Important: Retirement Savings Plans Elections Suspended During Open Enrollment
U-M Retirement Savings Plan elections are not part of the annual benefits Open Enrollment and changes can be made at any time throughout the year. However, to avoid conflict with Open Enrollment changes, initiating 403(b) Supplemental Retirement Account (SRA) and 457(b) Deferred Compensation elections through Self Service on Wolverine Access will not be available on Thursday, November 1 and Friday, November 2, 2018, the last two days of Open Enrollment. These Retirement Savings Plan elections will become available on Saturday, November 3, 2018.
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. View online enrollment and change deadlines by pay period.
To begin, go to Wolverine Access, click the Faculty & Staff tab, enter your uniqname and UMICH password to log in, click Employee Self-Service, if you have DUO two-factor authorization enabled, choose an authentication method to continue the log in process, and then follow these steps.
- Click the Benefits tile
- Under Retirement Self Service, click Initiate Ret Savings Elections
- Click the radio button for Select this option for the Enroll/ Change/Cancel Your 457(b) Deferred Compensation Plan
- Click Next
- Review the effective date and click Continue to proceed
- Click Select
- Click Edit
- Click 457(b) Deferred Compensation Plan
- Enter your per paycheck contribution amount, how much of this amount you wish to allocate to TIAA and or Fidelity, and then click Store
- Review your elections and click OK to proceed
- Click Submit to save your choices
- Read the Salary Deferral Agreement, scroll down the page and click Submit
- Review your confirmation number and submitted elections
- Click Return to Enrollment to review your event status
- 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.
- Select your investment funds and designate your beneficiaries by visiting the TIAA and or Fidelity Investments websites for the U-M plans.
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.