Michigan Tech provides two retirement programs options, the Base Retirement Plan or Michigan Public School Employees Retirement System (MPSERS). New employees hired after January 1, 1996, unless they have worked in one of the MPSERS university systems (in which case they can remain in MPSERS), may be eligible to participate in the Base Retirement Plan.
As an employee contemplating retirement, you are encouraged to contact the Benefits Office several months in advance so that the steps required to initiate retirement benefits can be completed prior to actual retirement.
Michigan Tech will provide a retirement contribution through Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF) and/or Fidelity Investments for the sole purpose of providing a retirement benefit. The contract is the property of the individual participant. To be eligible for the retirement annuity the employee must hold a regular position at 50 percent or greater full-time equivalency. Participation begins on the employees first day of employment.
Employees who are eligible have the option of participating in a matching contribution program. The University will match employee contributions by TIAA-CREF/Fidelity participants. The matching retirement program is offered to assist the employees in accumulating larger retirement assets to help offset the cost of medical benefits once retired. Contact the Benefits Office for more information.
The Michigan Tech Board of Control does reserve the right to change the provisions of this policy for all employees of the University, including all present employees, consistent with state and federal law.