Retirement & Annuities
Most of us will spend up to one-third of our lives in retirement and we need to have adequate means to support ourselves during those years. There are different sources of retirement income – it is important to know how they all work together. And we have other savings goals as well.
Jackson College offers two retirement programs: Michigan’s Public School Employees Retirement Systems (MPSERS) and the Optional Retirement Plan. For most College employees, Michigan’s Public School Employees Retirement System (MPSERS) is a major source of retirement income and also provides disability, separation, and survivor benefits. Be sure you understand your benefits under this important program. The Optional Retirement Plan is available to full-time administrators, faculty, and technicians.
Supplemental Retirement Investments
The Tax Sheltered Annuity Program and the Deferred Compensation Plan both provide ways to make supplemental retirement investments. A 403 (b) and 457 (b) comparison offers points to consider when choosing between plans.
- Tax Sheltered Annuity Program – 403 (b)
- Deferred Compensation Plan – 457 (b)
- 403 (b) and 457 (b) Comparison
Social Security & Medicare
All Jackson College employees, except for student employees, are covered under Social Security.