Benefits Plans - 457(b) Deferred Compensation Plan:
Transfers for Purchase of Service Credit
If you participate in a defined benefit governmental plan (as defined in Internal Revenue Code Section 414(d)), you may request a direct transfer from this plan to the defined benefit governmental plan if the transferred assets are used for the following purposes:
- The purchase of service credit (as defined in Code Section 415(n)(3)(A)) under the defined benefit governmental plan; or
- The repayment of contributions and earnings related to a previous forfeiture of service credit under the defined benefit governmental plan.
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.