Annual Savings Tune-up & Financial Advisors

A successful retirement requires planning. The resources in this section can help you make the most of your retirement accounts. Download a copy of the retirement savings tune-up tips.

Important: Select Your Funds and Name Your Beneficiary

If you enrolled in the Basic Retirement Plan, SRA or 457(b) plans, the investment funds and beneficiary designations for your accounts are a default unless you specifically made changes. You may change these at any time by contacting TIAA or Fidelity Investments. Note that any changes you make must be done for each account for which you have enrolled.

Your Annual Retirement Savings Tune-Up

Here are some steps you can take now to help you build financial freedom for your retirement.

1. Set Up Your Online Access

You can manage your account online, update your personal information, sign up for e-delivery of quarterly statements and use multiple planning tools by setting up online access to your accounts with TIAA and Fidelity Investments.
2. Designate or Update Your Beneficiary

Designating a beneficiary is critical to ensure that your retirement account will be paid to the person or people you choose. If you don’t designate a beneficiary for the retirement savings plans, for both TIAA and Fidelity accounts you may have, the account will be paid according to the person or persons surviving you in the following order: spouse, children, parents, siblings, personal representative (executor or administrator. Family status changes, such as marriage, divorce, birth, or adoption may affect your desired beneficiary intentions. Name your beneficiary for your retirement savings accounts and review your beneficiary designations periodically to be sure they are up to date. Please note that designating or changing your beneficiary for the U-M retirement savings plans does not update it with MetLife for the U-M life insurance plans. You need to designate beneficiaries for each account you have.
3. Update Your Personal Information

If your address changes, or if you experience a name change due to marriage or divorce, update your personal information directly with TIAA and Fidelity Investments. It is vital that your mailing address on record with the retirement savings plan companies is current so that you receive quarterly statements and important notices and to ensure the privacy and security of your account(s).
4. Choose Your Fund and Periodically Re-Balance Your Portfolio

The investment fund is a default unless you specifically made changes for the Basic Retirement Plan, SRA or 457(b). You may change your funds any time by contacting TIAA and Fidelity Investments. Note that any changes you make must be done for each account for which you have enrolled.

Having the right mix of investment funds that reflect your current risk tolerance is key to achieving your savings goals. It is important to periodically monitor and re-balance your portfolio because over time the investment returns of your funds may result in accumulations that are no longer aligned with your target investment goals. Meet with a retirement specialist from TIAA and Fidelity (or both) or use their web tools to determine your risk tolerance and activate a free automatic re-balancing feature.
5. Calculate How Much You Need to Save
Take a few moments to calculate your savings goal:

TIAA Retirement Tools and Calculators

Fidelity Investments myPlan®

Several additional retirement planning and account management tools are available for U-M plan members from TIAA and Fidelity Investments.
6. Save More with the 403(b) SRA and 457(b) Deferred Compensation Plan

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.
7. Take Advantage of Financial Planning Resources from TIAA and Fidelity
Learn more about financial planning and the free custom investment advice you can receive from TIAA and Fidelity:

Free one-on-one consultation with a retirement specialist

TIAA on-demand webinars

Fidelity tools and resources
8. Meet with TIAA and Fidelity Investments Retirement Specialists
You can meet with TIAA and Fidelity Investments retirement specialists to review your retirement savings goals, receive personalized advice on selecting investment funds, and help you plan your path to a secure retirement.

To schedule an appointment call:

TIAA: (800) 732-8353

Fidelity Investments: (800) 642-7131
9. Detect Suspicious Emails

Phishing emails can include solicitations from firms other than TIAA and Fidelity. Representatives from these firms may offer to meet with you to provide advice about your U-M retirement accounts. TIAA and Fidelity are the only companies authorized by U-M. If you don’t already have an established relationship with a company or a person who offers these services, it might be a phishing solicitation. Call the Shared Services Center at (734) 615-2000 to check whether an email is suspicious.
10. Protect Your Retirement Accounts
Take steps to safeguard your retirement savings account(s) and prevent unauthorized use of your identity and information.

