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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

The time of retirement is established by mutual agreement between the institution and the employee.  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

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. Retirees will be charged the same price for function 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.

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.

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