Retirement
My 403(b) Plan Benefits
Providing a retirement plan that takes into account your financial and physical well-being is important to us. NMC partners with Transamerica to provide a 403(b) and Money Purchase Pension Plan. Employees are eligible to participate in the 403(b) upon hire.
Tax Sheltered Annuity 403(b)
NMC Employees
Providing a retirement plan that considers your financial and physical well-being is important to us. That’s why NMC has partnered with Transamerica to offer team members two different employer contributions to our 403(b) plan.
Per pay period contributions:
- All new team members will be auto-enrolled at 2% per pay period for employee contributions.
- Team members may opt out of auto-enrollment or increase/decrease the auto-enrollment rate from 2% by logging into the TransAmerica website.
- If unchanged, auto-enrollment will increase by 1% annually until it reaches 4%.
- The employer match will be 50% of the team members’ contributions to a maximum employer contribution of 2%. For example, if a team member contributes 4%, the employer will contribute 2% per pay period.
- Per diem employees are not eligible for the NMC match, but they may still participate in the plan.
- Contributions are 100% vested.
Annual nonelective contributions:
- Once a team member has achieved twelve (12) months of service and has worked 1,000 hours, NMC will make a contribution equivalent to 3% of the team member’s gross annual pay.
- Nonelective employer contributions are made during the first several months of each calendar year and represent the prior twelve (12) months.
- Nonelective contributions to the team members 403(b) are vested as follows:
- 1 year of service = 33%
- 2 years of service = 66%
- 3 years of service = 100%
Note – NMC contributions are subject to annual review and may change at the employer’s discretion.
Annual Reports:
Plan Amendments:
Summary of Material Modifications (SMM):
Contact Information
To change fund allocations or your deferral percentage:
800-755-5081
Access your retirement account information online: