U-M Retirement Savings Plans
The University of Michigan partners with you to plan for a secure and comfortable retirement. No matter your age or career stage, it is never too late to begin saving – or saving more – for retirement.
View a short video for an overview of your U-M retirement savings plan options (2:13).
The U-M retirement savings plans provide an important source of income in retirement in addition to Social Security and personal savings. U-M does not have a pension plan.
As your career progresses, many little changes – such as investing part of pay increases – can boost your retirement savings over time. View a brief video (1:52) below to learn more.
Visit Tax Matters for answers to questions about your retirement savings plan contributions and your taxes.
How to Participate
Take advantage of the university’s two-for-one match of your contributions by enrolling in the Basic Retirement Plan. Eligible employees contribute 5% of their eligible compensation to the Basic Plan and after a 12-month waiting period, receive a university contribution of 10% of eligible compensation.
You may enroll in any plan at any time throughout the year. If you are eligible, you may contribute to all three plans or choose among them. You can also change your contribution amounts and allocations at any time.
Default Investment Funds
If you enrolled after 2008, the TIAA Lifecycle Index and Fidelity Freedom Index funds are the default unless you make a change. The default funds are age-appropriate fund that are based on your age at enrollment and an expected retirement date at age 65. Learn about TIAA Lifecycle Index and Fidelity Freedom Index funds.
If you do not designate a beneficiary for the retirement savings plans, for both TIAA and Fidelity accounts you may have, the account will be paid according to the person or persons surviving you in the following order: spouse, children, parents, siblings, personal representative (executor or administrator). Name your beneficiary for your retirement savings accounts and review your beneficiary designations periodically to be sure they are up to date. Please note that designating or changing your beneficiary for the U-M retirement savings plans does not update it with MetLife for the U-M life insurance plans. You need to designate beneficiaries for each account you have. Designating a beneficiary is critical to ensure that your retirement accounts will be paid to the person or people you choose.
Make Your Own Custom Portfolio
If you prefer to create a custom portfolio for your retirement investments, you may choose from over 200 investment funds available through TIAA and Fidelity Investments, including mutual funds, and fixed and variable annuities, domestic and international stock funds, bond funds, money market funds and real estate funds are available, along with a guaranteed fixed annuity and socially responsible funds. Several Vanguard funds are also available, as well as a brokerage option that allows you to select mutual funds outside the TIAA family.
Both TIAA and Fidelity Investments, the university’s retirement savings plan investment companies, offer free one-on-one meetings to discuss your retirement goals.
University of Michigan Benefits Office
Wolverine Tower Low Rise G405
3003 S. State Street
Ann Arbor, MI 48109
The University of Michigan Basic Retirement Plan, 403(b) Supplemental Retirement Account, and 457(b) Deferred Compensation Plan are all non-ERISA governmental plans.