Enrolling or Making Changes Throughout the Year

You can make changes to your retirement savings plan elections in Wolverine Access at any time during the year. This includes enrolling, re-enrolling, changing the per-paycheck amount of your 403(b) SRA or 457(b) Deferred Compensation Plan elections, changing your investment company allocations, changing between pre-tax and Roth contributions, or cancelling (waiving) participation in any plan.

To change your elections, you will need to create a retirement savings plan election event:

  1. Select Employee Self-Service > Benefits in Wolverine Access
  2. Select Initiate Ret Savings Elections
  3. Follow the screen prompts
  4. Be sure to complete the process by selecting your funds and beneficiary.

Basic Retirement Plan

You may make elections for the Basic Retirement Plan throughout the year.  The date you create the retirement savings plan election event in Wolverine Access determines the effective date and which paycheck your election will effect. Your election may be effective during the same month or it may be effective the following month, 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-CREF 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-CREF 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.

Cancel Enrollment

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 the 403(b) Supplemental Retirement Account (SRA) or the 457(b) Deferred Compensation Plan. You may enroll again at a later date using Wolverine Access.

Compulsory Participants

If you are a compulsory participant in the Basic Retirement Plan 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.

One Election Per Pay Period - Basic Retirement Plan and 403(b) SRA

You may use Wolverine Access once per pay period to make an election for the Basic Retirement Plan and the 403(b) SRA. You may make one election per calendar month if you are paid monthly.  Likewise, you may make one election per bi-weekly pay period.

If you have already made one election for a pay period you cannot create another until the following pay period.  This applies regardless of whether you made an election for both the Basic Retirement Plan and the SRA or for just one plan but not the other. 

403(b) SRA

You may make elections for the 403(b) SRA in Wolverine Access throughout the year. You have until 7:00 p.m. EST on the day you create an event to finalize and submit your election or it will expire and the election will not take effect.

Please note that if you have taken an SRA hardship withdrawal you are not eligible to make an elective deferral to the Basic Retirement Plan, 403(b) Supplemental Retirement Account (SRA) or the 457(b) Deferred Compensation Plan for a minimum of six consecutive months.

Learn more about contributions limits, how to view your limit, and how to reach your limit. 

One Election Per Pay Period - Basic Retirement Plan and 403(b) SRA

You may use Wolverine Access once per pay period to make an election for the Basic Retirement Plan and the 403(b) SRA. You may make one election per calendar month if you are paid monthly.  Likewise, you may make one election per bi-weekly pay period.

If you have already made one election for a pay period you cannot create another until the following pay period.  This applies regardless of whether you made an election for both the Basic Retirement Plan and the SRA or for just one plan but not the other. 

Effective Dates for 403(b) SRA and 457(b)

There are limitations regarding when your elections for the 403(b) SRA and 457(b) will become effective due to the differences in plan effective dates.  In addition, the ability to change 403(b) SRA and 457(b) elections for bi-weekly paid staff are limited because processing times are much shorter for the bi-weekly payroll cycle than for the monthly payroll cycle.  Note the following:

  • It is not possible to have an election for the Basic Retirement Plan, the SRA and 457(b) take effect during the same calendar month.
  • For special instructions to have your 403(b) SRA and 457(b) elections take effect with the same paycheck, see Synchronizing Your 457(b) and SRA for the Same Paycheck.

457(b) Deferred Compensation Plan

You may make elections for the 457(b) Deferred Compensation Plan in Wolverine Access throughout the year. The 457(b) is not part of the new hire enrollment choices; you must create a separate election to enroll in this program. 

Please note that you may use Wolverine Access only once per calendar month to either enroll in the 457(b) or change an existing election.  You have until 7:00 p.m. EST on the day you create an event to finalize and submit your election or it will expire and you will not be able to use create another election until the following month.

Limitations on 457(b) Effective Dates

Federal regulations mandate that elections for a 457(b) are effective no sooner than the month after the election is made. This means the following:

  • Enrollments and changes to the 457(b) are effective the month after you make the election.
  • It is not possible to enroll in the 457(b) or change a contribution amount during the same month you make the election.
  • Enrollments and changes are generally effective with the second bi-weekly paycheck of the following month after you make the election if you are paid bi-weekly.
  • Unlike the 457(b), enrollments and changes to the Basic Retirement Plan and the SRA may occur in the same month you make the election. Due to this difference in effective dates, it is not generally not possible to have a 457(b) enrollment or change take effect in the same paycheck as your Basic Retirement Plan or the SRA election.

Effective Dates for 403(b) SRA and 457(b)

There are limitations regarding when your elections for the 403(b) SRA and 457(b) will become effective due to the differences in plan effective dates.  In addition, the ability to change 403(b) SRA and 457(b) elections for bi-weekly paid staff are limited because processing times are much shorter for the bi-weekly payroll cycle than for the monthly payroll cycle.  Note the following:

  • It is not possible to have an election for the Basic Retirement Plan, the SRA and 457(b) take effect during the same calendar month.
  • For special instructions to have your 403(b) SRA and 457(b) elections take effect with the same paycheck, see Synchronizing Your 457(b) and SRA for the Same Paycheck.
  • You may use Employee Self-Service > Benefits once per pay period to make an election for the 403(b) SRA. You may make one election per calendar month if you are paid monthly.  Likewise, you may make one election for per bi-weekly pay period.
  • If you have already made one election for a pay period you cannot create another until the following pay period.  This applies regardless of whether you made an election for both the Basic Retirement Plan and the SRA or for just one plan but not the other. 

Timing of Elections and Effective Dates

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.

Effective Dates

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.