Basic Retirement Plan

The Basic Retirement Plan offers a two-for-one match of your contributions and immediate vesting.  Eligible employees can enroll at any time using Employee Self-Service > Benefits in Wolverine Access.  University contributions begin after a 12-month waiting period once you are enrolled. Contributions and earnings are tax-deferred until you take a distribution. You do not pay state or federal income taxes on your contributions at the time they are made. However, you still pay the 7.65% FICA (Medicare and Social Security) tax.

Note: Effective January 1, 2020, the 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.

Investment Options

You may invest your funds with two investment companies — TIAA and Fidelity Investments. Contributions may be allocated to either or both, and contributions may be distributed among the approved investment funds offered.

TIAA and Fidelity Investments Websites for U-M Faculty and Staff

Visit these sites at any time to open your account, select your investment funds, and name your beneficiary.

TIAA
tiaa.org/umich

Fidelity Investments
netbenefits.com/uofm