Benefits Plans - Retirement Savings Plans: Retirement Plans and Your W-2

Your W-2 will display the amount of contributions, if any, you have made to the U-M Retirement Savings Plan and/or the 457(b) Deferred Compensation Plan. This information can appear in more than one box, depending on which plans you have contributed to during the year. The U-M 10% contribution for the Retirement Plan is not reported on this form. Examples are provided below to illustrate how your W-2 may appear.

BOX 12

Code E: 403(b)	Contributions you make to the retirement plan on a voluntary basis are called 403(b) elective deferrals. This includes any supplemental (SRA) contributions and the 5% you contribute to the Basic Retirement Plan on your entire salary as a voluntary participant. If you are 35 or older, have completed two years of service, and are working at a 100% appointment, you are a compulsory participant. In this case, your 403(b) elective deferrals consist of any supplemental (SRA) contributions and your 5% Basic Plan contribution on your U-M earnings only up to the Social Security wage base ($113,700 for 2013).
Code G: 457(b)	Your contributions to the 457(b) Deferred Compensation Plan are called 457(b) elective deferrals. This amount will appear in Box 12 with code “G” next to it.

Code E: 403(b)

Contributions you make to the retirement plan on a voluntary basis are called 403(b) elective deferrals. This includes any supplemental (SRA) contributions and the 5% you contribute to the Basic Retirement Plan on your entire salary as a voluntary participant.

If you are 35 or older, have completed two years of service, and are working at a 100% appointment, you are a compulsory participant. In this case, your 403(b) elective deferrals consist of any supplemental (SRA) contributions and your 5% Basic Plan contribution on your U-M earnings only up to the Social Security wage base ($113,700 for 2013).

Code G: 457(b)

Your contributions to the 457(b) Deferred Compensation Plan are called 457(b) elective deferrals. This amount will appear in Box 12 with code “G” next to it.

BOX 14

If you are a compulsory participant in the Basic Retirement Plan, your 5% contribution on your U-M earnings over the Social Security wage base ($113,700 for 2013) is a mandatory 401a contribution and is reported in Box 14 with the label “401a”. You will not see a figure in Box 14 with the label “401a” if your earnings are less than the Social Security wage base, or if you are a voluntary participant in the Basic Retirement Plan.

Click here for W-2 Examples

Information is based on the University’s current understanding of highly complex Internal Revenue Code (IRC) and U.S. Treasury Department regulations and is provided for general informational purposes only. The University of Michigan does not provide tax advice. Questions or concerns should be addressed to a qualified tax adviser.

Limitations
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.