Retirement Program

Parkland offers a retirement benefits program to help you plan and save for the future. Your eligibility will be determined by whether you are a full-time or part-time employee. Milliman is the administrator of the Parkland retirement benefits program. For more details, see the Summary Plan Descriptions (SPDs).

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Retirement Program at a Glance

Plan NameFull-Time EmployeesPart-Time Employees
Retirement Income Plan1YesNo
Supplemental Retirement PlanYesYes
Part-Time Mandatory Contributions1 (an account in the Supplemental Retirement Plan)NoYes

1 Parkland employees do not contribute to Social Security. Instead, they make other contributions as shown above.

Retirement Income Plan: Mandatory for Full-Time Employees

Full-time employees contribute to the Retirement Income Plan — also referred to as the Pension Plan — instead of participating in Social Security. You are automatically enrolled on your date of hire.

Your contribution amount is 6.2% per paycheck, the same percentage contributed by employees who participate in Social Security at other employers.

You are 100% vested in your benefit after 5 years of service (7 years of service for House Staff).

The Pension Plan pays a monthly vested benefit at retirement. You may receive a reduced retirement benefit as early as age 55. You may receive a full retirement benefit at age 65. To see how much you will receive at various ages, model your benefit at MillimanBenefits.com.

If you leave Parkland with less than 5 years of service (7 years of service for House Staff), the contributions that you made will be returned to you.

Up to 180 days prior to your retirement, log on to MillimanBenefits.com. or call 800-995-2608. to set up distribution of your monthly benefit from the Retirement Income Plan.

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Supplemental Retirement Plan: Voluntary for All Employees

Save from 1% to 75% of your pay in the Supplemental Retirement Plan (SRP) through payroll deductions. Pay does not include bonuses, overtime pay, severance pay and differential. You may save on a combined before-tax, Roth after-tax or after-tax basis.

  • Before-tax contributions lower your current taxable income. Pay no taxes on this money or the earnings until you withdraw your before-tax account.
  • Roth after-tax contributions are deducted from your paycheck after federal income taxes are withheld. Your earnings grow tax deferred. You will not have to pay taxes on these earnings if your withdrawal is a qualified distribution (after you reach age 59½ and after your first Roth after-tax contribution has been in the SRP for five years).
  • After-tax contributions are deducted from your paycheck after federal income taxes are withheld. Earnings are taxable when you withdraw money from this account.

Before-tax and Roth after-tax contributions are subject to annual dollar limits set by the Internal Revenue Service (IRS). For 2021 IRS limits, see the FAQs below. For tips on how to maximize your savings in the SRP, see the Retirement section on the FAQs page.

 

 

Parkland Helps You Save Through Matching Contributions

For full-time and part-time-with-benefits employees, Parkland matches your contributions (before-tax, Roth after-tax or after-tax contributions) $1 for $1, up to 6% of pay, after one year of service. You own (meaning you are 100% vested in) your contributions (before-tax, Roth after-tax, after-tax, rollover and part-time mandatory contributions) immediately. You become vested in the Parkland matching contributions to the Supplemental Retirement Plan as shown in the chart. Matching contributions are not made on part-time mandatory contributions.

Years of Vesting Service Vested Percentage
Less than 2 0%
2 20%
3 40%
4 60%
5 80%
6 or more 100%

When You Stop Working at Parkland

When you stop working at Parkland, you may leave your money in the Supplemental Retirement Plan or request a lump-sum payment of your account. You may also be eligible for partial or installment payments. Starting at age 72, you must start taking required minimum distributions from your account. For details, go to MillimanBenefits.com or see the Summary Plan Description in the Legal Notices section.

 

Part-Time Mandatory Contributions

On the first day of employment, part-time employees automatically start contributing 7.5% of total pay on a before-tax basis as part-time mandatory contributions. You make these mandatory contributions instead of contributing to Social Security. This amount is automatically contributed to your part-time mandatory contributions account within the Supplemental Retirement Plan.

Parkland does not match your part-time mandatory contributions. For part-time-with-benefits employees, Parkland will match up to 6% of contributions to the SRP on amounts saved above the mandatory 7.5% contribution.

For part-time mandatory contributions and other contributions to the SRP, pay includes your before-tax contributions to the SRP. You may choose to contribute additional amounts to the SRP, subject to annual IRS limits, as explained in the FAQ below.

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Register Your Account at MillimanBenefits.com

Registering your account at MillimanBenefits.com is the No. 1 step you can take to protect your retirement savings. That’s because when you register, the system automatically applies Withdrawal Lock, a security feature that “locks down” your account to prevent unauthorized withdrawals. You’ll get a special code in the mail, which you’ll need to unlock your account when you’re ready to withdraw funds. Keep this code in a safe place! If you lose the code, you’ll experience delays when trying to withdraw your money. To register your account, select “Create an account” and follow the prompts to register.

If you set up your account prior to June 18, 2020, we recommend that you activate this feature to keep your account secure.

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Frequently Asked Questions (FAQs)

I can save more in Parkland’s Supplemental Retirement Plan (SRP) than I could in the plan of my former employer. Why is that?

The SRP is made up of both 403(b) and 457(b) contributions. Therefore, you have the ability to save double what you can in non-governmental plans. The IRS sets limits on saving on a combined before-tax and Roth after-tax basis in 403(b) and 457(b) plans each year. For 2021, you can save:

  • 403(b) contributions – $19,500 ($26,000 if you will be age 50 or older in 2021)
  • 457(b) contributions – $19,500 ($26,000 if you will be age 50 or older in 2021)
  • Total SRP contributions – $39,000 ($52,000 if you will be age 50 or older in 2021)

The above limits are not specific to the SRP and include any contributions that you may have made to other employer’s plans during 2021. See the FAQs to learn more about maximizing your contributions.

May I take any money out of the Supplemental Retirement Plan while I am working?

Yes. You have two ways to take money out of the Supplemental Retirement Plan while you are working – loans and in-service withdrawals. Learn more by visiting the FAQs page and going to the Retirement section.

 

Get Started

Contact Milliman for help. Log in to MillimanBenefits.com to:

Enroll in the Supplemental Retirement Plan (SRP). You may join the SRP immediately upon hire. To enroll, log on to the website or call the Milliman Benefits Service Center. You may also use the mobile app, Milliman Mobile Benefits. From the website, you can also:

  • Change the amount you are contributing to the SRP.
  • Learn about investment options in the SRP and make your investment elections.

Name your beneficiaries in both the Retirement Income Plan and the Supplemental Retirement Plan. You will name separate beneficiaries for the two plans from the Profile Icon in the upper right corner of the website.

Need Help?

  • Access Milliman’s financial wellness site. You’ll gain general financial wellness knowledge about topics such as budgeting, rolling over money from another employer, finding an investment advisor and much more.
  • Call 800-995-2608. You may speak to a Milliman Benefits Service Center representative Monday through Friday from 7 a.m. to 7 p.m. Central time.
  • Meet one on one with the Milliman@Parkland representative, available on Mondays Tuesdays and Wednesdays. To make your appointment, go to milliman3.fullslate.com.