Benefits Plans - Retirement Savings Plans: 2010 SRA and 457(b) Limits
Frequently Asked Questions
Where do I view my projected limit and retirement plan contributions?
Go to Wolverine Access, Employee Self Service, Benefits, Calculate Ret. Contribution. Be sure to check the “As Of Date” and if it doesn’t say 2013, click the “Recalc” button. At the top of the page are two tabs, one for the 403(b) calculation and one for the 457(b) calculation.
Where do I change my contributions for 2013?
Go to Self Service > Benefits > Initiate Ret Savings Elections. You may change your SRA and/or 457(b) contribution amount once per pay period. However, you can only initiate one change per day to either the SRA or 457(b). After your first change is finalized overnight, you can return to make the other change the following day.
Can I submit a paper form?
Paper forms have been phased out and Self Service > Benefits is the current method to change SRA and 457(b) contribution amounts. If you have trouble getting into Wolverine Access, for example if you have forgotten your uniqname or password, contact the helpdesk at 734-764-4357 (4-HELP from campus phones).
Can I change which company receives my SRA and/or 457(b) contribution?
Yes, simply designate your SRA and/or 457(b) contribution amount to TIAA-CREF and/or Fidelity Investments. If you have not previously established the account, it will be created for you automatically. Please note this will only change your future contributions. If you also wish to transfer existing accumulations between companies, please see http://benefits.umich.edu/plans/retire/transfers.html for more detail.
How is a new account established?
The Benefits Office will send an enrollment notice to your chosen investment company to create your new account. The investment fund for your new SRA or 457(b) account will be defaulted to an age-appropriate TIAA-CREF Lifecycle fund and/or Fidelity Freedom fund. You will receive a welcome packet with fund and beneficiary information. See http://benefits.umich.edu/plans/retire/account.html for more detail.
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.