Michigan Public School Employees Retirement System. The University will contribute to the Michigan Public School Employees Retirement System (MPSERS) for those employees hired by the University prior to January 1, 1996. Such employees are automatically enrolled per MPSERS mandate in the MPSERS Member Investment Plan (MIP), a supplemental retirement program designed to increase retirement benefits. The amount paid to each employee upon retirement is set by the state (MPSERS) retirement system. Employees hired on or after January 1, 1996 are not eligible for the MPSERS plan, and are enrolled in the defined contribution plan – currently the Teachers Insurance Annuity Association – College Retirement Equities Fund (TIAA/CREF), Delayed Vest Plan. Employees are fully vested in this plan after five (5) years of service. Employees hired after January 1, 1996 must work a minimum of 30 hours per week to be eligible to receive the University’s contribution to TIAA/CREF.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