You gain access your account(s) through the TIAA and Fidelity websites and telephone centers by creating a user ID and password, along with other personal identifying information. Your user ID and password should be kept strictly confidential, as they serve as your identification and authorization for plan transactions such as transfers and withdrawals. If you suspect that someone knows your user ID and/or password, change them immediately and contact TIAA and Fidelity.

TIAA and Fidelity take your account security seriously, and combine technology, people and processes to protect you and your personal information. Secure login, strong encryption, firewalls, and system monitoring are just a few of the means of protecting your accounts and confidentiality. For more information on how TIAA and Fidelity protect your accounts and personal information, visit:
TIAA Security Center
Fidelity Online Security

Additional Security Measures

Take advantage of additional security measures to protect your accounts:

TIAA offers Voice Biometrics, an authentication tool that identifies you by using your natural voice patterns on the TIAA Automated Telephone System (ATS) – 800-842-2252. The tool provides an extra layer of security and enhances authentication. A voiceprint is not a recording, rather a numeric sequence representing the shape and size of your vocal tract, which is compared each time you call. Voiceprints are encrypted and cannot be used to gain access to any other system. For more information, visit TIAA Voice Biometrics.

Fidelity offers two-factor authentication at login, to help ensure that only you have access to your retirement savings account and personal information. With two-factor authentication at login turned on, you will need to enter a security code in addition to your password to gain access to your account. Learn more about Fidelity two-factor authentication.

Fidelity offers MyVoice℠, new technology that can confirm your identity through natural conversation whenever you call about your U-M retirement savings plan. A voiceprint is unique to you, like a fingerprint. When you call Fidelity, the representative will invite you to enroll. Contact Fidelity at 800-343-0860 for more information.

If you have a Fidelity account separate from your U-M plan, such as an IRA, Fidelity offers VIP Access from Symantec for added security. When you download VIP Access to your phone, tablet, or computer, you will receive a randomly-generated code to use in addition to your Fidelity username and password. You’ll be prompted to enter your unique VIP code when accessing your account through Fidelity.com, NetBenefits®, and the Fidelity mobile app. Call Fidelity at 800-544-6666 or visit fidelity.com/security/soft-tokens/overview for more information.

Keep Your Personal Information Up-To-Date

It is your responsibility to ensure your records are current with TIAA and Fidelity, including your name, mailing address, email address and beneficiary. You should periodically verify that your personal information is up-to-date, especially if you have a life event such as marriage, divorce, moving, where your name and or address or other personal information changes. Contact TIAA and Fidelity directly to submit a change in your personal information or to update your beneficiary.

Review Communications from TIAA and Fidelity

TIAA and Fidelity will send quarterly statements, tax reporting documents, various disclosures, and confirmation of transactions such as transfers, rollovers and withdrawals to your address or email that is on file with them. They will also send confirmation of other transactions like an address or name change or password reset to you. If you request a password reset, make sure your TIAA and Fidelity mailing address and email are current. Updating your address with the university does not update your address with TIAA or Fidelity. You should carefully review all reported transactions for accuracy and appropriateness. If any are inaccurate or appear questionable, contact TIAA and Fidelity immediately.

Questions About Your Benefits?

Submit your questions to the SSC Contact Center. You can also call the SSC at 5-2000 from the Ann Arbor campus, (734) 615-2000 locally, or (866) 647-7657 toll free, Monday through Friday from 8 a.m. to 1 p.m. and 2 p.m. to 5 p.m..

Limitations

The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend, or terminate them. Every effort has been made to ensure the accuracy of the benefits information in this site. However, if any provision on the benefits plans is unclear or ambiguous, the Benefits Office reserves the right to interpret the plan and resolve the problem. If any inconsistency exists between this site and the written plans or contracts, the actual provisions of each benefit plan will govern.

Annual Savings Tune-up & Financial Advisors

Important: Select Your Funds and Name Your Beneficiary

Your Annual Retirement Savings Tune-Up

Additional Security Measures

Keep Your Personal Information Up-To-Date

Review Communications from TIAA and Fidelity

Questions About Your Benefits?

Limitations

Benefits Office

Contacted by a Financial Planner or Investment Advisor?

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