How to Enroll in the 457(b) Deferred Compensation Plan

Please note that you may use Self Service > Benefits only once per calendar month to either enroll in the 457(b) or change an existing election.

To begin, go to Wolverine Access, click the Faculty & Staff tab, enter your uniqname and UMICH password to log in, click Employee Self-Service and then follow these steps.

  1. Click the Benefits tile
  2. Under Retirement Self Service, click Initiate Ret Savings Elections
  3. Click the radio button for Select this option for the Enroll/ Change/Cancel Your 457(b) Deferred Compensation Plan
  4. Click Next
  5. Review the effective date and click Continue to proceed
  6. Click Select
  7. Click Edit
  8. Click 457(b) Deferred Compensation Plan
  9. Enter your per paycheck contribution amount, how much of this amount you wish to allocate to TIAA and or Fidelity, and then click Store
  10. Review your elections and click OK to proceed
  11. Click Submit to save your choices
  12. Read the Salary Deferral Agreement, scroll down the page and click Submit
  13. Review your confirmation number and submitted elections
  14. Click Return to Enrollment to review your event status
  15. Click Sign Out at the top of the window to close self-service, and then click Log Out to securely exit Wolverine Access. If you are on a public computer, click Log Out again to securely log out of all U-M weblogin applications.
  16. Select your investment funds and designate your beneficiaries by visiting the TIAA and or Fidelity Investments websites for the U-M plans.

IMPORTANT

You need to designate your investment fund choices and beneficiaries separately for each type of plan in which you enroll.   Fund choices and beneficiary designations you have already made for one plan, such as the Basic Retirement Savings Plan, do not automatically carry over to the 457(b) or the 403(b) SRA (and vice versa).  You need to designate your beneficiary separately each time you enroll in a new type of plan.