6.3.1 TIAA-CREF

Michigan Technological University will provide a retirement annuity through Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF) for the sole purpose of providing a retirement and/or death benefit. The contract is the property of the individual participant.

To be eligible for the retirement annuity the employee must hold a regular or fixed term position at fifty percent or greater full-time-equivalency and have met one of the following conditions:

1. have been employed by MTU for two years;
2. be 35 years of age;
3. or have an existing TIAA-CREF retirement contract.

During leave of absence on full or partial salary, MTU will continue contributions based on salary paid while on leave of absence. (Board of Control Policy 7.1)

TIAA-CREF Retirement Health Care

Each participant who retires on or after October 19, 1992, and satisfies the following requirements will be eligible to elect health insurance benefits with a co-pay cost determined by the University under the plan for himself or herself, spouse, and dependents after retirement:

1. The employee was hired prior to January 1, 1996.
2. The employee has elected the TIAA-CREF Retirement Program;
3. The employee has (1) accumulated eighty points or (2) attained age sixty-five with a minimum of ten years of service for the employer; and
4. The employee has not elected severance benefits under the Severance Plan for Michigan Technological University Faculty, Professional Staff and Non-Bargaining, Non-Exempt Employees.

For purposes of eligibility, years of service has the same meaning as in the Michigan Technological University Retirement Benefits Program and an employee's points are determined by adding his or her age plus years of service with the employer.

If an employee has met the plan's eligibility requirements but dies before retiring, the employee's surviving spouse may elect to participate in the plan as though the spouse were the participant.

Employees who have elected the Michigan Public Service Employees Retirement System Retirement Program are not eligible to participate in the plan.