VOLUNTARY CONTRIBUTIONS REMINDER
Effective January 1, 2021, participants are permitted to make voluntary contributions into their MPP&T account.
Want to know a little bit more about the voluntary contribution program, read the brief synopsis directly below, or click on the term “Voluntary” under the section titled “Annuity” found on the left side of the Annuity Fund landing page.
Voluntary Contribution Synopsis:
- Voluntary contributions are made by you.
- The employer contributions contributed annually into your MPP&T account combined with the voluntarily contributions that you make on an after-tax basis during any calendar year cannot exceed the lesser of the sum total of $58,000.00 or 100% of your annual compensation.
- Your voluntary contributions are made by writing a check made payable to the Local 697 MPP&T Fund. Once your check clears your bank, your voluntary contributions are sent to be deposited into your MPP&T account at Vanguard.
- Your voluntary contributions will be invested in the same manner that you have elected to invest your employer contributions.
- You may withdraw your voluntary contributions at any time.
- You will not receive a tax form or be taxed on the after-tax contributions you make to your MPP&T account. You will only be taxed on the interest that these after-tax contributions make and only on the proportional share of interest on the voluntary monies that you withdraw.