Retirement
Michigan Tech provides two retirement program options: Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF) 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 TIAA-CREF program.
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. All retirements must be approved by the President and the appropriate Vice President.
Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF)
Michigan Tech will provide a retirement program through 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 position at 50 percent or greater full-time equivalency, or meet the criteria for fixed term eligibility, and meet one of the following conditions:
Contributions to the retirement annuity are 10.55% of the employee's annual salary.
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.
Voluntary Matching Retirement Plan - Employees who are eligible to participate in the TIAA-CREF retirement program have the option of participating in a matching contribution program. The University will match employee contributions by TIAA-CREF participants up to a maximum of 2% of an employee's annual salary. 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.
Michigan Public School Employees Retirement System (MPSERS)
Michigan Tech contributes towards MPSERS retirement for eligible employees. This program is governed by laws of the State of Michigan.
Non-Exempt to Exempt Employee Retirement - You will have the option of changing your retirement program from MPSERS to TIAA-CREF when your position has changed from non-exempt to exempt. A decision must be made within three months, or you will remain in the MPSERS retirement program.
Tax Sheltered Annuities
Michigan Tech participates with private insurance companies to provide programs for tax sheltered annuity plans for employees.
| [Table of Contents] | [Human Resource Home Page] | [MTU Home Page] |