|
|
Retirement Plans
Michigan Public School Employees Retirement System (MPSERS)
For Full-Time and Part-Time Employees.
Michigan Public School Employees Retirement System (MPSERS) is a defined benefit plan, administered by the State
of Michigan Office of Retirement Services, currently with
health insurance at retirement. MPSERS is a default retirement
plan for all College employees.
Employees first hired after January 1, 1990, are entered
into the Member Investment Plan (MIP) at the following
graduated contributions rates:
3.0% of the first $5,000 earned
3.6% of $5,001 through $15,000 earned
4.3% of all wages earned over $15,000
These contributions are required and will be pretax for the employee.
For more information, please visit the MPSERS
website at www.michigan.gov/ors/.
Optional Retirement Plan (ORP)
For Full-Time Independent Executive/Administrative and Professional/Managerial Employees and Full-Time Faculty.
Optional Retirement Plan (ORP) Effective October 1, 1996, full-time
Executive/Administrative and Professional/Managerial
employees and full-time faculty are eligible to participate in an Optional
Retirement Plan (ORP). ORP is a defined contribution
plan, without health insurance at retirement. Employees
are required to contribute, through payroll reduction, 3%
of their compensation and the College contributes 12% of
the employee's compensation to the plan. These
contributions are required and will be pretax for the
employee. Employees may choose among several investment
vehicles through TIAA/CREF annuities for the funds
contributed in their accounts.
The ORP plan must be elected by the eligible employee
within a 90-day election period and is an alternative to
MPSERS. The decision to either remain a MPSERS member or
to participate in ORP is a one time irrevocable decision.
WCC is not responsible for the performance of the
investment vehicles chosen by the employee. Employees are
encouraged to consult their tax and/or financial advisors
on making investment decisions.
For additional information, please visit the TIAA-CREF
website at www.tiaa-cref.org.
Retirement Health Savings Plan (RHS) Effective July 1, 2007, full-time
Executive/Administrative and Professional/Managerial employees are eligible to participate
in the RHS Plan. The RHS Plan is a benefit savings vehicle which allows for an
accumulation of assets to pay for medical expenses in retirement or upon separation
from the College on a tax free basis. Employees hired as of July 1, 2007 are required to
contribute, through payroll reduction, 1% of their compensation, and the College
contributes $1400 annually to the plan. These contributions are required and will be
pretax for the employee. Employees may choose among several investment vehicles
through ICMA-RC Vantagepoint Funds.
The RHS plan is offered in conjunction with the Optional Retirement Plan (ORP). Participation
in the RHS is mandatory for employees participating in the ORP.
For a complete listing of eligible expenses see the IRS Publication 502 Medical and Dental
Expenses.
http://www.irs.gov/pub/irs-pdf/p502.pdf
Supplemental Retirement Savings
For Full-Time and Part-Time Employees
Full Time and Part Time Employees (Excluding Student Workers) are eligible to participate in the 403(b) Tax Deferred Annuity Program
and the 457(b) Deferred Compensation Plan. Both plans allow for tax free payroll deduction to the approved provider(s). There are
IRS and Plan restrictions involving withdrawal, age, hardship, disability, annual contribution maximums, etc. Contact the
Compensation and Benefits area for information on IRS restrictions.
The College has three (3) plan providers in which the employee may choose to invest with. WCC is not responsible
for the performance of the investment vehicles chosen by the employee. Employees are encouraged to consult their
tax and/or financial advisors on making investment decisions.
An employee may enroll in the plan at any time during the year. To begin contributions, a provider enrollment
application and WCC Salary Deferral Agreement must be completed. Contact the Office of Human Resource Management
for enrollment material. For more information on providers and investment options, visit the websites listed below.
AIG - www.aigretirement.com
Lincoln Financial Group - www.LFG.com
TIAA-CREF - www.tiaa-cref.org
|
Plan Providers Campus Schedule
|
Social Security Administration
Information on retirement benefits from social security can be found at the Social
Security Administration website:
Social Security Administration - www.socialsecurity.gov
Return to Benefits section.
|
Print-friendly format
E-mail this page