- up to a maximum of 4% (match would equal 4%).
Part-Time Employees
Regular part-time employees working less than 30 hours per week are encouraged to establish an account and make voluntary contributions. Employees in this category are not eligible for the employer match.
Traditional Contributions
The 401(k) Savings Plan allows you to save for retirement on a regular basis by contributing a portion of your salary to your 401(k) account before taxes are withheld. Any interest and investment earnings in your account grow tax-deferred until withdrawn.
Designated Roth Contributions
The 401(k) Savings Plan also permits you to elect aftertax Designated Roth Contributions. Since Designated Roth Contributions are included in taxable compensation in the year in which they are made, they are not subject to federal income tax upon withdrawal and the investment earnings on Designated Roth Contribution may also be tax free if the withdrawal is considered a “qualified distribution.”
A “qualified distribution” is a distribution made:
(a) after a 5-year tax period that starts with the first tax year in which Designated Roth Contributions are
made and
(b) to an eligible employee who is then age 59½ or older, or has become totally disabled, or to a
beneficiary because an eligible employee has died.
Investment Options
IFC selects low-cost, globally diversified mutual funds screened to closely align with the USCCB investing guidelines. These funds serve as the underlying investment options and building blocks for IFC’s prudent and professionally managed Catholic Values Target Date and Risk-based Portfolios. The Target Date Portfolio series serves as the default investment for the Archdiocesan retirement offering.
You can invest your 401(k) contributions in any of our managed portfolios or underlying mutual funds. These investment alternatives offer a mix of equity, interest, and fixed-income investment options to suit a wide variety of risk tolerance levels and retirement savings objectives.
Rolling Over Outside Accounts
Our 401(k) Savings Plan allows you to rollover both Traditional Contributions and Designated Roth Contributions from a former employer’s eligible retirement plan. An eligible retirement plan may be a 401(k), 403(b), Simple or SEP IRA.
Vesting
The value of your contributions to the plan and earnings are 100% vested immediately. The value of employer match contributions, discretionary contributions and generated earnings are also immediately vested at 100%. This means that all funds in your account are always 100% vested.
Accessing Your Account
You can log on to www.mutualofamerica.com whenever you like to review your account balances, transfer assets among the various interest and investment alternatives, and change your asset allocations. The website also provides recent performance results for all funds as well as fund objectives to help you make investment choices that match your needs and goals.
Mutual of America launched dedicated website pages for the Archdiocese of Kansas City in Kansas participants: mutualofamerica.com/archkck. These pages, made available exclusively to you and your fellow employees, represent the realization of a significant initiative to streamline the delivery of resources and tools to you. Further, these pages are evidence of our continued focus on providing relationship-driven, personalized service that addresses your unique needs as an Archdiocese of Kansas City in Kansas participant.
These new website pages, created solely for the Archdiocese of Kansas City in Kansas, provide you with 24/7 access to information and tools you need to manage your individual retirement account, including:
- Insights about the benefits of joining the plan, fund diversification, and tax-deferred savings.
- Valuable information about the investment options offered to you through the plan, including list of the investments, their performance, and access to investment documents.
- Online account management tools available at mutualofamerica.com, online calculators, and our dedicated Resource Center.
- Forms you can use to request an in-service distribution, hardship distribution, or rollover; to designate your beneficiaries; to change your name or address; or to update your salary reduction contribution agreement (Priests only). These pages also contain easy-to-understand explanations of the various distribution and rollover options, along with instructions for returning the available forms to us.
Contacting Mutual of America
Mutual of America customer service: 913-348-5335
Email: ArchKCK@mutualofamerica.com
Plan: #98503k
Website: mutualofamerica.com/archkck
Contacting Investing for Catholics
To learn more about the investments, or to speak with our plan investment advisor about your situation, please email Mary Brunson, Co-Founder and Vice President of Investing for Catholics, at mary@ifa.com, or call 949-428-0432.
Contact Information of Previous Archdiocese Plans:
Lincoln Financial Group
1-800-341-0441
Contract: #891526+006
Plan ID 2462
ER ID 2593-001
VOYA
Investment Services (formerly ING)
913-661-3745
Archdiocese Plan Billing
Number VT5564
Frozen Lay Pension Plan
If you were employed full time before 01/01/2014, you may have a benefit when you end employment.
CBIZ: 866-715-1354