The College offers a 401(k) Plan to part-time and full-time employees.
The Retirement Plan for Employees of Saint Michael’s College (401(k) Plan) is a defined contribution plan. All regular part-time and regular full-time employees are eligible to make a voluntary, pre-tax contribution to the 401(k) Plan. This benefit is available immediately upon employment and is not contingent upon eligibility. To begin making a voluntary, pre-tax contribution to the 401(k) and for investment option information as well as the current maximum allowable contribution, please go to www.millimanbenefits.com.
Employees become eligible to receive a College contribution to the 401(k) Plan after they have completed one year of service (1,000 hours). Employees enter into the plan on the first day of the quarter following one year of service. The College contributes an amount equal to 10% of an employee's base wages. The employee may choose among a variety of investment options. Employees are immediately vested in the plan.
If you are a current employee and wish to check the latest information about your retirement benefits, or wish to enroll in the 401(k) Plan, please go to www.millimanbenefits.com or call the Milliman telephone hotline at 1.866.767.1212.
Important Note: Information regarding benefit enrollment, effective dates of coverage, and policy specifics are available at the Office of Human Resources. The College reserves the right to amend, change, or terminate any benefit plan at any time. The descriptions above are intended to provide a brief summary of the benefit plans. If there is any discrepancy between the language in this summary and the actual policy or contract held in the Office of Human Resources, the actual policy or contract governs.