Retirement
Retirement Vendor Transition
Earlier this year, CMU began looking at how to best configure our 401a defined contribution retirement plan and 403b optional retirement plan. The goal is to simplify investment options, reduce fees paid by employees, provide better investment advising to employees and simultaneously provide better performance monitoring and fiduciary oversight.
On October 3, 2018, the CMU Board of Trustees approved the Retirement Committee recommendations to name TIAA as CMU's sole recordkeeper for both plans and adopt the new Core investment line-up, with an option self-directed brokerage window.
We currently anticipate the full transition to be completed sometime early in CY 2019, however that is subject to change. Additional information can be found in the links below.
CMU's Retirement Partner, Insight Financial Solutions, will be on-campus as noted below. This is an opportunity to ask questions and better understand how this change will affect you. Meetings are limited to 25 minutes and will be held in the HR Conference Room (LHH 237). Please register for a time slot here. Additional sessions will be added over the next several weeks as needed.
- Monday, October 15 from 12-4pm
- Tuesday, October 16 from 9am - 1pm
If you would like to schedule an off-campus meeting with Insight, please contact:
Kevin Price at 970-201-6533 / kevin.price@lpl.com or Jason Stanfield at 970-986-8053 / jason.stanfield@lpl.com
Recordkeeper Updates
10/8/18: CMU Board of Trustees approved the Retirement Committee recommendations to name TIAA as CMU's sole recordkeeper for the 401(a) and 403(b) plans and adopt the new Core investment line-up, with an optional self-brokerage window. Please see October 5th email for more information.
9/17/18: Retirement Plan Changes, September 2018 Update
9/4/18: At the October 2018 Board of Trustee's Meeting, the Committee intends to recommend to the Board the following actions:
- Select TIAA as CMU's single retirement plan recordkeeper for the 401(a) and 403(b) plans
- Approve new Core Investment line-up
- Offer a self-directed brokerage window to allow participants to invest some of their plans funds in socks, bonds, mutual funds, etc. that are not in the Core line-up
- A process for ongoing monitoring of the plan performance and termination of investments, if needed
- See September 4th email for complete details.
8/2/18: Four firms were recently interviewed by the CMU Retirement Committee to act as the Recordkeeper for the new retirement plan under development (Empower, Fidelity, TIAA & VALIC). Following initial evaluation, the Committee will be continuing discussions with TIAA and Fidelity. Please see August 1st email for additional details.
Retirement Committee Meeting Minutes
Emails from Laura Glatt, Vice President for Finance & Administration/CFO
Friday, October 5, 2018 Communication
Tuesday, September 4, 2018 Communication
Wednesday, August 1, 2018 Communication
Monday, July 9, 2018 Communication
Wednesday, June 6, 2018 Communication
Wednesday, April 4, 2018 Communication
CMU Retirement Plan Committee Members:
- Meghan Bissonnette, Asst. Professor Art/Gallery Director
- Kristen Hague, Professor of English, President Elect, Faculty Senate
- Jared Workman, Associate Professor of Physics
- Tom Benton, Acting Director of Maverick Innovation Center
- Jeffrey Doyle, CMU Foundation CFO
- Jill Knuckles, Director of HR
- Laura Glatt, VP for Finance & Administration
- Committee Roster & Contact Information
CMU Retirement Transition Investment Advisor:
Insight Financial Solutions
Kevin Price, LUTCF, PPC, CPFA
2793 Skyline Court, Suite D
Grand Junction, CO 81506
Office: 970-986-4503 ext. 2
Fax: 866-779-7925
Email: kevin.price@lpl.com
Web: www.ifsgj.com
Click here for the full Retirement transition FAQ page.
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Current Retirement Plan Options
All Professional Personnel shall participate in either the Public Employees Retirement Association (PERA) or the Colorado Mesa University Defined Contribution Pension Plan (DCPP) as established by the Trustees. Eligibility to participate in PERA or the DCPP shall be determined in accordance with title 24, articles 51 and 54.5 of the Colorado Revised Statues.
