Michigan Tech is announcing changes to retirement benefits starting in 2021.
Retirement Plan Overview
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. Employees may select to have their fund be vested with TIAA-CREF or Fidelity.
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.
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.
Retirement Planning Resources
- Supplemental Retirement Account (SRA) Form
- Supplemental 403(b) and 457(b) Comparison Chart
- TIAA-CREF How to Enroll Online
- Michigan Tech's TIAA-CREF Site
- FIDELITY Website
- Fidelity 403(b) Matching
- Fidelity 403(b) Supplemental
- Fidelity 457(b) Supplemental
- MPSERS Website
- Social Security Administration Website
Retirement Supplemental Voluntary Program (RSVP)
Helpful Information For Your Retirement
Education and Workshops
SRA Banweb Assistance Video
This four-minute video is designed to assist you in viewing or making changes to your SRA in Banweb.