Mutual of America

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 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 robust 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, Priests, Archbishop, 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 annual IRS maximum dollar limitation. During the 2022 calendar year, the IRS maximum limitation is $19,500. However, for participants who will reach age 50 on or before December 31, 2021, the dollar limitation is $26,000. Please note that the $6,500 of catch-up contributions is for participants 50 and over only.

Regular full-time employees are also eligible for employer matching contributions available at 50% of employee contribution- up to a maximum of 4% (match would equal 2%). Additionally, an employer-funded discretionary 2% will also be contributed to the employee’s account.

Regular part-time employees working less than 30 hours per week are auto enrolled in a contribution of  1%.  Employees will be established an account and may change their voluntary contributions. Employees in this category are not eligible for the employer match or the discretionary contributions.

The formula for the Matching Contribution is the lesser of:

• One half of your salary reduction contribution (Traditional and Roth) or
• % of your eligible compensation

Non-matching Contribution
• The plan also includes a discretionary non-match 2% employer contribution.

**Employees whose customary employment is less than 30 hours in any one week are excluded from the employer contributions.

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 after tax 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 C 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).

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.

Contacting Mutual of America
Mutual of America customer service: 1-800-441-0726 plan #98503k

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.