6.3 Retirement/Retirement Programs

Michigan Tech provides two retirement program options, the Defined Contribution 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 Defined Contribution Retirement Plan.

Employees contemplating retirement 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.

6.3.1 Michigan Tech's Defined Contribution Retirement Plan

Michigan Tech will provide a retirement contribution through Teachers Insurance and Annuity Association (TIAA) 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 plan 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/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 Trustees does reserve the right to change the provisions of this benefit for all employees of the University, including all present employees, consistent with state and federal law.


Revised:
02/22/2017 - Annual Review: to reflect current language, removed "and College Retirement Equities Fund" and "-CREF" from throughout document.
12/08/2016 - Annual Review: No changes made to content.
06/04/2015 - To reflect current University titles, "Board of Control" is now "Board of Trustees".
01/29/2015 - Annual Review: To reflect current practice, the email address for questions is now policy@mtu.edu. No changes made to content.
02/26/2014 - Annual Review: Updated Michigan Tech and Handbook banners. The first sentence in the first paragraph read: "Michigan Tech provides two retirement programs options, the Base Retirement Plan or Michigan ...." and now reads "Michigan Tech provides two retirement program options, the Defined Contribution Retirement Plan or Michigan ...." and the second sentence read: ".... may be eligible to participate in the Base Retirement Plan" and now reads: " .... may be eligible to participate in the Defined Contribution Retirement Plan." The sentence in the second paragraph read: "As an employee contemplating retirement, you are encouraged ...." now reads: "Employees contemplating retirement are encouraged ...." "6.3.1 Michigan Tech's Base Retirement Plan" now reads "6.3.1 Michigan Tech's Defined Contribution Retirement Plan". Under section 6.3.1, the third sentence read: "To be eligible for the retirement annuity the employee must hold ...." now reads: "To be eligible for the retirement plan the employee must hold ...."
6/22/2011 - Annual Review: TIAA-CREF Retirement Health Care is now Michigan Tech's Base Retirement Plan; and to reflect current University titles and practice, the email address for questions is now hbwebmaster.
10/20/2010 - Format changes we made and MTU is now MIchigan Tech.