Frequently Asked Questions
403(b) Retirement Plan
Q.
A.
What is the Michigan Catholic Conference’s (MCC’s) 403(b) Retirement Plan?
MCC’s 403(b) Retirement Plan (the Plan) allows participants to invest a portion of their salary
on a pre-tax basis for future use in retirement.
Q.
A.
Who administers the MCC’s 403(b) Plan?
The Plan is administered by Prudential Retirement. Prudential Retirement has delivered
retirement plan solutions for public, private and nonprofit organizations since 1875. As of 2015,
Prudential has $1.176 trillion in assets under management.
Q.
A.
Who is eligible to participate in the Plan?
All employees, full and part-time, who work at a participating Catholic employer are eligible to
participate. Seasonal and temporary employees are not eligible to participate.
Q.
A.
When may I enroll in the Plan?
As an eligible employee, you can enroll in, or make changes to, your 403(b) plan at any time.
You do not need to wait for open enrollment or a qualifying event.
Q.
A.
How do I enroll in the Plan?
To enroll in the Plan, visit Prudential online and follow the instructions you see there. It takes 6
steps to register:
1. Enter your Social Security Number, Date of Birth, Zip Code and the system-generated
Unique Security Code
2. Create a User ID
3. Create a Password
4. Select and create 4 security questions and answers
5. Enter home and work email addresses and enroll in e-delivery
6. When your registration is complete, click on “Continue” to go back to the “Log In” page
Click here for additional details:
https://ssologin.prudential.com/app/retirement/rso/web/content/RegistrationOverview.pdf
After registering, you will need to enroll and complete a beneficiary form online. You will also
need to complete a Salary Reduction Agreement and give it to your employer.
Q.
A.
The Salary Reduction Agreement and enrollment forms ask for a Sub-Plan number. What
is mine?
Listed below are the Sub-Plan Numbers by Employer:
Employer
Sub-Plan Number
Archdiocese of Detroit
000001
Diocese of Grand Rapids
Diocese of Saginaw
Diocese of Marquette
Diocese of Lansing
Michigan Catholic Conference
Diocese of Gaylord
Diocese of Kalamazoo
000002
000003
000004
000005
000006
000007
000008
Q.
A.
How much may I contribute to the Plan?
You may choose to contribute anywhere from 1 to 100 percent of your eligible pay on a pre-tax
basis, up to the maximums allowed by law. For 2015, this maximum is $18,000. If you are 50
years old or older, you may contribute an additional $6,000 as a catch-up contribution in 2015.
Q.
A.
How will my contributions be paid to the plan?
Your pre-tax contributions are deducted through your payroll and automatically sent directly to
your Prudential Retirement® account.
Q.
A.
How will my bookkeeper know that I enrolled in the 403(b) Plan?
When you enroll during open enrollment, a benefit confirmation will be sent to your bookkeeper
that includes the amount you are deducting from your paycheck. If you enroll at another time,
you will complete the Salary Reduction Agreement found here, and provide your bookkeeper or
business manager with the original, keeping a copy for yourself.
Q.
A.
May I roll over contributions to my 403(b) Plan account?
Yes, if you have an existing retirement plan account with a prior employer or an Individual
Retirement Account (IRA), you may transfer or “roll over” those monies at any time. You can
invest your rollover in any or all of the investment options provided in the Plan. Simply call
Prudential Retirement at 1-877-778-2100 to initiate your rollover.
Q.
A.
What investment options are available to me through the Plan?
A full menu of investment options are available that allow you to manage your money the way
you want. You may select from a line-up of investment funds and build a diversified portfolio
that reflects your investment objectives and your tolerance for risk, or you may choose from
other plan investment options. Prudential Retirement also offers Goalmaker, a pre-determined
asset allocation program that provides differing investment options based on risk tolerance.
Q.
I am already eligible for the MCC’s Lay Employees’ Retirement Plan (LERP), what is the
difference between that plan and this one?
MCC’s LERP is 100 percent employer-funded and requires that you be vested prior to drawing
your pension. With the 403(b) Retirement Savings Plan, you are always vested. It is 100 percent
employee-funded and all monies deposited into your account are invested for your personal
financial growth in the areas you choose.
A.
Q.
A.
May I borrow from my account?
Yes, you can. You will be able to have one loan outstanding at any given time from all of your
403(b) accounts. The minimum loan is $1,000, the maximum is $50,000. You may borrow up to
April 2015
50 percent of your vested account balance at any time. The repayment period for general purpose
loans is up to five years; for primary residence loans, it is five to 15 years.
Q.
A.
Are there tools to help me grow my money?
There are several calculators available on MCC’s website, which will help you to map out your
intended goal and offer assistance to reach it.
Prudential’s Retirement Workbook, available here, will help you identify your Investor Styles,
and guide you through the investment decision making process.
In addition to these, you can access Prudential’s education website, http://preparewithpru.com/,
which has retirement planning tools, calculators, and interactive courses that will allow you to
learn at your own pace.
Q.
A.
Is there a Death Benefit under MCC’s 403(b) Plan?
Yes, there is a death benefit provided to the beneficiary/beneficiaries you designate. The
Beneficiary Designation form is available here. Once complete, fax it to 866-439-8602, or mail it
to Prudential, 30 Scranton Office Park, Scranton PA 18507-1789.
Q.
A.
How do I access my account?
You can access your account online by visiting here or by calling Prudential at 877-778-2100.
Q.
A.
Where can I get more information about the 403(b) Plan?
You may obtain additional information about the Michigan Catholic Conference 403(b)
Retirement Plan by visiting here or by calling the MCC Benefits Team at 800-395-5565.
April 2015