University Of Michigan Benefits Office

Rollovers into the U-M 457(b) Plan

Will the U-M 457(b) Plan accept rollovers?
Yes. You can rollover accumulations from another eligible retirement plan into the University of Michigan 457(b) Plan at any time.

What kind of rollovers can the U-M 457(b) Plan accept?
The following types of pre-tax eligible rollover distributions can be accepted into the U-M Plan:

401(a)
403(a)
401(k)
403(b)
Governmental 457(b)
IRA

The ability to accept after-tax rollovers from these plans is severely limited. Contact TIAA-CREF and Fidelity for more information on the specific types of after-tax rollovers that can be accepted.

Does the IRS 10% penalty apply to amounts I rollover into the U-M 457(b) Plan?
Yes. Amounts you rollover into a 457(b) from another type of plan, including an IRA, 403(b), 401(k), 403(a), or 401(a), are tracked separately. A subsequent distribution prior to age 59 ½ of these amounts are generally still subject to the IRS withdrawal penalty.

How do I arrange for a rollover of assets into the U-M 457(b) Plan?

Contact the investment carrier who has the accumulations you want to rollover, or your previous employer who sponsored the plan, to determine whether you are allowed to take a rollover.
Enroll in the U-M 457(b) Plan and set up your account with TIAA-CREF and/or Fidelity Investments so the rollover will have a destination account established.
Obtain a rollover application from TIAA-CREF and/or Fidelity Investments. You may also need to obtain a rollover application from the investment carrier that currently has the amounts you wish to rollover. Some carriers will allow you to use the TIAA-CREF and Fidelity forms; others will want you to also complete their own forms.

Who can I talk to if I have questions?
You can speak with a consultant with TIAA-CREF and Fidelity Investments for questions and to request forms for a rollover. You can also meet with a consultant from TIAA-CREF and Fidelity Investments for questions or help on completing the applications.

Limitations
The University 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 spouses, partners, and 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.