Benefits Plans - Retirement Savings Plans: How to change your investment vendor
You may change how much of the Basic Retirement Savings Plan contributions are directed to TIAA-CREF and to Fidelity Investments using Self Service > Benefits on Wolverine Access. You may allocate 100% to just one company or split your allocation between the two companies. The procedure described here only changes the vendor to which contributions are directed for your enrollment in the Basic Retirement Savings Plan. This does not affect your vendor allocation for the 403(b) Supplemental Retirement Account (SRA) or the 457(b) Deferred Compensation Plan.
Effective Date - Current Month
Contributions for the Basic Retirement Savings Plan are directed to the investment vendor (TIAA-CREF and/or Fidelity) allocation in effect as of the last day of the month. If you submit and finalize a change in the vendor allocation up to the second to the last day of the month, it will direct all contributions for the Basic Plan for all paychecks issued in that same month.
All other elections use the event date to determine when it takes effect based on the paycheck processing schedule.
Limitations on Effective Dates
- You may use Self Service > Benefits once per pay period to make an election for the Basic Plan and the SRA. You may make one election per calendar month if you are paid monthly. Likewise, you may make one election for per bi-weekly pay period.
- If you have already made one election for a pay period you cannot create anotheruntil the following pay period. This applies regardless of whether you made an election for both the Basic Retirement Plan and the SRA or for just one plan but not the other.
If you enroll in the SRA, you cannot create another event that affects the Basic Retirement Savings Plan (ex. change between TIAA-CREF and Fidelity, cancel enrollment) for that same paycheck.
If you enroll in an SRA, you cannot create another event to raise or lower your SRA contribution until the following paycheck.
Using Self Service > Benefits
Make your investment vendor allocation change 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
- Review your current elections.
- Scroll down the page and select Continue.
- Click the button at the bottom of the page that reads Select.
- Select Edit under the option “Retirement Vendor”.
- Review the current Basic Plan investment vendor allocation.
- Enter your new vendor allocation and then select Store.
- Review your elections and select OK.
- Select Submit to save your elections.
- Read the information on this page, scroll down 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 to securely log off at the top of the window.
- Select Log Out to continue the process to securely log off.
- Select Log Out to complete the process to securely log off.
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.