Benefits Plans - 457(b) Deferred Compensation Plan: Quarterly Statements

What’s on the TIAA-CREF and Fidelity quarterly statements?
Each quarter you will receive statements from TIAA-CREF and Fidelity Investments that reflect activity on your account that occurred during the time period it covers. This includes deposits of your payroll contributions and any transfers you made among the investment funds.

How are my 457(b) deferred compensation contributions reported on the statements?
The statements report the dates on which contributions were received by TIAA-CREF and Fidelity, not the dates they were taken from your paycheck. This can cause confusion if you are trying to reconcile your paycheck contributions with the amounts reported on the statements during the same time period. Keep the following in mind:

  • All contributions are sent to TIAA-CREF and Fidelity on the first business day of the following month after they were taken from your paychecks. For example:

    An April 1 deposit represents contributions taken from your March paychecks.  

    A quarterly statement dated “April 1, 2006 - June 30, 2006” reflects deductions taken from your March, April and May paychecks.  

  • The amount reported in your quarterly statements are always one month off from when the contributions were taken from your paychecks, because TIAA-CREF and Fidelity report when they were received, not when they were deducted.

  • Because of this one month difference, you cannot simply compare the quarterly statement to paychecks issued during the same months.

  • If you contribute to both TIAA-CREF and Fidelity, make sure you are crediting the correct percentage of each month’s contribution to each company according to your allocation split.

  • Changes to your deferral amount will be reported in the following month. For example, if you change your amount in the June paycheck, the new contribution amount will be reported by TIAA-CREF or Fidelity as being received in July. Therefore, it will not appear until your third quarter statement that covers July through September, which will be mailed in early October (see chart below).
Comparing Your Paychecks to the Quarterly Statements

Month Check Issued & Deferral Taken

When Received by TIAA-CREF & Fidelity

Quarterly Statement on which it Will Appear


January 1

First Quarter

January 1 – March 31


February 1


March 1


April 1

Second Quarter

April 1 – June 30


May 1


June 1


July 1

Third Quarter

July 1 – September 30


August 1


September 1


October 1

Fourth Quarter

October 1 – December 31


November 1


December 1

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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.