Early July. 457(b) plans are a tax-deferred compensation plan that is very similar to other types of tax-deferred pension or pension plans, such as paragraph 403(b), and provides employees with many of the same tax benefits. Like NMU`s 403(b) tax-deferred plan, employees who participate in a 457(b) plan can set aside a portion of their salary with input tax or after-tax money. The university administration and representatives of the Western Branch of the American Association of University Professors reached a provisional agreement on the contract on May 17, according to the press release, and union members ratified the contract on May 21. As part of the ratification of the contract, the university also offers a pension incentive plan. The plan is open to permanent employees over the age of 55 who have been working at the university for at least 10 years. Departing employees receive a full year of their base salary in two instalments, as recommended. The UMM had already announced in April that it would dismiss 240 workers from one of its unions and implement wage cuts of 2.5% for all eligible and non-negotiator employees. Carol Weideman is president of the UMM-AAUP, which approved the extension last week. Weideman says she hopes a deal will help the West move forward.
A voluntary supplemental pension plan offered “in addition to” the NMU pension plan, where employee contributions before or after tax (Roth) can only be paid by the employee to a tax-deferred pension plan 403 (b) or a deferred compensation plan 457 (b) with TIAA. The plan was set up as a way for you to save even more for retirement. . Tuesday`s MMU Board meeting will be streamed live online at wmich.edu. .