Benefits Plans - Retirement Savings Plans: if you enrolled since 2008
If you enrolled in the Basic Retirement Plan, SRA and/or 457(b) since 2008, the investment fund and your beneficiary is a default designation.
Your Investment Fund Default
The investment fund will be an age-appropriate Lifecycle Index Fund if you select TIAA-CREF or a Freedom Index Fund if you select Fidelity.
Your Beneficiary Default
If you selected TIAA-CREF the beneficiary default designation is your estate. If you selected Fidelity Investments the account will be paid according to person or persons surviving you in the following order: spouse, children, parents, brothers or sisters, personal representative (executor or administrator).
What You Need to Do
You may change your investment fund and declare a beneficiary at any time by contacting TIAA-CREF and/or Fidelity Investments. You will need to designate your beneficiary and investment funds for each type of plan (Basic Retirement Plan, 457(b), SRA) in which you enroll and each time you enroll in a new plan. Your beneficiary and investment fund designations for one type of plan do not carry over to other plans. You will need to designate beneficiaries and fund choices separately for each 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.