The Retirement Supplemental Voluntary Program (RSVP) is a voluntary retirement program offered to eligible Michigan Tech employees. The enrollment period for which an employee may sign their RSVP election is between July 1 and October 31 and is now open. Employees electing the Monetary Retirement Option must retire on or before June 30, 2018. The monetary retirement option provides a benefit equal to 50% of the eligible employee’s annual salary (9 month salary for faculty) at the time of their actual retirement date. The RSVP cap amount has been increased this year to $74,900 based on the percentage increase in the contribution and benefits base amount established by the Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) program.
Prior to electing RSVP, employees must meet with the Benefits Office for a confidential meeting to verify eligibility. RSVP program information may be found online.
RSVP questions may be directed to Benefit Services at 7-2517 or firstname.lastname@example.org.
Michigan Tech’s Investment Oversight Committee is committed to periodically reviewing the retirement plans offered with TIAA and Fidelity to make sure they continue to help you meet your retirement and financial goals. Among the things considered are the range of investment options available, performance and value, and whether the Plans give you access to services that complement your account.
As a result of a review in May, the Investment Oversight Committee has been able to lower the expense ratio of several investment options. On August 4, 2017, the share class of several investment options offered through the Plans will change. The new share class will offer you the same investment strategy and risk, but the overall expenses will be lower. Affected employees will receive a communication from Fidelity via U.S. Mail or email.
The Fund changes can be viewed by logging into Fidelity NetBenefitsand selecting Plan Information, then Fund Changes. The changes will take place without any action required on your part. However, if you are not satisfied with how your current investment elections will be modified, you will have the opportunity to make changes by logging into Fidelity NetBenefits or calling 800-343-0860.