LCC Retirement Plan Overview
Retirement Account / Saving Options
Michigan Public School Employees' Retirement System (MPSERS)
The Michigan Public School Employees' Retirement System (MPSERS) provides a choice between Defined Benefit and Defined Contribution Plans. Employees contribute between 0% and 13% in addition to LCC contributions towards retirement, based on plan choice.
Visit the MPSERS website to learn more.
TIAA Optional Retirement Plan (ORP)
As an alternative to MPSERS, full-time faculty and administrators only can elect to contribute to the Optional Retirement Plan (ORP) through TIAA. The ORP is a Defined Contribution Plan where employees contribute 4.3% towards retirement investments and LCC contributes an additional 12%. Vesting in College contributions is complete after two years of full-time service. Eligible employees must elect this alternative plan within 90 days following initial eligibility. The election, once made, is irrevocable.
Visit the TIAA website to learn more about the plan and investment options.
Tax Sheltered Annuities
Tax Sheltered Annuities allow employees to make voluntary, pre-tax contributions to a retirement investment plan. LCC offers the opportunity for full-time and part-time employees (with some exceptions) to voluntarily contribute to a 457(b) or a 403(b) plan.
Visit the Tax Sheltered Annuities webpage to learn more.
Planning to Retire?
Visit the U.S. Department of Labor website for helpful resources in planning for retirement.
Contact either Payroll at 517-483-1799 or your HR Benefits Team at LCC-HR-Benefits@star.lcc.edu