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:

  1. The plan shall comply with all legal requirements and Michigan Public School Employees Retirement System (MPSERS) regulations.
  2. The effective date shall be July 1, 1995.
  3. The provider shall be Teachers Insurance & Annuity Association-College Retirement Equities Fund (TIAA-CREF).
  4. 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
    • Over $15,000: 4.3% of gross wages
  5. NMC's contribution rate shall be 11.5% of gross wages.
  6. Vesting shall be full and immediate.
  7. Cash withdrawals shall be allowed upon termination of employment.

If any provision(s) of this policy or set of bylaws conflicts with laws applicable to Northwestern Michigan College, including the Community College Act of 1966, the Freedom of Information Act, or the Open Meetings Act, as each may be amended from time to time, such laws shall control and supersede such provision(s).

Authorized on 11/24/09