Retirement Plans
Michigan Public School Employees Retirement System (MPSERS)
For Full-Time and Part-Time Employees.
Michigan Public School Employees Retirement System (MPSERS) is a defined benefit plan, administered by the State of Michigan Office of Retirement Services, currently with health insurance at retirement. MPSERS is a default retirement plan for all College employees.Optional Retirement Plan (ORP)
Employees first hired between January 1, 1990 and June 30, 2008 are entered into the Member Investment Plan (MIP) at the following graduated contributions rates:
3.0% of the first $5,000 earned
3.6% of $5,001 through $15,000 earned
4.3% of all wages earned over $15,000
Employees first hired and a new member of the plan after July 1, 2008 are entered into the Member Investment Plan (MIP) at the following graduated contributions rates:
3.0% of the first $5,000 earned
3.6% of $5,001 through $15,000 earned
6.4% of all wages earned over $15,000
These contributions are required and will be pretax for the employee.
For more information, please visit the MPSERS website at www.michigan.gov/ors/.
For Full-Time Independent Executive/Administrative and Professional/Managerial Employees and Full-Time Faculty.
Optional Retirement Plan (ORP) Effective October 1, 1996, full-time Executive/Administrative and Professional/Managerial employees and full-time faculty are eligible to participate in an Optional Retirement Plan (ORP). ORP is a defined contribution plan, without health insurance at retirement. Employees are required to contribute, through payroll reduction, 3% of their compensation and the College contributes 12% of the employee's compensation to the plan. These contributions are required and will be pretax for the employee. Employees may choose among several investment vehicles through TIAA/CREF annuities for the funds contributed in their accounts.
The ORP plan must be elected by the eligible employee within a 90-day election period and is an alternative to MPSERS. The decision to either remain a MPSERS member or to participate in ORP is a one time irrevocable decision.
WCC is not responsible for the performance of the investment vehicles chosen by the employee. Employees are encouraged to consult their tax and/or financial advisors on making investment decisions.
For additional information, please visit the TIAA-CREF website at www.tiaa-cref.org.
Retirement Health Savings Plan (RHS) Effective July 1, 2007, full-time Executive/Administrative and Professional/Managerial employees are eligible to participate in the RHS Plan. The RHS Plan is a benefit savings vehicle which allows for an accumulation of assets to pay for medical expenses in retirement or upon separation from the College on a tax free basis. Employees hired as of July 1, 2007 are required to contribute, through payroll reduction, 1% of their compensation, and the College contributes $1400 annually to the plan. These contributions are required and will be pretax for the employee. Employees may choose among several investment vehicles through ICMA-RC Vantagepoint Funds.Supplemental Retirement Savings
The RHS plan is offered in conjunction with the Optional Retirement Plan (ORP). Participation in the RHS is mandatory for employees participating in the ORP.
For a complete listing of eligible expenses see the IRS Publication 502 Medical and Dental Expenses.
http://www.irs.gov/pub/irs-pdf/p502.pdf
For Full-Time and Part-Time Employees
Full Time and Part Time Employees (Excluding Student Workers) are eligible to participate in the 403(b) Tax Deferred Annuity Program and the 457(b) Deferred Compensation Plan. Both plans allow for tax free payroll deduction to the approved provider(s). There are IRS and Plan restrictions involving withdrawal, age, hardship, disability, annual contribution maximums, etc. Contact the Compensation and Benefits area for information on IRS restrictions.Social Security Administration
The College has three (3) plan providers in which the employee may choose to invest with. WCC is not responsible for the performance of the investment vehicles chosen by the employee. Employees are encouraged to consult their tax and/or financial advisors on making investment decisions.
An employee may enroll in the plan at any time during the year. To begin contributions, a provider enrollment application and WCC Salary Deferral Agreement must be completed. Contact the Office of Human Resource Management for enrollment material. For more information on providers and investment options, visit the websites listed below.
AIG - www.aigretirement.com
Lincoln Financial Group - www.LFG.com
TIAA-CREF - www.tiaa-cref.org
Plan Providers Campus Schedule
File Name File Size Last Updated 
April 2008 11.5 KB 03/18/2008 August 2008 11.48 KB 06/27/2008 July 2008 11.54 KB 06/27/2008 June 2008 12.31 KB 04/30/2008 March 2008 11.64 KB 02/25/2008 May 2008 13.42 KB 04/30/2008 September 2008 11.51 KB 06/27/2008
Information on retirement benefits from social security can be found at the Social Security Administration website:
Social Security Administration - www.socialsecurity.gov
Return to Benefits section.