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MidAmerica Administrative Solutions works in conjunction with Keenan & Associates to market the Accumulation Program for Part-time and Limited-service Employees (The APPLE Plan) as an alternative to Social Security to government and educational sector employees. The benefits are twofold; budget savings for employers and retirement and payroll benefits for part-time, seasonal, and temporary employees.
What is APPLE?
- Established as an alternative to Social Security to comply with the regulations of Internal Revenue Code 3121.
- Established as a Deferred Compensation Plan under 401(a) or 457(b) of the Internal Revenue Code for part-time and limited-service employees.
- District employees who are not covered under the Public Employees’ Retirement System (PERS) or the State Teachers’ Retirement System (STRS), and who are not covered under a collective bargaining agreement that precludes coverage under this Plan, are eligible.
- All part-time and limited-service employees ARE eligible to participate in the Plan provided that they meet the following criteria:
- They have earned at least one hour of service with the Employer
- They are not covered under the State Teachers’ Retirement System (STRS) through their employment with another District (e.g., if they contribute to STRS at District A and work part-time at District B, they would not contribute to the APPLE Plan because, under current State law as of July 1, 2002, they would be required to contribute to the STRS Supplemental Defined Benefit Plan.)
- They may be covered under the Public Employees’ Retirement System (PERS) through their employment with District A, but they would still be eligible to participate in the APPLE Plan through their employment with District B, because PERS does not have a Supplemental Defined Benefit Plan
- Combined employee/employer contribution is 7.5% of compensation.
- Pre-tax accumulation provides additional income for retirement and increased take home pay while still employed.
- The APPLE investment contract has a full guarantee of principal and a minimum interest rate guarantee with no administration or distribution fees. (Declared interest rate is net of Plan costs.)
- Participants are always 100% vested.
- The beneficiary will automatically be the participant’s spouse if married, or their estate if not married. Participants may designate a beneficiary of their choice, however non-spousal designations require spousal approval in the form of a Spousal Consent Form. This form can be obtained by clicking on the Forms section of this website.
- Distributions are paid based on a participant’s selection of either a single lump sum or a direct rollover to an Individual Retirement Account (IRA) of their choice on the Request for Settlement of Account (RSA) Form. This form can be obtained by clicking on the Forms section of this website.
- APPLE Plan Distributions are processed monthly for participants who have met one of the below requirements and completed a Request for Settlement of Account (RSA) Form.
- The APPLE plan permits withdrawals under the following events:
- Change in Employment Status (PERS or STRS eligibility)
- Termination of Employment
- Permanent Disability
- Age 70½
- If a participant transfers to a category of employment covered under the Public Employees’ Retirement System (PERS) or the State Teachers’ Retirement System (STRS), they are entitled to receive an in-service withdrawal of benefits from the APPLE Profit Sharing Plan.
- If the participant transfers to PERS or STRS and they have Money Purchase Plan funds (MPP) under the APPLE Plan, the MPP funds are not available for distribution until the participant has terminated working for the District or reach age 70½. Participants can determine if they have Money Purchase Plan funds (MPP) by calling MidAmerica’s Customer Service line at 800-634-1178, or by clicking on the Participant Login section of this website, and selecting Account Balance.
- Annual Statements of Account will be mailed to each participant approximately 6 weeks after the Fiscal Year ends.
- Consolidated Statements of Account by Employer allow participants in multiple APPLE Plans to review all account balances
- Annual Valuation Reporting Kits will be mailed to each District approximately 6-8 weeks after the Fiscal Year ends.
- If requesting a distribution, a participant must fill out a Request for Settlement of Account (RSA) Form and return it to MidAmerica. This form can be obtained by clicking on the Forms section of this website.
- Participants may designate a beneficiary other than their spouse, if they are married, or their estate, if they are not, by completing a Beneficiary Designation and Change Form. This form can be obtained by clicking on the Forms section of this website.
- Each Employer has a complete copy of the Plan Document and Summary Plan Description for review.
APPLE Plan Website
- The APPLE Program has been enhanced to include Participant Level Internet inquiries on account balances. Additionally, participants can:
- Perform an account level inquiry
- Make address changes
- View and print account balances and forms (e.g., Statements of Account, Request for Settlement of Account and Beneficiary Designation and Change Forms online)
- The APPLE Program has been enhanced to include Plan Sponsor Level Internet inquiries concerning plan valuations. Additionally, Plan Sponsors can:
- Perform inquiries on participant accounts
- Print Participant Statements of Account and Forms
- Model and print customized Plan Valuations
Keenan & Associates
- Coordinates services between American United Life Insurance Company®, a ONEAMERICA company®, the funding agency, and MidAmerica Administrative Solutions, the Plan’s Contract Administrator
- Assists the District in implementing the Plan as well as ongoing administrative duties
- Conducts annual administrative or legislative meetings to review the Plan year and updates the District of any changes
- Acts as Consultant to the District for any Plan services the District may require.
- Provides direction for the Plan
MidAmerica Administrative Solutions
- Maintains Plan records
- Produces individual statements and distribution accounting
- Prepares and mails distributions, refunds, Annual participant Statements of Account, Annual June 30th Employer Valuation Kits
- Resource for all participant questions
- Customer Service
- Live Customer Service Representatives, during normal business hours, via an 800 toll free customer service line
- Internet access available 24 hours a day, 7 days a week