Benefits Plans - Retirement Savings Plans: do i have a pension at u-m?
I used to work for the University of Michigan; am I entitled to a pension?
No. The University of Michigan does not have a traditional defined-benefit pension plan. You need to have participated in the Basic Retirement Savings Plan and invested with TIAA-CREF and/or Fidelity Investments (Calvert was offered briefly from 1991-1997) in order to receive an income benefit.
Didn’t the University of Michigan have a pension plan at one time?
No. Faculty and staff have to participate in the plan in order to receive an income benefit. This includes affirmatively enrolling in the plan and selecting mutual funds and annuities that are offered through the plan’s available investment companies. There was no automatic pension plan.
What is the Basic Retirement Savings Plan?
It is a tax-deferred 403(b) and 401(a) defined contribution plan. Faculty and staff contribute 5% of salary and receive a 10% U-M contribution after one year of service.
How can I verify if I participated in the Basic Retirement Savings Plan?
Call the plan’s investment companies. If you have an account through the Basic Retirement Plan the investment companies would have record of it, no matter how small the balance or even if you cashed it out years ago. In addition, you should be receiving quarterly statements from the investment companies if you have an account.
TIAA-CREF: 1-800-842-2776
- Available as an investment option since 1919
Fidelity Investments: 1-800-343-0860
- Available as an investment option since 1991
Calvert: 1-800-368-2745
- Available as an investment option from 1991 until 1997
I called the investment companies and they have no record of an account for me. Isn’t there some other way to confirm if I participated in the plan?
Your U-M paystubs will display your contributions and the U-M contributions to the Basic
Retirement Savings Plan if you were enrolled. The U-M Payroll Office can produce copies of your paystubs for a fee of $15. You may contact the Payroll Office at:
University of Michigan
Payroll Office
G-395 Wolverine Tower
3003 S. State Street
Ann Arbor, MI 48109-1279
Phone: (734) 615-2000, Option 2
FAX: (734) 647-3983
The investment companies have no record of an account for me and the paystubs do not show any contributions were made to the plan.
This means that you did not participate in the U-M Basic Retirement Savings Plan.
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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.