A Voluntary Retirement Account is a tax-advantaged retirement savings plan that allows you to contribute additional funds toward retirement, beyond your mandated pension plans, such as MPSERS and Optional Retirement Plan. Contributions to this retirement account is entirely optional. Lansing Community College allows for voluntary contributions into a 403(b) or 457(b) retirement account with both pre-tax and post-tax options.
Key Benefits:
- Flexible Contributions: Choose how much you want to contribute—either a flat dollar amount or a percentage of your pay.
- Pre-tax or Roth Options: Contributions can be made pre-tax (traditional) to lower your taxable income now, or after-tax (Roth) for tax-free withdrawals in retirement.
- Investment Choices: Access a wide range of investment options to align with your retirement goals and risk tolerance.
- Portable: The account stays with you, even if you change jobs or retire.
Read below for detailed information about this benefit:
Eligibility
Full-time and part-time* employees are eligible.
*Excludes part-time athletic coaches, Specialized Professional Services (SPS) employees, and student employees.
Enrollment
LCC employees may enroll and participate in the voluntary retirement program at any time. To establish an investment account with TIAA, complete the enrollment process through one of the following options:
- Option 1: Schedule a consultation with a TIAA representative in-person or virtually. Contact information is located under the Retirement Investment Provider section.
- Option 2: Enroll online at www.TIAA.org/Public. Contact HR-Compensation@lcc.edu to request the enrollment access code or call 517-483-1869.
After enrolling, you must complete a Salary Reduction Agreement form to begin voluntary contributions, pre- or post-tax, from your bi-weekly paycheck.
Retirement Investment Provider
TIAA
TIAA website
Courtenay Lavigne
TIAA Financial Consultant
980-867-6437 Office
Email: courtenay.lavigne@tiaa.org
Justin Braman
TIAA Financial Consultant
980-500-5215 Office
Email: Justin.Braman@tiaa.org
Salary Reduction Agreement
Salary Reduction Agreements will be made effective as of the first payroll period following submission to Payroll. You may select a percentage per pay or a dollar amount to be deducted from your paycheck.
A participant may file a modified or renewed Salary Reduction Agreement on a quarterly basis. A Salary Reduction Agreement may be terminated at any time.
Fund Transmission
All deductions will be transmitted to TIAA within two business days of a payday.
Retirement Plan Committee
Lansing Community College Retirement Plan Committee oversees voluntary retirement investment options provided by the College for eligible employees. The Committee assumes the duties of the day-to-day operations, oversight, and monitoring of the selection and performance of the investment alternatives provided to participants under these plans. This includes the college’s optional 403(b), 457(b), and 401(a) ORP Retirement Plan (as required under the Michigan Optional Retirement Act of 1967, MCL 38.381 – 38.388). Investment options under these plans are currently offered through TIAA Retirement Services. This committee does not oversee any investment options administered by the Michigan Public School Employees Retirement System.
Plan Documents
Questions?
Contact HR Compensation at 517-483-1870 or hr-compensation@star.lcc.edu.
Contact Human Resources
Phone: 517-483-1870
Fax: 517-483-1883
Monday - Friday:
8:00 a.m. - 5:00 p.m.
Administration Building
Suite 103 & 106
610 North Capitol Avenue
Lansing, MI 48933