Meharry Medical College has two Retirement Plans, one for Non-Union Employees and one for Union Employees.
Non-Union Employees are eligible to participate in the following:
MMC 403(b) Defined Contribution Plan
- Each eligible MMC employee can receive a 1% employer paid contribution without contributing additional fund to the plan it enroll after 1 year of service.
- MMC will match the contribution of an eligible employee up to 4% dollar per dollar tax-deferred.
- Participation is allowed the first of the month after completion of one year of service at Meharry Medical College.
- Eligible employee is defined as an individual actively working at least 1,000 hours or more per year who is not a member of a bargaining unit.
- Non-Union group is compromised of Meharry Faculty and Staff.
MMC 403(b) Supplemental Plan
- This supplemental plan allows persons to contribute additional funds to the 403(b) plan on a bi-weekly basis.
- This option is available to all eligible employees immediately upon employment and provides for a voluntary tax-deferred contribution.
- There is no employer match for this plan and all contributions are immediately 100% vested.
Union employees are eligible for the following:
MMC Retirement Income Plan (RIP)
- MMC Retirement Income Plan (Non-Contributory) defined benefit plan provides a benefit at normal retirement age for staff employees vested in the Plan. Benefits are calculated based on a combination of age at separation, credited service and salary.
- Employees are immediately eligible and are vested as Plan participants after 5 years of credited service.
403(b) Staff Contribution Plan
- 403(b) Staff Contribution Plan offers employer contribution equal to 5% of the eligible union employee's compensation received during the plan year in excess of $15,000.
- All union employee are immediately able to enter the plan and are 100% vested in all contributions made on the employee's behalf.
Meharry Medical College coordinates with one investment firm that administer the institutions 403(b) Plan.
VALIC Retirement Group - meharry.valic.com/home
Contact Center is available at 800-448-2542, Monday through Friday: 7:00 a.m. to 8:00 p.m. Central Time