PERA (Public Employees Retirement Association) is a defined benefit retirement plan which is available to Professional Personnel only if you have had a least one year of PERA-eligible employment upon date of hire.
DCPP (Defined Contribution Pension Plan) is for Professional Personnel who are not eligible to enroll into PERA or if eligible, make an irrevocable choice to enroll in the DCPP.
The Colorado Public Employer's Retirement Association (PERA) provides retirement and other benefits to employee of the State of Colorado. Established in 1931 PERA serves as a substitute for Social Security for many members. Eligible employees of Colorado Mesa University who are enrolled in PERA are enrolled in the Defined Benefit Plan, which assures employees of a specific monthly payment at their retirement without regard to the return on the plan's investments.
PERA is not an option for those employees hired after May 1, 1994, except for an eligible employee who is in an active or inactive member of PERA with at least one year of service credit and who elects within thirty (30) calendar days of appointment to remain in PERA.
As a PERA member, you contribute 8 percent of your monthly salary to your PERA member contribution account. Colorado Mesa University contributes 10.15 percent. Your PERA contributions are tax -deferred, which means they are not considered taxable income for federal and state income tax purposes.
PERA Customer Service
1.800.759.7372
PERA Forms and Brochures
State employees do not contribute to Social Security; therefore, State employees of higher education will be members of PERA's (Public Employees Retirement Associate) defined benefit plan. Established by state law to provide its members with a qualified retirement plan that is a substitute for Social Security. All classified employees and non-benefits eligible faculty and administrators (i.e., those who work less than half-time) are required to contribute 8 percent of their monthly salary to their member contribution account. The current employer contribution is 10.15%.
The Defined Contribution Pension Plan provides a retirement plan to Colorado Mesa University Employees who may not be eligible to enroll into PERA or for employees who wish to make an irrevocable choice to enroll into the DCPP. When enrolled in the DCPP, the employee's retirement benefit is based on the total amount of the contributions made to his/her account and the return on investments of those contributions.
Employees enrolled in the DCPP are required to contribute 8 percent of your covered earnings to your DCPP account on a tax-deferred basis. Tax -deferred means they are not considered taxable income for federal and state income tax purposes. Colorado Mesa University currently contributes an amount equal to 11.4 percent of your covered earnings to your DCPP Account
Employees enrolled in the DCPP have the opportunity to invest in funds offered by one of the professional investment companies selected by The Four State College to service the DCPP. Following are the three fund sponsors:
Fidelity Investments
1.800.343.0860
TIAA
1.800.927.3059
VALIC
800.892.5558
www.valic.com/fourstatecolleges
PERAPlus 457 Plan and PERAPlus 401(k) Plan
Available to all employees. Information and enrollment packets are available in the Human Resources office or from PERA.
Most employees know that it is a good idea to take time to plan, save and invest for a financially secure future. The Voluntary Supplemental Retirement Plans allow you the opportunity to build an investment program and expand the opportunities available to you upon retirement.
Plans available to CMU employees include:
PERA 401(k) Plan:
Available to any PERA member. Information and enrollment packets are available in the Human Resources office or from PERA.
PERA 457 Plan:
This program is administered by Colorado PERA and offers pre-tax mutual fund and investments. Information is available in the Human Resources Office or from PERA.
Contact Information: 1- 800-759-7372 www.copera.org
Take time to plan, save and invest for your retirement. The Optional Retirement Plans allow you the opportunity to build an investment program and expand the opportunities available to you upon retirement. These plan are voluntary retirement plans because you choose to contribute to your savings for your retirement in addition to the mandatory retirement plan. Contribution made to an Optional Retirement Plan are made pre-tax, so contributions are deducted from your salary before taxes are taken out. Another advantage to an Optional Retirement Plan is that your contributions, interest and earnings grow tax deferred until you withdraw them, which is usually at retirement.
As Employees of Colorado Mesa University, you have access to a number of Optional Retirement Plan programs.
Information is available for all plans in the Human Resources Office.
Fidelity Investments
1.800.343.0860
TIAA
1.800.927.3059
VALIC
800.892.5558
1100 North Avenue
