A retirement savings plan election event allows you to enroll, cancel, or change your elections.
Please note the following important retirement savings plan event guidelines:
- You may only create one event per pay period to enroll in or change your Basic Retirement Plan or 403(b) SRA or both (biweekly or monthly, depending on how you are paid).
- You may only create one event per calendar month to enroll in or change your 457(b) Deferred Compensation Plan election, regardless of how you are paid.
- You may only create, finalize, and submit one event per day. You have until 7:00 p.m. ET on the day you create an event to finalize and submit your election. If you create an event after 7:00 p.m., you have until 7:00 p.m. the following day to finalize and submit your election.
If you need to make elections affecting your Basic Retirement Account/403(b) SRA and your 457(b), initiate and submit your first election before 7:00 p.m., then initiate and complete your election for the other plan(s) the following day.
Enrollment in or changes to the Basic Retirement Plan and 403(b) SRA can take effect during the same month or the following month, depending on the timing of your elections.
Enrollment in or changes to the 457(b) Deferred Compensation Plan take effect the following month.
Use the Online Enrollment Deadlines to target a specific paycheck or see when your elections will take effect.
Important Guidelines and Tips
When you select Initiate Ret Savings Election under Employee Self-Service > Benefits in Wolverine Access, you are creating an event that allows you to input your enrollment or change your contribution. The date you create the event determines the effective date and when it affects your paycheck.
You have until 7:00 p.m. EST on the day you create an event to finalize and submit your election.
- If you create an event at 2:00 p.m. on Tuesday, you have until 7:00 p.m. that Tuesday evening to finalize and submit your election.
- You may continue to review your available options and any elections you entered, as well as change entered elections up to the 7:00 p.m. deadline. Submitted elections will be processed in Wolverine Access at 7:00 p.m. on each weekday and on Sundays.
If you create an event after 7:00 p.m., you have until 7:00 p.m. the following day to finalize and submit your election.
- If you create an event at 10:00 p.m. on Tuesday, you have until 7:00 p.m. on Wednesday to finalize and submit your election.
- If you do not complete the election process and Submit the election by the 7:00 p.m. deadline, it will expire without any changes taking effect. You cannot use Employee Self-Service > Benefits until the next available election period:
If a Basic Retirement Plan / SRA event you created expires you cannot create another until the next pay period.
If a 457(b) event you created expires you cannot create another until the following month.
You will receive an email with a confirmation number immediately after you have successfully Submitted your election. You have not completed the process if you do not receive this email and no changes will take effect.
The SRA and 457(b) have different effective dates. There is limited ability to get the two plans to take effect with the same paycheck and requires careful coordination.