Retirement

Retirement Planning

Purpose
Michigan Tech's retirement plan helps provide faculty and staff with the opportunity to accumulate a source of retirement income in addition to income from Social Security and personal savings. The money you contribute to the retirement plan belongs to you and is immediately vested.

Plan Benefits
Any regular employee in a position with an FTE of .50 or greater may participate in the university's matching retirement plan.

  • Matching Plan: Defined Contribution Plan 403(b) Michigan Tech matches up to 7.5% employee contributions.
  • Supplemental Plan: Deferred Compensation Plan 457(b) and Tax-Deferred Annuity Plan 403(b) is available to all employees who may want to allocate a percentage of eligible earnings or a flat dollar amount; funded entirely by the employee.

Retiree Information (Former Employees)

Effective June 15, 2009, to be considered a retiree under Michigan Tech, an employee must be at least 60 years of age and their years of service + age must be equal to or greater than 80.

Creditable Coverage Notice (those covered by Medicare)

Michigan Tech Retiree Benefit Fact Sheet

Investment Oversight Committee

Michigan Technological University's Retirement Plan Oversight Committee chooses and monitors plan investment options. It is the intent of the Committee to provide a range of investment options that will enable participants to invest according to varying risk tolerance and savings time horizons.

Investment Policy Statement