Know Your Benefits: Generous retirement plan supports long-term financial goals 

Metropolitan State University of Denver empowers faculty and staff members to make informed decisions about their financial future, thanks to a robust retirement benefit to which the University makes a significant contribution.  

Professional-staff members and full-time faculty members participate in a mandatory defined-contribution retirement plan, or DCRP, which serves as an alternative to Social Security. Employees enrolled in the DCRP contribute 8% of their salary to a 401(a) plan, which is more than matched by MSU Denver’s contribution of 11.4%. 

Employees have the option of investing these contributions with TIAA or Fidelity Investments. 

“Our retirement benefit creates a solid foundation for growing long-term savings,” said MSU Denver Benefits Manager Kristen Wall Cordova. “MSU Denver’s retirement plan, including the generous University match, provides essential benefits that support our employees’ long-term financial goals.” 

Employees with at least one year of prior credit with the Public Employees’ Retirement Association, or PERA, have the option to enroll in the defined-benefit state pension plan instead of the DCRP, but it’s a one-time, irrevocable choice. 

For employees interested in saving beyond their required contributions, MSU Denver offers supplemental retirement accounts, including 403(b) plans through TIAA and Fidelity, as well as 401(k) and 457 plans available through the PERA Plus Program.  

While the University does not contribute to these supplemental accounts, these plans allow employees to diversify and grow their retirement savings. 

To enhance support for retirement planning, TIAA and Fidelity offer consultation services to employees, including some on-campus counseling sessions. TIAA representatives will be on campus Dec. 11 and Jan.14 and available by appointment to discuss individual retirement plans and contribution levels and to ensure that employees are positioned to meet their retirement goals.  

For those unable to attend in person, virtual sessions are also available, making it convenient for employees to access personalized advice. Employees can also schedule off-campus consultations with Fidelity or PERA representatives. 

“Retirement counseling can be invaluable, especially for those who may be approaching retirement age or looking to optimize their savings strategy,” said Wall Cordova.

“Employees can use these sessions to verify that their funds are in the right investment lineup and make any necessary adjustments.”