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Retirement Plans

Retirement Plans for Michigan's Public Universities 2015

What it is: The types of retirement plans currently and previously offered at each public university.

Why it matters: Retirement plans can place a large future burden on university finances and state taxpayers. All of Michigan's universities have switched to defined contribution pension plans which are pre-funded by definition and have no future burden

* Not including defined benefit or retiree health care funding through MPSERS
** These universities allow certain new hires to participate in their retiree health care benefit plans. However, rates would be paid in full by the retiree and such plans would not require cost-sharing from the employer. 
*** Grand Valley State University offered its own defined benefit pension plan to non-faculty staff prior to 2006. While this plan is no longer offered to new hires, Grand Valley State is the only Michigan public university that has a future defined benefit pension liability independent of the MPSERS system.