It's never too early to start thinking about your financial future, especially retirement. At GRCC, you have options. We encourage you to explore the information provided to make informed decisions that will benefit you for years to come.
All GRCC employees are eligible for enrollment in the Michigan Public Schools Employee Retirement System (MPSERS) administered by the Office of Retirement Services (ORS) and have 75 calendar days from the last day of their first pay period to elect a retirement plan. Professional, Management, & Administration (PMA) employees and full-time Faculty also have the option of electing the Optional Retirement Plan (ORP) administered by TIAA. GRCC employees are required to participate in a MPSERS plan unless they elect the ORP plan or are retired from MPSERS.
New employees who do not elect a retirement plan by the deadline will default into the MPSERS Pension Plus 2 plan. Once a plan is elected, this decision is irrevocable.
Michigan Public Schools Employee Retirement System (MPSERS)
All new employees have a choice between the Pension Plus 2 plan and Defined Contribution (DC) plans .
- Pension Plus 2 is a State of Michigan Pension with tax-deferred 401(k) and 457 retirement plans.
- Defined Contribution is a tax-deferred 401(k) and 457 retirement plan.
- Personal Healthcare Fund (PHF) is a component of both plans which allocates funds to help pay for healthcare costs in retirement. PHF is not health insurance.
Visit PickMIPlan.org for more information on the plans, including vesting schedules and contribution rates.
Previously Enrolled MPSERS employees
Previously enrolled employees who elect MPSERS and have previously been employed and enrolled in a MPSERS retirement plan will be remain in that plan, which cannot be changed.
Resources
- PickMIPlan.org
- MPSERS Video Series for New Hires
- Get to Know the Plans
- MPSERS Pension Plus 2 & DC Plan Retirement Election Guide
- MPSERS New Hire Checklist
Optional Retirement Plan (ORP)
The ORP is available only for Full-time Faculty, Professional, Management, & Administration. ORP is a pretax Defined Contribution (DC) retirement plan with 3% employee and 12% mandatory contributions administered through TIAA. Employees failing to make the election within the 90 days will remain in the default MPSERS plan.
Resources
- TIAA ORP Video Series for New Hires
- TIAA GRCC ORP Plan
- TIAA ORP Plan (DC) versus MPSERS Pension Plan (DB)
Retirees – Returning to Work After Retirement
MPSERS retirees returning to work have special considerations that should be reviewed before returning to work. Retirees will not have employee or employer contributions to the retirement system and should refer to the MPSERS Working After Retirement guide for more information.
Contact
Voya (MPSERS)
- Phone: 800‑748‑6128
- Schedule an appointment with a VOYA investment professional
TIAA
- Phone: 800-842-2252
- Schedule an appointment with a TIAA investment professional
MPSERS Main Office
- Phone: 800-381-5111