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U-M RETIREMENT SAVINGS PLAN

Records indicate you are enrolled in the U-M Basic Retirement Savings Plan, the Supplemental Retirement Account (SRA), and/or the 457(b) Deferred Compensation Plan.  This email is a courtesy reminder that you may change your investment fund choice at any time, and to remind you to review and update your beneficiary designation so it accurately reflects your wishes.

Changing Your Investment Fund

The automatic investment fund choice for the retirement programs is an age-appropriate Lifecycle Index Fund if you select TIAA-CREF or a Freedom Index Fund if you select Fidelity Investments.  You may change your fund choice at anytime by contacting TIAA-CREF at 1-800-842-2776 and Fidelity Investments at 1-800-343-0860.  More information on all fund choices may be found at:

TIAA-CREF: http://enroll.tiaa-cref.org/umich/

Fidelity Investments: https://www.mysavingsatwork.com/atwork/um.htm

Beneficiary Designation

Designating a beneficiary is critical to ensure that your retirement account is paid to the beneficiary of your wishes, and helps avoid legal disputes over your account.  It is important to keep your beneficiary designations up to date.  Family status changes, such as marriage, divorce, birth, or adoption may affect your desired beneficiary intentions.

It is recommended that you review and update your beneficiary designation periodically to make sure it reflects your wishes.  Please note that designating or changing your beneficiary for life insurance does not update it for the Basic Retirement Savings, SRA, or 457(b) plans nor vice versa.  You must complete a separate beneficiary designation for each benefit plan in which you are enrolled and for each investment carrier.

The order of the beneficiary determination will be as follows under current terms of the retirement savings programs if you have not designated a beneficiary or have an ineffective designation:

TIAA-CREF
The beneficiary will be your estate.  This will involve probate court determining who will receive the benefits of your account.

Fidelity Investments
The account will be paid according to person or persons surviving you in the following order: a) spouse, b) children, c) parents, d) brothers or sisters, e) personal representative (executor or administrator).

Contact TIAA-CREF at 1-800-842-2776 and Fidelity Investments at 1-800-343-0860 for information on how to designate or update your beneficiary. For more information, visit the Beneficiary page on the Benefits Office website at: benefits.umich.edu/events/beneficiary.html

 

 

 

 

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