403(b) Basic Retirement Plan - University contribution
A defined contribution plan operated under IRS Code section 403(b). A percentage of employee earnings is contributed by CMU to an employee's individual account separate from the supplemental plan. No matching contribution is required. Eligibility and percentage contributed is based on the employee group and is currently at 10% for all half-time or greater employees who are eligible for retirement, excluding Michigan Public Schools Employee Retirement System. The record-keeper for all of the CMU Retirement Plans is TIAA.
Supplemental Retirement Plans - employee contributions
You can establish a 403(b) Supplemental Tax Deferral plan or a 457(b) Public Deferred Compensation Plan as a way to save more for retirement. These are voluntary plans and all contributions are made by the employee.
Deferral amounts are indicated as a percentage (%) of salary and are permitted as pre-tax or after-tax Roth contributions. Participants who contribute to both a 403(b) and to a 457(b) plan will be allowed to contribute the maximum amount permissible to both plans.
A special catch-up limit allows participants who are age 50 and over to contribute an additional amount each year.
Deferral amounts are indicated as a percentage (%) of salary. Participants who contribute to both a 403(b) and to a 457(b) plan will be allowed to contribute the maximum amount permissible to both plans.
403(b) - All staff employees, medical faculty, fixed-term faculty, regular faculty, and post-doctoral research fellows (including temporary staff and fixed term faculty less than half-time) are eligible to participate.
457(b) - All staff employees, medical faculty, fixed-term faculty, regular faculty, and post-doctoral research fellows with an appointment of half-time or greater are eligible to participate.
CMU's voluntary retirement plans accept payroll deductions as after-tax ROTH and/or pre-tax contributions. You can start, stop, increase or decrease your contribution at anytime. Changes are effective the next available pay period.
Note: 457(b) contribution changes can not be effective earlier than the first day of the month following the election.
All contribution elections are made via the TIAA portal.
Log in to TIAA.org/cmich (first-time users will need to register for secure online access).
Select Actions on the menu bar. Follow the prompts stating Change contribution amount to start, stop or change your contributions.
For assistance navigating the TIAA website or to change your election via phone, please contact TIAA at 800-732-8353, weekdays, 8 a.m. to 9 p.m. (ET)
"Vesting" refers to an employee's right, usually earned over time, to receive some retirement benefits regardless of whether or not they remain with the employer. Your contribution to this account will be 100% vested immediately.
TIAA is the appointed record-keeper for the 403(b) Retirement Plans and the 457(b) Deferred Compensation Plan. You may contact TIAA for forms, general fund information, fund performance, existing account information, allocation changes, transfers, withdrawals, name/address changes and beneficiary information.
Customer Service: 800-842-2776
Schedule an individual counseling session via phone, video or on campus: http://www.tiaa.org/moc (select Michigan and then look for appointments under Central Michigan University) or call 800-732-8353.