Benefits Plans - Retirement Savings Plans: How to enroll - 457(b)
457(b): How to Enroll or Make a Change
You may enroll in the 457(b) Deferred Compensation Plan or change your contribution amount throughout the year using Self Service > Benefits on Wolverine Access by selecting the option Initiate Ret Savings Elections. The 457(b) is not part of the new hire enrollment choices; you must create a separate election to enroll in this program. Please note that you may use Self Service > Benefits only once per calendar month to either enroll in the 457(b) or change an existing election. You have 24 hours to complete your election or it will expire and you will not be able to use Self Service > Benefits until the following month.
457(b) and 403(b) SRA Elections Closed During the Last Two Days of Open Enrollment
457(b) Deferred Compensation and 403(b) Supplemental Retirement Account (SRA) elections will be closed on November 6, 2014 and until 6 p.m. on November 7, 2014 to avoid conflict with Open Enrollment elections.
View step-by-step enrollment instructions below.
IRS regulations mandate that elections for a 457(b) are effective no sooner than the month after the election is made. This means the following:
Effective Date of Your Election
When you select Initiate Ret Savings Elections on Self Service > Benefits in Wolverine Access enroll or make changes online you are creating an event that allows you to input your enrollment or change your election. The date you create the event determines the effective date and which paycheck your enrollment or change will take effect.
The first column in the table links below shows the date your paycheck is issued. The second and third columns contain the date range to use Self Service > Benefits in order to make your enrolment or change take effect in that paycheck.
Limitations on Effective Dates
There are limitations regarding when your elections for the SRA and/or 457(b) will become effective due to the differences in plan effective dates. In addition, the ability to change SRA and 457(b) elections for bi-weekly paid staff are limited because processing times are much shorter for the bi-weekly payroll cycle than for the monthly payroll cycle. Note the following:
- There are limitations regarding when your elections for the SRA and/or 457(b) will become effective due to the differences in plan effective dates.
- It is not possible to have an election for the Basic Retirement Savings Plan, the SRA and 457(b) take effect during the same calendar month.
- It is not possible to make more than one election for the 457(b) take effect in the same month since the 457(b) is limited to one election per month using Self Service > Benefits.
- It is not possible to have an election for the 457(b) to be effective with the first bi-weekly pay period in a calendar month (or a third for months in which there are three bi-weekly pay periods) using Self Service > Benefits. Therefore, you cannot have an SRA and 457(b) both take effect with the first bi-weekly pay period in a given calendar month.
- For special instructions to have your SRA and 457(b) elections take effect with the same paycheck, see How to Synchronize Your 457(b) & SRA for the Same Paycheck
Please note that you may use Self Service > Benefits only once per calendar month to either enroll in the 457(b) or change an existing election.
Using Self Service > Benefits
Make your 457(b) changes on Self Service > Benefits through Wolverine Access by following the step-by-step instructions below. Click the link in each step to view an illustration of the corresponding self-service page.
- Go to the Wolverine Access Gateway at http://wolverineaccess.umich.edu
- Select the Faculty & Staff tab
- Select Employee Self-Service
- Enter your uniqname and password to log in
- Select Benefits on the Self Service page
- Select Initiate Ret Savings Elections
- Select the button that reads Select this option for the Enroll/ Change/Cancel Your 457(b) Deferred Compensation Plan
- Select Next
- Review the effective date and select Continue to proceed
- Select Select
- Select Edit
- Select 457(b) Deferred Compensation Plan
- Enter your per paycheck contribution amount, how much of this amount you wish to allocate to TIAA-CREF and Fidelity, and then select Store.
- Review your elections and select OK to proceed.
- Select Submit to save your choices.
- Read the Salary Deferral Agreement, scroll down the page and select Submit.
- Review your confirmation number and submitted elections; select Return to Enrollment to view your event status.
- Review your enrollment status.
- Select Sign Out at the top of the window to securely log off.
- Select Log Out to continue the process to securely log off.
- Select Log Out to complete the process to securely log off.
- Contact TIAA-CREF and Fidelity Investments to select your investment funds and designate your beneficiaries.
You need to designate your investment fund choices and beneficiaries separately for each type of plan in which you enroll. Fund choices and beneficiary designations you have already made for one plan, such as the Basic Retirement Savings Plan DO NOT automatically carry over to the 457(b) or the SRA (and vice versa).
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.