Retirement and Tax-Deferred Retirement Plans

NMU is pleased to offer a defined contribution plan to our faculty and staff.  If you have any questions about these or other benefits, please call Human Resources at extension 2470 or 1030.

Northern Michigan University Retirement Plan--403(b)

A defined contribution plan where a percentage of employee earnings is contributed by NMU to the employee’s individual 403(b) retirement account with TIAA-CREF. The percentage contributed by the employer is based on the employee group. The plan is open to benefit eligible employees who are not eligible for the defined benefit plan (see below).

TIAA-CREF 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-CREF is providing to employees. 

Michigan's 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.

Tax-Deferred Annuity (TDA) Plan--403(b)

A voluntary retirement plan where salary contributions are made solely by the employee on a pre-tax basis.  After-tax contributions (Roth) may also be considered. 

457(b) Deferred Compensation Plan

A voluntary retirement plan where salary contributions are made solely by the employee on a pre-tax or after-tax (Roth) basis.  The retirement plan administrator for the 457(b) is TIAA-CREF. 

Retirements 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-CREF 403(b) Retirement Plan as well as several Tax-Deferred Annuity 403(b) plans offered through other approved service providers.  Log into your MyNMU account to access these reports through the Employee Services tab of MyNMU.

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 on line 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.

On-Line Retirement Application 

Download  a DVD to become acquainted with the ease of the on-line filing process