| U-M Retirement Savings and 457(b) Plans
Click below for a printable version of this information:
Retirement Savings Plan Reminders (PDF)
Enrollment is Not Automatic
You must submit the Salary or Annuity Option Plan Agreement form and the TIAA-CREF and/or Fidelity Investments account applications in order to enroll in the U-M Basic Retirement Plan.
- Requests for retroactive enrollment must be received within 60 days of hire.
- December 1 is the final deadline for any plan enrollments or contribution changes.
Where to Obtain Forms
You may download enrollment applications from the Retirement Savings Plan website:
www.umich.edu/~benefits/forms/retirement.htm
Submit All Benefit Elections
Your enrollment in the retirement plan cannot be processed until after you elections for medical, dental, life, etc. has been made. Your enrollment will be delayed if your other benefit elections have not been submitted.
Return Forms to Benefits Office
Mail: U-M Benefits Office
Retirement Savings Plan
Wolverine Tower-Low Rise G405
3003 S. State Street
Ann Arbor, MI 48109-1278
FAX: (734) 936-8835 (for faster service)
Questions: (734) 615-2000 or visit online at:
www.umich.edu/~benefits/plans/retire/index.htm
Did You Contribute to Another Plan?
Contributions you have made to another retirement plan will reduce how much you may contribute to the U-M Retirement Plan. This includes:
- Contributions to a previous employer’s plan.
- Contributions to the VA retirement plan.
Elective deferrals you have made to these types of retirement plans will reduce your U-M limit:
- 403(b)
- 401(k)
- 408(k)(6) SARSEPs
- SEP-IRAs
- SIMPLEs
Consult with a tax adviser if you have questions about the need to aggregate your contributions so you do not exceed IRS limits.
Enroll in an SRA
You contribute 5% of your pre-tax salary and U-M contributes 10% when you enroll in the Basic Retirement Plan. Both contributions are made on your U-M earnings up to $225,000 for 2007. You may also make additional pre-tax contributions to a supplemental retirement account (SRA). These amounts are not matched by U-M, yet allow you to save more pre-tax for retirement.
Enroll in the 457(b) Plan
This plan allows to tax-defer up to $15,500 for 2007 or $20,500 if you are age 50 or older. These amounts do not reduce how much you may contribute to the U-M Retirement Plan and allow you to save even more on a pre-tax basis. To learn more, visit:
www.umich.edu/~benefits/plans/457b/index.htm
WHAT’S ON THE BENEFITS OFFICE WEBSITE |
TOPIC |
Description / URL |
Divorce / QDRO |
- Resources to call to establish one, legal requirements, forms, etc.
- www.umich.edu/~benefits/plans/retire/qdro.htm
|
Quarterly Statements |
- How to read quarterly statements, when deductions are sent, how to reconcile pay stub to statements.
- www.umich.edu/~benefits/plans/retire/qstatement.htm
|
Re-Enrollment |
- Process and forms to re-enroll if new hire, newly eligible, or just canceled participation.
- www.umich.edu/~benefits/plans/retire/reenroll.htm
|
Eligible Compensation |
- List of pay and comp that is eligible for retirement contribution and those that cannot have a deduction.
- www.umich.edu/~benefits/plans/retire/eligcomp.htm
|
MAX Handbooks |
- Highly detailed and technical information on how calculate IRS limits, your limit when you leave or retire, how other retirement plan contributions can reduce your U-M max limit.
- www.umich.edu/~benefits/plans/retire/maxlimit.htm
|
Your Tax-deferring Limit |
- Brief overview of contribution limits.
- www.umich.edu/~benefits/plans/retire/taxdefer/index.htm
|
Forms |
- PDF download of forms to enroll, cancel or change participation.
- www.umich.edu/~benefits/forms/retirement.htm
|
Cash Withdrawals |
- Eligibility for Basic and SRA cash outs for current and former employees, taxation, tax planning issues.
- www.umich.edu/~benefits/plans/retire/cashwithdrawal.htm
|
Transfers & Rollover |
- Rollovers to an IRA, rollovers from another plan, moving money between vendors, forms and procedures.
- www.umich.edu/~benefits/plans/retire/transrollover.htm
|
Federal Income Tax |
- Brief overview of federal taxation and which types of distributions are subject to mandatory 20% withholding.
- www.umich.edu/~benefits/plans/retire/fedtax.htm
|
Michigan Income Tax |
- Explains when and how plan distributions are eligible as an deduction for Michigan taxes.
- www.umich.edu/~benefits/plans/retire/mitax.htm
|
IRS 10% Penalty |
- When the penalty applies, exemptions to the penalty and how to qualify for them.
- www.umich.edu/~benefits/plans/retire/irspenalty.htm
|
Military Leave |
- How to make up retirement contributions missed when you take a military leave of absence.
- www.umich.edu/~benefits/plans/retire/military.htm
|
How to Choose a Financial Planner |
- Tips on choosing a planner, how they are credentialed, web sites that can direct you to find one.
- www.umich.edu/~benefits/plans/retire/finplan.htm
|
MPSERS |
- How to get credit from working at U-M to retire from the State of Michigan.
- www.umich.edu/~benefits/plans/retire/miretire.htm
|
Retirement Income Choices |
- Overview of the various income plans at retirement: cash outs, lifetime annuity, minimum distribution
- www.umich.edu/~benefits/plans/retire/choices.htm
|
Calculate Your SRA Contribution Limit:
www.umich.edu/~benefits/plans/retire/taxdefer/
View deadlines to target a specific paycheck:
www.umich.edu/~benefits/plans/retire/retdeadlines.htm
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