Benefits Plans - Retirement Savings Plans: How to enroll - basic plan
Basic Retirement Savings Plan: How to Enroll
Designate Your Fund Choices and Beneficiaries
You enroll online using Self Service > Benefits on Wolverine Access. However, you still need to designate your investment fund choices and beneficiaries by contacting TIAA-CREF and Fidelity. 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). You need to designate your beneficiary separately each time you enroll in a new type of plan.
Enroll Throughout the Year
You may enroll online in the Basic Retirement Savings Plan throughout the year if you did not enroll as a new hire. You will need to create an enrollment event by selecting Initiate Ret Savings Elections on Self Service > Benefits in Wolverine Access, which allows you to input your enrollment. The date you create the event determines the effective date and which paycheck your enrollment will take effect. Enrollment may be effective during the same month or it may be effective the following month, depending on when you create the event. View the deadline tables below to determine when your contributions will begin.
Enroll upon Completing the Waiting Period
You will receive an email one month prior to completing the waiting period if you are not enrolled, notifying you of your eligibility for the university 10% contribution if you enroll and contribute your 5%. Enrollment is voluntary and may be done throughout the year, but it is not automatic. In order to enroll with your first paycheck that is eligible for university contributions, please note the following guidelines:
Refer to the bi-weekly deadline chart to create your event and submit your enrollment within the date range for the paycheck that includes the date you complete the waiting period.
Refer to the monthly deadline chart to create your event and submit your enrollment within the date range for the paycheck that includes the date you complete the waiting period.
Enroll as a New Hire
You enroll using Wolverine Access at the same time you make elections for your other benefits, such as health and dental coverage as a new hire or newly eligible faculty or staff member. You may also enroll in the 403(b) Supplemental Retirement Account (SRA) at the same time. You have 30 days to complete your new hire online enrollment for the various benefit programs (medical, dental, retirement, etc.). Contributions will begin based on when you finalize and submit your election; retroactive contributions are not provided. View the deadline tables below to determine when your contributions will begin.
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 per bi-weekly pay period.
- If you have already made one election for a pay period you cannot create another until 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
The following illustrates how to enroll in the Basic Retirement Savings Plan for an individual who did not enroll upon hire. 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 for the Voluntary Retirement option.
- Select Basic Retirement Savings Plan
- Select Store
- Review your elections and select OK
- Select Edit for the Retirement Vendor option.
- Enter your 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.
- 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). You need to designate your beneficiary separately each time you enroll in a new type of 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.