Staff HR Policy D-731.00
Institutional Effectiveness Criterion: Culture
Optional Retirement Plan Policy
The administration is authorized to develop, implement, and administer an optional retirement plan under the following parameters:
- The plan shall comply with all legal requirements and Michigan Public School Employees Retirement System (MPSERS) regulations.
- The effective date shall be July 1, 1995.
- The provider shall be Teachers Insurance & Annuity Association-College Retirement Equities Fund (TIAA-CREF).
- The employee's contribution rate shall be equal to the MPSERS member investment plan (MIP) contribution rate, which is currently:
First $5,000 of salary
3% of gross wages
$5,001 through $15,000
3.6% of gross wages
4.3% of gross wages
- NMC's contribution rate shall be 11.5% of gross wages.
- Vesting shall be full and immediate.
- Cash withdrawals shall be allowed upon termination of employment.
Authorized on 11/24/09