Central Michigan University

University 403(b) Basic Retirement Plan

Employees eligible for the 403(b) Basic Retirement Plan will be authomatically pre-enrolled in TIAA-CREF in a Lifecycle Fund based on the employee's age.  No employee contribution is required.  Employees may,  at any time, change the investment fund option with TIAA-CREF, or elect to invest part or all of the university contribution with Fidelity Investments.  Employees are strongly encouraged to discuss retirement options with a TIAA-CREF and/or Fidelity Investments counselor, or other with another financial professional.

• This plan is totally funded by university contributions.  Participants are vested immediately and retain ownership of investments even after termination of employment.
• Eligible employees must maintain a status of half-time (50%) or more in a benefit eligible group.
• Employees hired after 1/1/96 automatically qualify for the 403(b) Basic Retirement Plan if they have not previously participated in Michigan Public School Employees Retirement System (MPSERS) at one of the following institutions: Central Michigan University, Eastern Michigan University, Ferris State University, Lake Superior State University, Michigan Technological University, Northern Michigan University, or Western Michigan University.
• Full-time salaried employees eligible for MPSERS must make a one-time irrevocable choice in regard to their retirement plan, within 90 days of eligibility.
• Hourly and part-time salaried employees eligible for MPSERS are not eligible for the 403(b) Basic Retirement Plan.

Vendors

The university 403(b) Basic Retirement Plan contribution vendors are TIAA-CREF and Fidelity Investments. For detailed information on allocations & investments, withdrawals & rollovers and distribution payout options click on:

TIAA-Cref and/or  Fidelity Investments