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At Elite Wealth Strategies, we work with many Michigan State University faculty and staff to help them understand and make the most of the retirement benefits available through their employer. Over the years, we’ve become very familiar with how the universities retirement plan works and regularly help clients choose investments and strategies that align with their long-term goals. We offer comprehensive financial planning and focus on building long-term relationships so we can be a resource not just today, but throughout every stage of your career and retirement. Wherever life takes you next, the Elite Wealth Strategies team is here to help you stay on track and move forward with confidence. |
Plan Highlights:
Below is a general overview of common retirement plan options available to Michigan State University employees. Specific features and benefits may vary based on individual circumstances.
403(b) - The base retirement plan for MSU employees, providing a 2 for 1 match on the first 5% of employee contributions, contributions are made pre-tax and taxes are paid when funds are withdrawn
403(b) Supplemental (SRP) - A supplemental retirement plan funded by employee contributions, contributions are made pre-tax and taxes are paid when funds are withdrawn
457 - A supplemental retirement plan funded by employee contributions, contributions are made pre-tax and taxes are paid when funds are withdrawn, there are no early withdraw penalties for withdraws before the age of 59 1/2
Below is a general overview of common retirement plan options available to Michigan State University employees. Specific features and benefits may vary based on individual circumstances.
403(b) - The base retirement plan for MSU employees, providing a 2 for 1 match on the first 5% of employee contributions, contributions are made pre-tax and taxes are paid when funds are withdrawn
403(b) Supplemental (SRP) - A supplemental retirement plan funded by employee contributions, contributions are made pre-tax and taxes are paid when funds are withdrawn
457 - A supplemental retirement plan funded by employee contributions, contributions are made pre-tax and taxes are paid when funds are withdrawn, there are no early withdraw penalties for withdraws before the age of 59 1/2
Elite Wealth Strategies is an independent firm and is not affiliated with, endorsed by, sponsored by, or associated with the Michigan State University or any other educational institution.
Frequently Asked Questions
In-Service Distributions
Retirement Distributions
Yes, Michigan State University allows loans from its 403(b) Base and Supplemental, and 457(b). These loans are subject to restrictions and requirements. More information can be found at the following websites:
Michigan State University 403(b) Base and Supplemental employee contribution limit for 2023: $22,500
Michigan State University 457(b) employee contribution limit for 2023: $22,500
No. Michigan State University offers several great benefits to its employees, most employees receive these benefits automatically, but some are voluntary. However, at this time, Long-Term Care insurance is not one of these benefits. If you are concerned about paying for Long-Term Care, or would like to learn more about how to protect yourself from a Long-Term Care event, contact our office.
Michigan State University offers two retirement plan providers, Fidelity and TIAA. Within each provider’s plan there are many different investment options. When it comes to selecting investment options, it is important to weigh several factors. Some of these factors are; investment time horizon, age, risk tolerance, outside assets, and how active you wish to be inside your account. If you are interested in learning more about these investment options and how to select investments for your account, contact our office.
Yes! Michigan State University offers an incredibly generous 2-1 match, up to 10% of your salary. This means that for every 1% or $1 you put in your 403(b), Michigan State University will put 2% or $2 in. Up to 10% of your salary. Therefore, to maximize this great benefit you would need to put 5% of your salary into your 403(b). It is also important to note, all employer contributions go to the Michigan State University 403(b) base, and not the 403(b) supplemental or the 457(b).
After age 59.5 (depending on account type) or retirement you become eligible to roll your Michigan State University retirement account into an IRA. There are several factors to consider determining if this is right for you. There can be benefits as IRA’s typically provide much more investment freedom. If you want to learn if this is right for you, contact our office.
No, currently, none of Michigan State University’s retirement accounts offer a Roth option. However, Roth IRA’s, due to their unique tax treatment, can be important retirement tools. If you would like to find out if a Roth IRA is right for you, contact our office.
Michigan State University 403(b) Base
Michigan State University 403(b) Supplemental
Michigan State University 457(b)
Similarities
This can be done through Michigan State University’s EBS portal for all employees. If you are concerned about how much you are saving for retirement, contact our office.
Yes, Michigan State University offers two different plan providers for its retirement accounts. One is Fidelity and the other is TIAA. The retirement plan rules remain the same regardless of the provider, however, the investment options are different.
Fidelity Investment Options:
nb.fidelity.com/public/nb/msu/planoptions/plandetails?planId=95378
TIAA Investment Options:
www.tiaa.org/public/tcm/msu/view-all-investments
Michigan State University offers the following benefits to its employees:
Michigan State University offers the following benefits to its employees:
Additional Information on Michigan State University’s employee benefits can be found here: hr.msu.edu/toolkits/benefits-overview.html
