Retirement Savings Plan Enrollment Will Be Suspended October 31 and November 1, 2019
To avoid conflict with benefits open enrollment, Basic Plan, 403(b) Supplemental Retirement Accounts (SRA) and 457(b) retirement savings plan changes through Wolverine Access self-service will be suspended on October 31 - November 1 and will continue on November 2. The Retirement Savings Plans are not part of Open Enrollment, and other than those two days you may enroll or change your participation at any time.
Michigan Medicine Employees: No Action Required for Basic Plan Contribution Change
Effective January 1, 2020, the Basic Plan contribution amount will increase to 5% of eligible compensation for Michigan Medicine employees, with a 10% university contribution after the 12-month waiting period once enrolled in the plan. No action is required; the change will take place automatically on January 1. Retirement savings contributions for bargained-for employees are still determined by the terms of their respective collective bargaining agreements.
About the 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.
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. 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. Note: Effective January 1, 2020, the contribution amount for the Basic Retirement Plan will increase from 4.5% to 5% of eligible compensation for Michigan Medicine employees, and the university contribution after the 12-month waiting period once enrolled will increase from 9% to 10%. No action is required; the change will take place automatically on January 1. Retirement savings contributions for bargained-for employees are still determined by the terms of their respective collective bargaining agreements.
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 Lifecylce Index and Fidelity Freedom Index funds are the default unless you make a change. These 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.
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.