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403(b) plan

An excellent way to save for retirement

Welcome to the website VALIC has created especially for you, as an eligible employee of the Mount Sinai Medical Center retirement plan. VALIC, an industry leader in healthcare retirement plans, has been chosen as the exclusive provider for your 403(b) retirement plan. VALIC is committed to providing personal service whenever and wherever it is convenient for you. 

The plan highlights are only a brief overview of the plan's features and are not a legally binding document. The information in this section does not modify the terms of the plan and in the event of a conflict, the terms of the plan control.

Take advantage today 

Participation in the plan is open to all employees. 

The plan does not allow participation in the employee contributions portion of the plan by employees who are leased employees. 

The plan does not allow participation in the employer contributions portion of the plan by employees who are:

  • Leased employees.
  • Residents and employees of MS Home Care Corporation -- d/b/a Home Advantage Private
  • Employees younger than age 18.

There is no service requirement for employees to contribute to the plan. There is a one-year service requirement to receive employer contributions. 

You can join the plan and begin making pretax contributions on the first day of a payroll period.

 

Starting early has its advantages 

Employee contributions
Through payroll deduction, your plan allows you to make pretax contributions up to the maximum allowed by the Internal Revenue Service.

Contribution Limit

You may be eligible for catch-up contributions if you meet the following: 

If you have an existing 403(b) tax-deferred arrangement account with a prior employer, you can transfer or roll over that account into the plan on becoming a participant in the plan. 

You may stop your contributions anytime. Once you discontinue contributions, you may only start again as provided under the terms of the plan. 

You can increase or decrease the amount of your contributions anytime.

Employer contributions
Your employer will contribute a matching contribution to your plan account as follows: 

Years of Service Matching Contribution % Elective Deferrals Matched
0 - 14 50% 6%
15 or more 75% 4%

 

Vesting
Vesting refers to your “ownership” of a benefit from the plan. 

Employee Vesting 
You are always 100% vested in employee contributions and rollover contributions plus any earnings they generate.

If you were hired on or before January 1, 2000, you are 100% vested in the Employer contributions. 

If you were hired after January 1, 2000 and prior to January 1, 2002, the vesting schedule is as follows:

Years of Service Vested %
0 - 4 0%
5 100%

If you were hired on or after January 1, 2002, the vesting schedule is as follows: 

Years of Service Vested %
0 - 2 0%
3 100%

Accessing your money before retirement

Withdrawals
Money can be withdrawn from the plan in these events
 

  • Retirement
  •  Death
  • Severance from employment

Income taxes are payable upon withdrawal and federal withdrawal restrictions and a 10% federal tax penalty may apply to early withdrawals prior to age 59½. Be sure to talk with your tax advisor before withdrawing any money from your plan accounts.
 

Loans
The plan is intended to help you put aside money for your retirement. However, Mt. Sinai Medical Center has included a plan feature that enables you to access money from the plan tax free without permanently reducing your account.

 

  • The amount the plan can loan to you is limited by rules under the federal tax law. All loans will be limited to the lesser of: one-half of your vested account balance or $50,000 reduced by the highest outstanding loan balance over the past 12 months.
  • Loans can be taken from your salary deferrals only.
  • The minimum loan amount is $1,000.
  • All loans must generally be repaid within five years. A longer term may be available if the loan is to be used to purchase your principal residence.
  • You can have one loan outstanding at a time.
  • You pay interest back to your account. The interest rate on your loan will be the Prime Rate plus 1%.
  • A $50 processing fee for all new loans and a $30 per year maintenance fee are charged to your account.

Unpaid loan amounts will be taxed as ordinary income and may incur a 10% federal tax penalty if you are under age 59½. Upon your termination from Mt. Sinai Medical Center, any outstanding loans you may have must be repaid in full within 30 days of your termination.


Other requirements and limits must be met prior to borrowing money from your account. For additional information regarding loans, please contact your financial advisor.

An array of investment choices

Available Fund and Performance
The mutual funds available in your 403(b) retirement plan will provide you with the flexibility you need to create a suitably diversified portfolio that matches your personal retirement time horizon, investment risk tolerance and investment preferences. 

Click here to view the entire list of funds  -- and their historical performance -- available to Mount Sinai Medical Center plan participants
.

 

Fixed Interest Rate Option
The Fixed Account Interest rate for the plan is declared monthly.

July 2017 Rate: 2.5%

Interest rates are subject to change at the beginning of each calendar month and guaranteed to be at least 2.00% for the calendar year 2017. For more information about VALIC's fixed account or other investment options, contact your local VALIC financial advisor. 

VALIC declares a portfolio interest rate monthly for the Fixed-Interest Option. That declared portfolio interest rate is guaranteed until the end of the month and is credited to all new and old deposits as well as credited interest. The contractual lifetime minimum guaranteed interest rate is 2%. All interest is compounded daily at the declared annual effective rate. VALIC's interest-crediting policy is subject to change, but any changes will not reduce the current rate below the contractually guaranteed minimum or money already credited to the account. A VALIC Fixed Annuity (form GFUA-398), The Variable Annuity Life Insurance Company, Houston, Texas. 

To view or print a prospectus, access “Prospectuses and Other Important Materials”. The prospectus contains the investment objectives, risks, charges, expenses and other information about the respective investment companies that you should consider carefully before investing. Please read the prospectus carefully before investing or sending money. You can also request a copy by calling 1-800-428-2542.