Benefits Plans - Retirement Savings Plans: How to cancel
Basic Retirement Savings Plan: How to Cancel (Waive) Enrollment
You may cancel (waive) your enrollment in the Basic Retirement Savings Plan using Self Service > Benefits on Wolverine Access by selecting the option Initiate Ret Savings Elections. 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 pay period. This procedure does not cancel your enrollment for the 403(b) Supplemental Retirement Account (SRA) or the 457(b) Deferred Compensation Plan.
Cancel (waive) Enrollment
If you cancel (waive) enrollment in the Basic Retirement Savings Plan, your 5% contribution and the U-M 10% contribution (if you are eligible) will be canceled. You may enroll again at a later date, also using Self Service > Benefits on Wolverine Access.
You cannot completely cancel your participation in the Basic Retirement Savings Plan if you are a compulsory participant (you are age 35 or older, with two or more years of eligible service, and you have a 100% appointment). Instead, you may elect the Reduced Benefit Option through which on earnings below the Social Security wage base ($117,000 in 2014) you make no contribution and the University contribution will be 5%. On earnings exceeding the Social Security wage base, your contribution will be 5% and the University contribution increases to 10%. You cannot elect the Reduced Benefit Option using Self Service > Benefits; please contact the HR/Payroll Service Center at 734-615-2000 for instructions.
Effective Date of Your Election
When you select Initiate Ret Savings Elections on Self Service > Benefits in Wolverine Access you are creating an event that allows you to enter your enrollment or change your existing election. The date you create the event determines the effective date and which paycheck the change will take effect.
Cancelling your enrollment in the Basic Plan may be effective during the same month or it may be effective the following month, depending on when you create the event. Review the tables in the links below carefully to determine which paycheck you are affecting. The first column in the table 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
- 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.
Using Self Service > Benefits
Cancelling your enrollment in the Basic Retirement Savings Plan requires a two-step election. You will need to first “waive” enrollment in the Basic Plan and then also “waive” enrollment under the investment vendor allocation. 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
- Select Benefits
- Select Initiate Ret Savings Elections
- Select the button that reads Select this option to Enroll/ Change/Cancel Your Basic Retirement Savings Plan or your Supplemental Retirement Account (SRA)
- Select Next
- Review the effective date and select Continue
- Select the button at the bottom of the page that reads Select
- Select Edit under the option Voluntary Retirement
- Select Waive
- Select Store
- Review your elections and select OK
- Select Edit under the Retirement Vendor option.
- Select Waive (no coverage)
- 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.