The MFA Retirement Plan
The MFA offers two parts to the employee retirement program: A 401(a) plan, which is employer-funded and a
supplemental retirement plan is offered through a 403(b) plan, which is funded through employee contributions.
Currently, the MFA offers investment options through Fidelity Investments. All employees hired July 1, 2007 and after
must enroll with Fidelity for both 401(a) and 403(b) plans. (Note: Employees currently enrolled in TIAA-CREF as of
June 30, 2007 and prior are permitted to remain and make changes within TIAA-CREF).
Employer Contributions – 401(a) Plan
A base retirement plan 401(a) Plan is available to all full time, part time, and wage employees. The MFA offers
retirement options through Fidelity Investments. Completion of the 401(a) retirement enrollment form is required and
should be returned to HR within the first three days of your hire.
For Fiscal Year 2010, the MFA will contribute 4% of the salary up to the annual maximum compensation limit of
$245,000 to the 401(a) Plan on the first of the month after three months of employment. The Board of Trustees has
agreed to allow the MFA to review the contribution amount quarterly.
401(a) Eligibility Requirements
Employees must meet the service requirement of three months of employment and the age requirement of
21 before contributions begin.
New employees must complete a Fidelity enrollment application to enroll in the 401(a) plan.
Employees do not contribute to this plan; it is funded only by MFA employer contributions.
401(a) Vesting Schedule
In order for 401(a) funds to be available to the employee, the employee must be vested. The vesting schedule is
based on when the MFA made the contribution to the plan and the employee’s years of service with the MFA.
Employer contributions made prior to 1/1/07 are on the former five year cliff vesting schedule. Vesting schedules
for employer contributions made 1/1/07 and after are based on the hire date and are noted