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Retirement Savings Plans

 

Retirement Home | Salaried | Hourly | Voluntary TDA | Voluntary 457(b)

NCRP Notice to Interested Parties


Hourly-Paid Employees Retirement Plan

The program is mandatory for eligible hourly-paid (biweekly-paid) employees hired on and after July 1, 1998. Employees must contribute 1% of their base salary. In addition, employees can voluntarily contribute up to an additional 3% of their base salary. The University matches these contributions dollar for dollar up to a maximum of 4% of the employee’s base salary. 

There is a vesting period for the University's retirement contributions to this plan.

  • New particpants between January 1, 2010 and December 31, 2012 will have a four-year vesting period
  • New participants on or after January 1, 2013 will have a five-year vesting period

After an hourly employee has completed four years of service, the University of Maine System will provide an additional contribution to the plan equal to 6% of the employee’s base salary.

Current approved vendors are:



Before you can contribute to an approved vendor, you must set up an account with that vendor (with the exception of TIAA-CREF).

To contribute to an alternate vendor, follow these easy steps: 

  1. Contact your chosen vendor and set up an account.
  2. Complete a new Salary Reduction Agreement .  The new Agreement will replace any previous Agreement you submitted; therefore, you must restate the amount you want to tax-defer on the new Agreement.
  3. Fax the completed form to the Employee Benefits Center at (207) 561-3454 or mail to 16 Central Street, Bangor ME  04401.  Your new investment options will begin once your form has been processed.



Related Information

403(b)/457(b) Universal Availability Notice

Hourly-Paid Basic Retirement Plan

(Plan Description - PDF Version)

Optional Retirement Plan for Classified Staff (Formerly Defined Benefit Plan NCRP)

(Plan Description - PDF Version)

Salary Reduction Agreement for Hourly-paid Employees

Retirement Guide for Houlry Employees

 

Social Security Retirement Estimator

 

UMS Question logoContact the Employee Benefits Center

The above is a brief summary of benefits offered by the University of Maine System.  If you have a question about benefits enrollment, call toll-free 866-269-9635 (or 973-3373) or email benefits@maine.edu.  Have your Employee ID number for faster service.

 

Last Updated:  April 18, 2013