All regular, full-time, and part-time employees will receive a 2 percent, across-the-board salary adjustment effective July 1, 2021, instead of January 1, 2022. Note: Faculty salary adjustments will apply to their nine-month institutional base salary and will be first recognized at the start of their academic year contract (AY21-22) and first reflected on their paycheck dated August 27, 2021.
The Michigan Technological University Benefits Advisory Committee (BAC) was formed in June 2020 with a charge to review, benchmark, and evaluate the University's current fringe benefit package and provide supported recommendations that maximize the long-term beneficial impact for employees. In carrying out its charge, the BAC reviewed and analyzed Michigan Tech's current retirement benefit structures, including the Retirement Matching Plan and Retirement Supplemental Voluntary Program (RSVP), with a goal to enhance and improve Michigan Tech-provided programs that help facilitate and support retirement for our faculty and staff.
Additionally, benefit consultants from Aon and TIAA provided data, analysis, benchmarking, and additional relevant information to assist the University with this charge. In partnership with Aon, the University conducted an all-campus employee benefit survey to further develop and support a long-term strategy for our fringe benefit package.
Retirement Matching Plan
What is Michigan Tech's Retirement Matching Plan?
Read Michigan Tech's current Retirement Matching Plan.
Changes to Michigan Tech's Retirement Matching Plan
Michigan Tech will continue with its dollar-for-dollar matching program with the goal to enhance the Retirement Matching Plan over the next four calendar years. Below is the University's timeline for enhancing the matching plan:
|Current||January 2022||January 2023|
Find more information on Michigan Tech's retirement plan.
Changes to the Retirement Matching Plan will begin January 1, 2022.
Retirement Supplemental Voluntary Program (RSVP)
What is Michigan Tech's RSVP?
Read Michigan Tech's current RSVP Policy.
Changes to Michigan Tech's RSVP
The University will take the next four fiscal years (through FY25) to sunset and end the RSVP program in order to provide employees enrolled in the program ample time to consider—and, if necessary, adjust—their retirement plans. The schedule below will recognize changes to the percent payout and/or RSVP cap in each of the next four fiscal years.
|Cap Amount||Payout %|
|FY22||$75,607 (same as it was in FY21)||50%|
|FY23||$65,000 (for sign-up period starting 7/1/22)||30%|
|FY24||$55,000 (for sign-up period starting 7/1/23)||20%|
|FY25||$45,000 (for sign-up period starting 7/1/24)||15%|
If you have any questions, please contact Benefit Services at 906-487-2517 or email@example.com.
Changes to Michigan Tech's RSVP will begin July 1, 2022.