Benefits A-Z
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Benefits Plans - Retirement Savings Plans

Retirement Savings Plan Update

Effective January 1, 2010, individuals hired or newly eligible on or after January 1, 2010 must complete a 12-month waiting period to become eligible to receive the 10% U-M contribution to the Retirement Savings Plan.

About the U-M Retirement Savings Plans

The University of Michigan offers a two-for-one match of your retirement plan contributions — if you contribute 5% of your eligible gross salary, the University will contribute an amount equal to 10% of your eligible gross salary. (Please note that as of January 1, 2010, individuals hired or newly eligible on or after January 1, 2010 must complete a 12-month waiting period to become eligible to receive the 10% U-M contribution to the Retirement Savings Plan.) Your retirement contributions are vested immediately. In addition to your Basic Retirement Plan contributions, you can establish a Supplemental Retirement Account, offering you even more income available to you upon retirement.

See Eligible Compensation for examples of compensation that are eligible to be deferred under the University of Michigan Retirement Savings Plan.

IRS Announces Retirement Plan Limits for 2010
The Internal Revenue Service (IRS) has announced that the limits for making contributions to retirement plans will not increase for 2010.   The limit on 403(b) and 457(b) elective deferrals remains unchanged at $16,500 while the limit for individuals age 50 and older remains at $22,000.  Faculty and staff who are contributing to these plans do not need to change their contribution amounts for 2010 since the limits remain the same.

 

Click the links below to download the retirement savings plan booklet or forms, or click the links above for more information about the plan.

2009 enrollment deadlines

Resources & Tools

Ask the Experts

While the Benefits Office is happy to assist you, TIAA-CREF and Fidelity staff are standing by to answer your questions about their retirement funds and your options.

Have a Question?

Contact TIAA-CREF and Fidelity Investments for these inquiries and services:

  • Questions/help choosing a fund
  • Account and income information
  • Brochures and booklets on services and financial planning
  • Change of address
  • Change your Personal Identification Number (PIN)
  • Divorce, Qualified Domestic Relations Order (QDRO)
  • Forms for cash withdrawal, rollovers, transfers, income options
  • Income and payment methods (lifetime annuity, cash out, interest)
  • Schedule individual counseling; register for workshops
  • Tax questions (withdrawal penalty, minimum distribution, federal withholding)
  • Transferring between funds and between TIAA-CREF and Fidelity
  • Verify or change beneficiary

TIAA-CREF

730 Third Avenue
New York, NY 10017

  • 24-Hour Automated Phone Center: call 800-842-2252
  • Telephone Counseling Center: call 800-842-2776
    Monday - Friday, 8:00 a.m. to 10:00 p.m.,
    Saturday 9:00 a.m. to 6:00 p.m., Eastern time
  • Internet access: http://www.tiaa-cref.org/umich
  • TIAA-CREF Local Office:
    333 Maynard St., Suite 500
    Ann Arbor, MI  48104
  • To RSVP for U-M workshops and individual counseling sessions: call 800-732-8358.
  • For more information about investment options with TIAA-CREF, you can view the TIAA-CREF Financial Education Seminars on the Web: TIAA-CREF Financial Education Seminars
  • View a list of events and make reservations for financial education seminars online: TIAA-CREF Meetings and One on One Counseling

Fidelity Investments Tax-Exempt Service Company

82 Devonshire Street
Boston, MA 02109

Next: Waiting Period for University Contributions

Limitations
The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend or terminate them.
Every effort has been made to ensure the accuracy of the benefits information in this site. However, if any provision on the benefits plans is unclear or ambiguous, the Benefits Office reserves the right to interpret the plan and resolve the problem. If any inconsistency exists between this site and the written plans or contracts, the actual provisions of each benefit plan will govern. The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents.