Retirement Savings Plan
We want you to enjoy your retirement. Planning ahead is a good place to start. We have two retirement plans available at EMU. See which one you qualify for:
- TIAA-CREF is for all employees of Eastern.
- Michigan Public School Employees Retirement System (MPSERS) is only available if you started working for a university before 1995, opted for MPSERS at that time and would like to continue.
How Healthy Are You, Financially?
Keeping fiscally fit is more important than ever before. TIAA offers a personal financial organizer which includes financial wellness tips, tools and checklists to help you organize your finances and plan for your future. Get yourself a financial checkup and download your personal financial organizer [PDF].
In addition, TIAA-CREF comes to campus twice a month for individual counseling sessions to help you with your account. To make an appointment, visit the TIAA schedule site or call 800.732.8353.
Obtaining a Loan or Withdrawal from your Supplemental Retirement Account
Loan Administration Procedures from 403(b) Voluntary Retirement Plan
- You must have a 403(b) in place before applying for a loan.
- Contact TIAA at 800.842.2776 to request a loan and TIAA see if you're eligible for a loan based upon outstanding loan balance and account fund availability.
- After availability verification, TIAA will provide you with a loan application.
- If you aren't eligible for a loan, a hardship can be processed. If you're eligible for the loan, please see procedures for loans.
Hardship Withdrawal Administration Procedures from 403(b) Voluntary Retirement Plan
- You must have a 403(b) in place before applying for a hardship and have applied for a loan and been turned down prior to requesting a hardship withdrawal.
- Contact TIAA at 800.842.2776 to request the loan/hardship, whichever is applicable.
- Hardships are issued for mortgage payments, taxes, medical payments, funeral expenses and for post secondary college (employee and dependents).
- TIAA will verify if you're eligible for a loan based upon outstanding loan balance and account fund availability. If you aren't eligible for a loan, a hardship can be processed. If you're eligible for the loan, please see procedures for loans.
- After availability verification, TIAA will provide you with the hardship application which must be completed; signed by a designated person in the Benefits Office; and turned into TIAA.
- Upon receiving the notification from TIAA of the hardship approval, the Benefits Office will end your voluntary 403(b) supplemental retirement deduction and set it to begin again in six months.