You have until 7 p.m. Eastern Time on the day you create an event to finalize and submit your election or it will expire, the election will not take effect, and you will not be able to create another election until the following pay period.
One Election Event for All Plans: Basic Retirement Plan, 403(b) SRA, and 457(b)
You may use Wolverine Access once per pay period to make an election for the Basic Retirement Plan, the 403(b) SRA, and the 457(b) using the same event. You may make one election per calendar month if you are paid monthly, and you may make one election per bi-weekly pay period. All elections for all plans you make will be effective with the same pay period.
If you have already made an election for one, two, or all three plans for the current pay period, you cannot make another until the following pay period. The one-election-per-pay-period rule applies regardless of whether you made an election:
- For just the Basic Retirement Plan, just the 403(b) SRA, or just the 457(b); or
- For any two of the three plans; or
- For all three plans simultaneously
If you already made an election for the pay period, you will not be able to make another election for any plan until the following pay period. If you want to make an election for two or all three plans to take effect in the same paycheck, you will have to make all the elections at once using the same enrollment event.
The date you create the retirement savings plan election event in Wolverine Access determines the effective date and which paycheck your election will affect. Your election may be effective during the current pay period, or it may be effective the following pay period, depending on when you create the event. Review the online enrollment deadlines to determine which paycheck you are affecting.
Enroll Throughout the Year
You may enroll online in the Basic Retirement Plan throughout the year if you did not enroll as a new hire. Be sure to complete the process by selecting your funds and beneficiary.
Enroll Upon Completing the Waiting Period
You will receive an email one month prior to completing the 12-month waiting period for university contributions if you are not enrolled in the Basic Retirement Plan, notifying you of your eligibility for the university contribution if you enroll and contribute. Enrollment is voluntary and may be done throughout the year, but it is not automatic. Be sure to complete the process by selecting your funds and beneficiary.
Change Investment Company
You may change how much of the Basic Retirement Plan contributions are directed to TIAA and to Fidelity Investments using Wolverine Access. You may allocate 100% to just one company or split your allocation between the two companies. Contributions for the Basic Retirement Plan are directed to the investment vendor (TIAA or Fidelity, or both) allocation in effect as of the last day of the month. If you submit and finalize a change in the vendor allocation up to the second to the last day of the month, it will direct all contributions for the Basic Retirement Plan for all paychecks issued in that same month.
If you cancel (waive) enrollment in the Basic Retirement Plan, your contribution and the U-M contribution (if you are eligible) will be canceled. This procedure does not cancel your enrollment for 457(b) Deferred Compensation Plan. You may enroll again at a later date using Wolverine Access.
If you are a compulsory participant in the Basic Retirement Plan (you are age 35 or older, with two or more years of eligible service, and you have a 100% appointment effort) call the SSC Contact Center at (734) 615-2000 for information on how to select the Reduced Benefit Option or cancel the Reduced Benefit Option and contribute at the full 2-for-1 matching rate.