403(b) Retirement Plan with TIAA
A defined contribution plan where a percentage of your earnings is contributed by NMU to your individual 403(b) retirement account with TIAA. The percentage contributed is based on your employer group, and is open to employees who are not eligible for the defined benefit plan, known as MPSERS (see below).
TIAA offers numerous resources to help employees find advice they can use and trust. In fact, they offer hundreds of thousands of in-person, telephone and online advice sessions each year. The Advice and Guidance Center fully leverages their customer segmentation framework, which enables them to deliver information and resources targeted to an employee's life stage. The focus on employees' full financial life, rather than just retirement-focused education solutions, underscores their commitment to providing lifetime financial security. Visit the Advice and Guidance Center to view the rich content TIAA is providing to employees. The Summary Plan Description is available upon request.
In addition, TIAA offers a brokerage account which gives you access to thousands of mutual funds beyond the ones offered in the base retirement plan. Visit www.tiaa.org/brokerage for more information.
Manage your account at www.tiaa.org
Michigan Public School Employees' Retirement System (MPSERS)
A defined benefit plan which is open only to those employees who have participated in MPSERS prior to 1/1/1996 at one of the following seven institutions: Central Michigan University, Eastern Michigan University, Ferris State University, Lake Superior State University, Michigan Technological University, Northern Michigan University, or Western Michigan University.
visit www.mi.gov/ors for more information
Voluntary Retirement Accounts
A voluntary supplemental retirement plan, offered "in addition" to the NMU Retirement Plan, where pre-tax or post-tax (Roth) salary contributions may be made solely by the employee to a 403(b) Tax-Deferred Annuity or 457(b) Deferred Compensation Plan with TIAA. The plan was established as a way for you to save even more for retirement.
- visit www.tiaa.org/nmu
- Click 'ready to enroll'
- Select '403(b) Tax-Deferred Annuity' or '457(b) Deferred Compensation Plan'
- Click 'next'
- Click 'begin enrollment'
- Log into your existing TIAA account or register if you have not previously done so
- Upon completion of the online enrollment, submit the appropriate salary reduction agreement from the option below to Human Resources indicating your desired bi-weekly contribution
The Summary Plan Description is available upon request.
TIAA offers a brokerage account which gives you access to thousands of mutual funds beyond the ones offered in the base plan. Visit www.tiaa.org/brokerage for more information.
Contribution Limits for 2022
- $20,500/year for those under age 50
- An additional "catch-up" contribution of $6,500 is allowed for those age 50 and above, for a maximum contribution limit of $27,000/year
403(b) Tax-Deferred Annuity
This plan is often referred to as a Supplemental Retirement Annuity (SRA) because it is offered "in addition" to the NMU Retirement Plan. It was established as a way for you to save even more for retirement.
If eligible, you must contribute a minimum of $200 per year to participate in this plan.
457(b) Deferred Compensation Plan
457(b) plans are a tax-deferred compensation plan that look and feel very much like other types of retirement or tax-deferred annuity plans, such as a 403(b), and offer many of the same tax advantages to employees. Just like the 403(b) tax-deferred plan at NMU, employees who participate in a 457(b) plan are able to set aside a portion of their salary with pre-tax or post-tax dollars.
Participants who make pre-tax payroll contributions to the account do not pay any federal income taxes on the amounts contributed, or on any earnings on the amounts contributed, until the funds are withdrawn from the plan.
There are distinct differences between 457(b) plans and 403(b) plans that may appeal to you. For example, contributions and earnings in the 457(b) plan are available for withdrawal, penalty free, upon separation from service, even before age 59-1/2 (except for amounts rolled over to the plan from other plan types). Withdrawals from 403(b) plans are not penalty free if made before age 59-1/2 (age 55 if separated from service)—an penalty of 10% may apply on withdrawals from a 403(b) plan in addition to ordinary income tax.
Social Security Information
- Estimate what your monthly payment will be
- The Social Security Administration has a new on-line estimator that can provide immediate and accurate retirement benefit estimates to help you plan for your retirement. Before you use this tool, have the following information available: your first name and last name, your date of birth, your Social Security number, your mother’s maiden name, your expected retirement age, and your estimated future wages.
- Apply online for Medicare
- Employees approaching age 65 can enroll in Medicare a few months before their birthday without an appointment or a trip to the Social Security office.
- Social Security Retirement Benefits Planner
Financial/Retirement Workshops and Meetings
Retirement Portfolio Review Tools
NMU provides a set of quarterly portfolio review reports to faculty and staff who participate in the 403(b) Defined Contribution retirement plans. The portfolio review reports provide information about commonly selected investment options in the TIAA 403(b) Retirement Plan. Log into your MyNMU account to access these reports through the Employee Services tab of MyNMU.