Retirement calculators & financial tools: https://www.tiaa.org/public/offer/insights/tools-calculators
TIAA and New Hire Video – prepare for retirement: https://www.tiaa.org/public/land/help-your-new-hires-prepare-for-the-future-video
TIAA’s Virtual Benefits Fair: https://www.tiaa.org/
Short video entitled Why TIAA: https://youtu.be/0F1eTojBQTg
403(b) Retirement Plan with TIAA
A defined contribution plan where a percentage of your earnings is contributed by LSSU to your individual 403(b) retirement account with TIAA. The percentage contributed is based on your employer group and is open to employees who are not eligible for the defined benefit plan, known as MPSERS (see below).
TIAA offers numerous resources to help employees find advice they can use and trust. In fact, TIAA offers hundreds of thousands of in-person, telephone, and online advice sessions each year. The Advice and Guidance Center leverages their customer segmentation framework to enable delivery of information and resources targeted to an employee’s life stage. The focus on employee’s full financial life, rather than just retirement-focused education solutions, underscores TIAA’s commitment to providing lifetime financial security.
Manage your account at www.tiaa.org.
Michigan Public School Employees’ Retirement System (MPSERS)
A defined benefit plan open only to those employees who have participated in MPSERS prior to 1/1/1996 at one of the following seven institutions: Central Michigan University, Eastern Michigan University, Ferris State University, Lake Superior State University, Michigan Technological University, Northern Michigan University, or Western Michigan University.
Visit www.mi.gov/ors for more information.
403(b) Tax-Deferred Annuity
This plan is often referred to as a Supplemental Retirement Annuity (SRA) because it is offered in addition to the LSSU Retirement Plan. It was established as a way for you to save even more for retirement.
Social Security Information
- The Social Security Administration has a new online estimator that can provide immediate and accurate retirement benefit estimates to help you plan for your retirement. Before you use this tool, have the following information available: first name and last name, date of birth, Social Security number, mother’s maiden name, expected retirement age, and estimated future wages.
- Employees approaching age 65 can enroll in Medicare a few months before their birthday without an appointment or a trip to the Social Security office.
Employee Assistance Program
Employee Assistance Program (EAP)
LSSU’s Employee Assistance Program (EAP) is provided by Lincoln Financial Group for faculty and staff members in benefits-eligible positions (and their spouses and dependent children). Lincoln can help manage issues that could adversely affect your personal and work lives. Confidentiality is maintained in accordance with privacy laws and professional ethical standards, and LSSU is not notified when EAP services are used. You can access the following services anytime online or with a toll-free call:
- Information, resources, and referrals on family matters, such as child and elder care; kennels and pet care; event and vacation planning; moving and relocation; car buying; college planning; and more
- Legal information and referrals for situations requiring expertise in family law, estate planning, landlord/tenant relations, consumer and civil law, and more
- Guidance with financial matters, including household budgeting and short- and long-term planning.
Eligible faculty and staff, including spouses and dependent children, may use EAP services up to four (4) sessions per person, per issue, per year. The issues for which EAP provide support vary, but examples include:
- Financial concerns
Visit www.GuidanceResources.com or call 888-628-4824.
User name = LFGsupport; password = LFGsupport1
Basic Life and AD&D Insurance
Lincoln Financial Group
Lake Superior State University provides this valuable benefit at no cost to you.
Term Life and AD&D Insurance – Safeguard the most important people in your life.
Think about what your loved ones may face after you’re gone. Term life insurance can help them in so many ways, like covering everyday expenses, paying off debt, and protecting savings. AD&D provides even more coverage if you die or suffer a covered loss in an accident.
AT A GLANCE:
- A cash benefit of $50,000 to your loved ones in the event of your death, plus a matching cash benefit if you die in an accident
- A cash benefit to you if you suffer a covered loss in an accident, such as losing a limb or your eyesight
- Accident Plus – If you suffer an AD&D loss in an accident, you may also receive benefits for the following on top of your core AD&D benefits: coma, plegia, education, child care, spouse training, and more.
- LifeKeys services, which access to counseling, financial, and legal support
- TravelConnect services, which give you and your family access to emergency medical assistance when you’re on a trip 100+ miles from home
Conversion: You can convert your group term life coverage to an individual life insurance policy without providing evidence of insurability if you lose coverage due to leaving your job or for another reason outlined in the plan contract. AD&D benefits cannot be converted.
Continuation of Coverage: You may be able to continue your coverage if you leave your job for any reason other than sickness, injury, or retirement.
Benefit Reduction: Coverage amounts begin to reduce at the age 70 and benefits terminate at retirement. See the plan certificate for details.
For complete benefit descriptions, limitations, and exclusions, refer to the certificate of coverage.
Visit the following link to review employee benefit packages as well as BCBSM Insurance information.
Medical Reimbursement and Dependent Care
FSA Eligible Services & Products
BASIC Flex Dependent Care Reimbursement
A BASIC Flex Dependent Care Reimbursement Account is a great way to defer childcare costs. Someone in a 15% tax bracket with the maximum $5,000 election would save $1,132 in one year using BASIC Flex. Consult the BASIC Flex enrollment booklet for dependent eligibility and services requirements.
BASIC Flex Dependent
Vince Babcock – PowerPoint presentation about LSSU’s plans, how 44N is involved, whom to contact. – Live Sessions
Executive Director of Marketing and Communications and Web Accessibility Coordinator
R. W. Considine Hall
Director of Library/Academic Services and Web Accessibility Coordinator
Accessibility Services Coordinator
Lake Superior State University is committed to making reasonable accommodations related to its facilities, programs, or services for qualifying students, staff, faculty, and campus guests with disabilities as required by applicable laws. If any programming or activity is scheduled in an inaccessible space, requests for relocation shall be made to the Human Resources office at 906-635-2213, if possible, 48 hrs prior to the event. View Accessibility Statement Details