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Eligible full-time and part-time employees are covered by a term life insurance policy in the amount of their annual base pay, up to $300,000. Coverage begins on the first day of the month following 60 days of employment. There is no cost to employees for this benefit. Eligible employees may also purchase additional life insurance for themselves, their spouse and/or dependent children through the convenience of payroll deductions.
UMMC provides eligible employees with two opportunities to save for their retirement, an employer-funded 401(a) retirement plan and a voluntary, employee funded 403(b) retirement plan.
401(a) Retirement Plan
Employees who have completed one year of employment (with at least 1,000 hours of credited service) in a regular status and who are at least 21 years old are eligible to participate in the 401(a) retirement plan. UMMC contributes an amount equal to a certain designated percentage of your eligible earnings into your personal account. This plan requires no employee contribution.
403(b) Retirement Plan
All regular employees are eligible to enroll in a 403(b) plan. Contributions to the plan are voluntary and are made on a pre-tax basis through payroll deductions. Both contributions and earnings are excluded from federal income tax until withdrawn.