Mennonite Retirement Trust (MRT) - 403(b) - Employer Contributions

Faculty and staff .75 FTE and greater are eligible to receive these benefits. Employees who were eligible for benefits on June 30, 2006, have a different eligibility scale. Contact Human Resources for more information.

The EMU retirement benefit is provided through Mennonite Retirement Trust (MRT), to which EMU normally contributes a percentage of the annual contracted salary. The current contribution rate is 3.75%. Contributions begin following the completion of two years of qualifying employment. For persons age 30 and over, the two-year waiting period is waived. For more information on the plan, contact your Everence counselor or visit the Everence website at www.everence.com.

If employment is terminated, the balance in an individual vested MRT account may be left with MRT until retirement, or may be paid as a lump sum or transferred to another fund. Payments or transfers are initiated by request to MRT and cannot be made earlier than the quarter following the final EMU contribution to the employee’s account.

403(b) Employee Retirement Contributions

Federal income tax rules allow employees of qualified tax-exempt organizations to participate in tax-deferred annuity programs. EMU is such a qualifying organization. Tax-deferred annuities are available through Everence and TIAA. Information concerning the potential tax benefits is described in Publication 571 available from the Internal Revenue Service (IRS). The IRS designates contribution limits each year. In order to participate, employees must complete a salary reduction agreement. Persons wishing to participate can get additional information from the human resources office.

Beginning Retirement

...

Beginning Retirement

The time of retirement is established by mutual agreement between the institution and the employee. It is the responsibility of the staff or faculty member to communicate their planned retirement date in writing at the earliest time known. Staff notification should be directed to their supervisor with a CC sent to the Human Resources office and the President's Office. Faculty notification should be directed to their dean and the provost, with a CC sent to the Human Resources office and the President's Office. Early retirement anytime after the age of 55 is an option to be considered at the initiative of the employee or the institution. Mennonite Retirement Trust payments can begin as early as age 55. Normally retirement date is the beginning of the fiscal year following the employee's 65th birthday. Participation in EMU activities is encouraged after retirement and possibilities for service, including part-time work for pay, may be arranged to the mutual satisfaction of the retiree and the institution. EMU cannot provide part-time work for pay for someone less than age 62 and drawing on their Mennonite Retirement Trust account.

Benefits for Retired Personnel

Employees age 55 and older with 10 years of full time service may retire from the University and be eligible for retiree benefits.

EMU retirees and spouses shall receive the following:

• Discount in the University Bookstore is currently available for employees as provided by the bookstore operator.
• The university welcomes retirees to attend classes without charge. Class attendance is by permission of the instructor for no credit, bypassing normal registration procedures.
• The university also welcomes retirees to attend public functions, such as sporting and music events. Retirees will be charged the same price for function functions as employees.
• A campus mail box. If retirees have a mailbox, Campus Bulletin, Weather Vane and other campus mail items will automatically be distributed. If they do not have a campus mail box and would like the Campus Bulletin and/or Weather Vane sent on a regular basis, a call to the President's Office will put them on the mailing list.
• Invitation to all faculty and staff social functions.
• EMU E-mail account.
• A parking pass for use on campus.
• Borrowing privileges and computer access at the Sadie Hartzler Library.

Early Retirement--Medical Coverage

Persons electing retirement from EMU active employment who are covered by the Mennonite Educators Benefit Plan prior to retirement may continue coverage provided they have at least 10 years of full-time (or equivalent) employment with EMU and have attained the age of 59 prior to retirement. The cost of such continuation of coverage will be the responsibility of the employee. Coverage under this provision will cease at the earlier of the date that the employee (1) qualifies for other employer-provided coverage whether contributory or non-contributory, (2) qualifies for Medicare and Medicare supplement coverage or (3) reaches age 65.

Retirement Receptions

The President's Office schedules one university-wide retirement reception annually at the end of the spring semester, to which all faculty, staff, and retirees are invited. Reception dates are scheduled in advance and posted on the EMU online events calendar. Upon receiving written notice of an employee's plans to retire, the President's Office will notify the host department of the retiring employee of the pre-scheduled reception date and the procedure for retiring employees. The President's Office will share the reception costs equally with the host department(s). 

President's Office:

• Reserves the location space (typically the Brunk Maust Lounge or Greeting Hall in the Campus Center) and works with food services to plan the reception menu
• Reserves sound equipment and space set-up
• Provides a plaque and retirement gift that is presented to the employee at the reception
• Provides a large card for guests to sign at the reception
• Requests a photographer from marketing
• Invites campus community to attend receptions

Host Department(s):

• If retiring employee belongs to, or has extensive history in more than one department, those departments should decide between themselves who will handle the hosting duties and cover costs, and notify the President's Office, once determined.
• Department chair, supervisor, or designated member of the department provides remarks for retiring employee at the reception.
• Invites family members of retiring employee to the reception.

Following the reception, President's Office will pay 50% of the costs of the reception and request account numbers from host departments to cover the remaining 50%.