If you are eligible, participating in the university's Basic Retirement Plan is a smart way to invest for your future. Saving even more can help you reach your retirement savings goals faster.
Start contributing now to the 403(b) Supplemental Retirement Account (SRA) and 457(b) Deferred Compensation Plan, or increase your contribution if you already participate. All faculty and staff are eligible to contribute, including temporary staff, rehired retirees, and emeritus titles with funding. There is no minimum contribution required for either plan. You can save with traditional tax-deferred contributions or with after-tax Roth contributions, or both.
Savings you accumulate can help fund health care needs in retirement, such as the monthly premiums for Medicare Part B and medical plan coverage, as well as medical deductibles and co-pays.
You can look up your individual contribution limits in Wolverine Access under Employee Self-Service > Benefits > Retirement Self-Service > Calculate Ret.Contribution. Wolverine Access shows a "per pay amount" that indicates how much you can save per paycheck for the rest of the year.
To max out your savings in the 403(b) SRA or 457(b) Deferred Compensation Plan for the year, adjust your contributions to this amount under Initiate Ret. Savings Elections in Retirement Self-Service.
When making changes, timing matters! Be sure to refer to the online enrollment and change deadlines. Remember, the 403(b) SRA and 457(b) have different deadlines to change the amount you contribute.