About the Plan

The University offers the Lawrence Technological University Defined Contribution Retirement Plan to help eligible employees save towards retirement.  There are three contribution sources to the Plan: Employee Pre-Tax Match, Employer Match and Employee Pre-Tax.   Each source has separate eligibility requirements that must be met before participating in the Plan.  The contributions you defer into the Plan generally will be contributed on a pre-tax basis. Deferrals (and related earnings) are always fully vested and cannot be forfeited. The Plan is subject to the discretion of the University to modify, add or eliminate at any time. 
  • Employee Pre-Tax Match (previously "retirement" contributions):  Allow participants to make required contributions to receive the Universtiy's Employer Match contribution that is in place.
  • Employer Match: University's matching contribution that is in place.
  • Employee Pre-Tax (previously "TDA" contributions): If participants want to contribute more than the required amount towards retirement or if participants are not eligible for the Match source, participants may enroll in the Employee Pre-Tax source. There is no matching contribution from the University to the Employee Pre-Tax.
Your total retirement contributions cannot exceed the annual IRS limit.  
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Summary Plan Description

The Summary Plan Description (SPD) document summarizes the important features of the Plan, including the eligibility requirements, benefits and obligations under the Plan. Download a copy of the following retirement plan SPD document: 
 
You may also request a paper copy of the SPD document free of charge by emailing benefits@ltu.edu

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TIAA CREF

The Plan is funded through the Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF). Participants select amongst a wide choice of investment options for both plans.
 
An individual who has terminated employment with the University, either through retirement or for other reasons, will be granted complete control of accumulated funds, including transfer to other plans or cash surrender.  Distribution of these funds is governed by the IRS. Inappropriate cash out of these funds could result in excess taxes and penalties. Please contact TIAA-CREF at 1.800.842.2776 for information concerning withdrawal options for the funds.

 

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Plan Value and Fees

When it comes to planning for retirement, it's important you take into account plan fees when making investment decisions — just as you would consider how investment performance, your contribution amount, and asset allocation strategy all impact your retirement savings.  Link to Understanding Plan Fees to learn more about fees.  You may request a paper copy of the fee disclosure free of charge by emailing benefits@ltu.edu.  

 

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Beneficiary Designation

To designate or change your beneficiary information, contact TIAA-CREF:
  • Phone: Toll free: 800-842-2776
       Monday - Friday: 8:00 a.m. - 10:00 p.m. ET
       Saturday: 9:00 a.m. - 6:00 p.m. ET


Counseling and Seminars

TIAA-CREF offers Personal Consultation services with an Individual Consultant at a local TIAA-CREF office, on campus, or another location near you.  To schedule an appointment or locate a seminar, contact TIAA-CREF:

Schedule a personal appointment by phone:
Detroit Office: 800.842.2044
Local: 248.351.9040

For counseling by phone:
Call: 800.842.2776
 
Locate a seminar by Internet:
Visit: www.tiaa-cref.org/moc
Questions? Email benefits@ltu.edu 

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Limitations
Lawrence Tech in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend or terminate them.

Every effort has been made to ensure the accuracy of the benefits information in this site. However, if any provision on the benefits plans is unclear or ambiguous, the Office of Human Resources reserves the right to interpret the plan and resolve the problem. If any inconsistency exists between this site and the written plans or contracts, the actual provisions of each benefit plan will govern. Lawrence Tech in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents.