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 firstname.lastname@example.org.