Enrollment in any retirement savings plan is not automatic; you must affirmatively enroll. Your U.S. Social Security Number must be on file with Wolverine Access or your contributions will be rejected. View the Retirement Savings Plan Enrollment Guide for an overview.
Enrolling as a New Hire
You may enroll in the Basic Retirement Plan using Wolverine Access when you select your other benefits as a new hire. However, you need to create a separate enrollment event to make an election for the 403(b) SRA and/or the 457(b). The new hire enrollment event and the retirement enrollment event for the 403(b) SRA and 457(b) are two separate events, and you may complete only one event at a time. Allow up to 24 hours to enroll between events.
If You Don’t Enroll in the New Hire Event
If you do not enroll in the Basic Retirement Plan using the new hire event, you may still enroll throughout the year. The date you create the retirement savings plan election event in Wolverine Access to make an election for the Basic Retirement Plan, 403(b) SRA, and 457(b) plans determines the effective date and which paycheck your election will effect. 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.
Contribution Limit Warning
Elective deferrals you make to another retirement plan in the same calendar year will reduce how much you may contribute to the U-M Basic Retirement Plan and the 403(b) SRA. Likewise, elective deferrals you have made to another 457(b) in the same calendar year will reduce how much you may contribute to the U-M 457(b). View contribution limits for more information.
Temporary employees may enroll in the 403(b) SRA by completing the Salary or Annuity Option Plan Agreement.