Employees of the Montana University System who are new or rehired* members of PERS may elect to:
The MUS-RP is a defined contribution plan. This means that, similar to the PERS Defined Contribution Retirement Plan, the MUS-RP does not specify a benefit in retirement. Instead, it specifies how much is contributed to the retirement account. Your retirement account will grow over time depending on:
- How much you contribute to the account,
- How long the money remains invested, and
- The rate of return earned over that time period.
You invest contributions in selected investment options and assume all investment risk, but you are also entitled to all investment returns. If you elect the MUS-RP, the following amount will transfer from PERS to TIAA (Teachers Insurance and Annuity Association):
- The contributions you have made to PERS since you were hired plus 7.75% interest compounded annually.
- 8.63% of the contributions your employer has made to PERS since you were hired plus 7.75% interest compounded annually.
You can choose the MUS-RP by completing the PERS Retirement Plan Choice Election Form and sending it to MPERA, not your campus payroll personnel. An MUS-RP election filed with your campus payroll personnel is not valid. Upon receipt of your MUS-RP election, MPERA will coordinate university system employee elections and transfer the funds with the appropriate personnel within the Montana University System. Please visit the TIAA MUS-RP website to enroll and choose your investment options. Please contact your campus HR with questions.
Remember: as a Montana University System employee, if you elect the MUS-RP you will waive all rights and benefits under PERS.
The Montana Board of Regents administers the MUS-RP under Montana law and has contracted with TIAA as plan provider.
* Rehired members have a new plan choice election only if they have withdrawn their contributions for more than 24 months.