Retirement Supplemental Voluntary Program (RSVP) Enrollment Period Begins

The Retirement Supplemental Voluntary Program (RSVP) is a voluntary retirement program offered to eligible Michigan Tech employees. While employees are not constrained to retire at any particular age, arrangements for retirement are a natural part of an employee’s personal and professional planning. This program provides information and, in some cases, incentives, that should make retirement planning easier.

The window period for which an employee may sign their RSVP election is between July 1 and October 31, 2014. Employees electing the monetary Retirement Option must retire on or before June 30, 2015. Prior to electing RSVP, employees must meet with the Benefits Office for a confidential meeting to verify eligibility. The RSVP policy can be found online at http://www.mtu.edu/hr/benefits/retirement/.

The RSVP cap on the monetary benefit is adjusted periodically based on the percentage increase in the contribution and benefit base amount established by the Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program. The cap was increased on May 21, 2014 to $68,905.

Questions can be directed to Benefit Services at 487-2517 or benefits@mtu.edu.


New Process Established for Termination of Access

To reduce the University’s exposure to data and security risk, when an employee leaves the University or transfers to a new department it is necessary to terminate connections established between the employee and vacated position. A Termination Checklist has been created to prompt departments in the revocation of data and facility access. The Termination Checklist needs to be completed for all regular and temporary employees and uploaded with the termination EPAF. The checklist can be used as a guide for student positions.

Departmental timekeepers will also begin to receive a bi-weekly report of employees in their area who have no reported hours in the last 30 days. The report should be reviewed to determine if they should remain on payroll because they will be working in the very near future. If the employee is not expected to return in the near future, a termination EPAF should be submitted.

You can find the Termination Checklist here. If you have questions regarding this checklist or report, please contact your department’s employment services representative.


Winners Announced: What is your Financial IQ?

April was Financial Literacy month, and Benefits Services teamed up with TIAA-CREF to bring a financial challenge to Michigan Tech Employees called “What’s your Financial IQ?”  Each day, five new questions were added to the challenge and each time played, employees were entered for a chance to win one of three iPads.  Departments were able to view a leader board to compete against each other.  Here are the results of the challenge:

The School of Technology had the most correct answers, followed closely by the School of Business and Economics.

Winners of the Apple iPads are:
Daniel Haskell, School of Forest Resources and Environmental Science
Shellie Hubert, Enrollment Services
Peter Larsen, VP for Research

Thank you to all who participated!


Employee Benefits and Community Services Fair – May 8th

The annual Employee Benefits and Community Services Fair will be held on Thursday, May 8, from 10:00 a.m. to 2:00 p.m. in the Memorial Union Ballroom. Visit more than 30 exhibitors including Blue Cross Blue Shield, EyeMed Vision, Delta Dental, Fidelity, TIAA-CREF, MetLife and many community organizations.
The fair is free and open to employees and retirees, spouses, partners and adult dependents. Attendees may register to win two United Express round trip tickets from Houghton to Chicago, a George Foreman grill, an SDC Action Pass, gas cards, and more. Popcorn and beverages will be served.
The fair is sponsored by Benefit Services. Email benefits@mtu.edu with questions.