What is the Money Purchase Plan?
A Money Purchase Plan is an employer sponsored retirement plan.

When am I eligible to participate in the Money Purchase Plan?
You are eligible to participate after completion of 1 year of service in which you have worked at least 1000 hours and providing you are least 21 years of age.

What amount does Palmer College of Chiropractic contribute to the Money Purchase Plan?
Palmer College of Chiropractic will make a contribution equal to 6% of your gross pay.

When will I receive information about the Money Purchase Plan?
You will receive enrollment materials in the mail approximately one month prior to your eligibility date.

May I contribute to the Money Purchase Plan?
No, only the college makes contributions. Employees wishing to make pre-tax retirement contributions may do so through the 403(b) plan. See Human Resources for more information on the 403(b) plan.

When am I vested in the Money Purchase Plan?
A year of service is a year in which you have at least 1000 hours. The Plan's vesting schedule is as follows:

                1 year  -  0%
                2 years - 20 %
                3 years - 40 %
                4 years - 60 %
                5 years - 100 %

What is vesting?
The length of service required before you would be allowed to withdraw the employer contribution in the event of termination of employment, disability or retirement.

If I terminate my employment and withdraw the employer contribution do I have any kind of penalties?
Unless you immediately roll your money into an individual IRA, or into your new employer's qualified retirement plan, the entire amount is subject to tax, plus a 10% penalty tax on distribution taken before age 59 1/2.