MBA Retirement Savings Plan
The MBA Retirement Savings Plan is a plan designed to supplement your pension. You make small payments to the plan while you’re young, so you can receive a lifetime of monthly payments after you retire—even if you live to be 200! Under the Retirement Savings Plan, you can also request a guaranteed number of monthly payments. You choose the amount you want to contribute to your Retirement Savings Plan. It can be as little as $15 per pay period (the minimum amount allowed). You may also select your method of payment: MBA can deduct payments automatically from your paycheck, or bill you monthly or annually. * As your Retirement Savings Plan grows, you can expect to earn competitive interest rates. The plan is tax-deferred, which means you do not pay taxes on any of your interest until you draw on it— further improving your yield.
When you’re ready to retire, MBA offers a choice of four ways to collect monthly benefits: Life Annuity With Period Certain. Receive a lifetime of monthly payments. You’re guaranteed this income for as long as you live. If you die during a specified period (5, 10, 15, or 20 years), payments go to your beneficiary until the end of the period. Life Annuity. Receive monthly payments through your lifetime. No further benefits will be paid after your death.
Joint Life Annuity - You or your beneficiary receive monthly payments as long as either of you live. Full Cash Refund - Receive monthly payments as long as you are alive. When you die, the MBA will pay any money in your account to your beneficiary.
* Retirees may choose to pay premiums monthly or annually. Sorry, retirees are not eligible to use payroll deductions.
For more information contact your local branch office or call MBA’s nationwide WATS line 1 (800) 424-5184 Tuesday & Thursday • 8:00 AM–3:30 PM Eastern Time or call the MBA at (202) 638-4318 Monday–Friday • 8:00 AM–3:30 PM Eastern Time
