Eligibility
All full-time and part-time employees are eligible to participate in this plan administered by Voya Financials. Employees are eligible to participate in the plan on the first of the month following your date of hire. Employee contributions will be matched if you have worked 1,000 hours for the given plan year. Effective, January 1, 2016, the MP 401k plan includes a feature known as an automatic contribution arrangement (“ACA”). Under the ACA provisions, MP will automatically defer 3% of salary each pay period towards the 401k plan. If an employee wishes to defer the Automatic Enrollment amount, they do not need to make a deferral election. However, if they do not wish to defer any of their compensation or they wish to defer a different percentage of their compensation, then they will need to submit an enrollment form to the HR department. For more information, please read the 401k Forms and Information packet.
Mandatory payroll deductions will be taken from each paycheck. Eligible employees may be able to contribute up to $23,500 per year (adjusted according to IRS guidelines). Additionally, employees aged 50 and older may be able to contribute an extra $ 7500 towards 401k catch up, this can be done through the Voya account.
Employer Contribution:
MP will contribute 50% of what an Employee contributes, up to 3% of your salary. If employee contributes $1, MP will contribute $0.50 to your account in the form of matching contributions.
|
Employee Contribution
|
MPE Contribution
|
Total Contribution
|
|
1%
|
0.5%
|
1.5%
|
|
2%
|
1%
|
3%
|
|
3%
|
1.5%
|
4.5%
|
|
4%
|
2%
|
6%
|
|
5%
|
2.5%
|
7.5%
|
|
6%
|
3%
|
9%
|
The 401k account can be used to manage the following activities:
▪ Enroll/waive participation in the 401 (k) plan.
▪ Change contribution amount.
▪ Invest contributions in options other than those available via automatic enrollment.
▪ Designate beneficiary.