Wmu Salary Reduction Agreement

457 (b) Plans are a tax-friendly compensation scheme that is very similar to other types of pension plans or pension plans with tax exemptions, such as the . B 403 (b), which offers workers many of the same tax benefits. Like 403 (b) the NMU tax plan, workers who participate in a plan 457 (b) can set aside a portion of their salary with a dollar of up-and-front or after-tax tva. Western Michigan University professors will receive a 2.25 per cent pay cut starting in July. This should help offset the losses suffered by the university during the COVID 19 pandemic. This reduction is part of a contract extension with the faculty union, the chapter of the American Association of University Teachers of the American University Association. Carol Weideman is the president of the WMU-AAUP who approved the extension last week. Weideman says she hopes a deal will help the West move forward. In April, the WMU had already announced the dismissal of 240 employees of one of its unions and wage reductions of 2.5% for all unpaid employees. KALAMAZOO, MI – The board of western Michigan University on Tuesday approved a contract with professors that involves a temporary pay cut of 2.25 percent. As part of the ratification of the contracts, the university also proposes a pension incentive plan.

The plan is open to permanent employees over the age of 55 with at least 10 years of service at the university. Outgoing workers receive a full year of their basic salary in two installments, as recommended. A voluntary supplementary pension scheme that is proposed “in addition” to the NMU pension plan, in which pre-tax or after-tax wage contributions (Roth) can be paid exclusively by the employee to a pension 403 (b) of a tax-benefiting pension plan or 457 (b) a deferred compensation plan with TIAA. The plan was seen as a way for you to save even more for retirement. The university administration and representatives of the Western Chapter of the American Association of University Teachers obtained preliminary agreement on the contract May 17, after publication, and union members ratified the contract on May 21. The amended employment contract, which is now in effect until September 2021, comes due to “significant tax challenges induced by COVID-19 due to the economic impact of the pandemic on higher education and other sectors of society,” the press release states. For the next fiscal year, which begins on July 1, university officials are forecasting a budget deficit of $45 million to $85 million for the WMU. For use by all members of the staff compensation system and members of the Police Association (POA). Sociologist Ron Kramer of Western Michigan University no longer uses the term “climate change.” He calls it the “climate crisis.” A defined contribution plan in which a percentage of your salary is paid by NMU to your individual pension account 403 (b) to TIAA. The contribution percentage is based on your employer group and is open to employees who cannot benefit from the defined benefit plan, MPSERS (see below).

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