Benefits Summaries & Orientation
|
Retirement
Grand Valley State University
RETIREMENT PLAN A Defined Benefit
Clerical, Office and Technical Eligibility: COT staff members hired prior to 02/02/2006 and POLC staff members hired before 03/04/2007 are members in the Defined Benefit Retirement Plan (Plan A). The Clerical, Office and Technical Employees Defined Benefit Retirement Plan is funded by the University.
Vesting: Participants are vested 100% upon completion of ten years of vesting service.
Get the Summary Plan Description. This document provides further details of the Base Retirement Plan and an example of how benefits are calculated.
Financial Planning
Supplemental Retirement Accounts Faculty and Staff are encouraged to make a pretax contribution to a supplemental retirement account to supplement their retirement income and reduce their current tax burden. Participants can contribute up to the maximum permitted by law to any of the approved retirement investment options.
Faculty and Staff have the opportunity to participate in a 403b or 457b tax-deferred compensation plan. You can view the comparison chart below to assist you in determining which account(s) are most appropriate for your investment plans.
Get the 403b v. 457b Comparison Chart
Additional information and supplemental retirement account applications for each vendor are available in Human Resources.
If you are a current GVSU faculty or staff member with an existing supplemental retirement account and wish to change your contribution amount, forms are available online.
If you are a current GVSU faculty or staff member with an existing supplemental retirement account and wish to change your asset allocations, you must change those allocations directly with your vendor.
Supplemental Retirement Account
Approved Investment Firm Vendor List 403(b) and 457(b)
TIAA-CREF
730 Third Avenue New York, NY 10017-3206 (800) 842-2776 Fidelity Investments Tax-Exempt Services
Po Box 1823 Boston, MA 02105-9916 (800) 343-0860 403(b)
Mr. Paul Springer New England Financial 50 Louis NW Ste 400 Grand Rapids, MI 49503 (616)456-1434 Compounding Interest Calculator
This Calculator shows how much you can accumulate in a tax deferred account based on various hypothetical monthly contributions, at various rates of return, over a period of 5 to 30 years.
Tax Savings Calculator
This calculator shows the reduction in your take home pay and your monthly federal and state tax savings based on equal monthly contributions.
Financial Planning Faculty and Staff are encouraged to make a pretax contribution to a supplemental retirement account to supplement their retirement income and reduce their current tax burden. Participants can contribute up to the maximum permitted by law to any of the approved retirement investment options. Faculty and Staff have the opportunity to participate in a 403b or 457b tax-deferred compensation plan. You can view the comparison chart below to assist you in determining which account(s) are most appropriate for your investment plans. Notice Regarding Eligibility to Make Elective Deferrals to our 403(b) Plan Get the 403b v. 457b Comparison Chart Additional information and supplemental retirement account applications for each vendor are available in Human Resources. If you are a current GVSU faculty or staff member with an existing supplemental retirement account and wish to change your contribution amount, forms are available online. If you are a current GVSU faculty or staff member with an existing supplemental retirement account and wish to change your asset allocations, you must change those allocations directly with your vendor. Supplemental Retirement Account 403(b) and 457(b) TIAA-CREF Fidelity Investments Tax-Exempt Services 403(b) Compounding Interest Calculator
Tax Savings Calculator
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
