Benefits Plans - Retirement Savings Plans: online Enrollment Deadlines
Dates for Enrolling and Making Changes on Wolverine Access Self Service > Benefits
You can enroll in the Basic Retirement Savings Plan, 403(b) Supplemental Retirement Account (SRA) and/or the 457(b) Deferred Compensation Plan online using Self Service > Benefits through Wolverine Access. You may also change or cancel your contribution throughout the year.
Please note that if you have taken an SRA hardship withdrawal your are not eligible to make an elective deferral to the Basic Retirement Savings Plan, 403(b) Supplemental Retirement Account (SRA) or the 457(b) Deferred Compensation Plan for a minimum of six consecutive months.
The paycheck in which the enrollment or change will take effect depends on when you use Self Service > Benefits. Click a link below to access the bi-weekly or monthly deadline tables to determine the effective date.
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.
24 Hours to Finalize Your Election
When you select Initiate Ret Savings Elections you are creating an event on Self Service > Benefits that allows you to input your enrollment or change your contribution. The date you create the event determines the effective date and when it affects your paycheck.
You have 24 hours from the time you select an election to successfully finalize and Submit your election. If you do not finalize and Submit the election within 24 hours, the event will expire and you cannot create another election until the next pay period.
Once you successfully finalize and Submit your election, you will receive an immediate email with a confirmation number. If you do not receive this email, you have not completed the process.
If you do not successfully finalize and Submit your election by the Self Service > Benefits deadline for a given paycheck, it will also be too late to make the election using paper forms. Your next opportunity to make an election will be for the following pay period.
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.