What’s on the quarterly statements from TIAA-CREF and Fidelity Investments?
The statements you receive each quarter from TIAA-CREF and Fidelity Investments reflect activity on your account that occurred during the time period it is covers. This includes deposits of your payroll contributions and any transfers you made among the investment funds. Note that the statements do not reflect deductions from your paychecks that were issued and dated during that same time period.

How are my payroll deductions reported?
The statements report when your paycheck deductions were received by TIAA-CREF and Fidelity, not when they were deducted from your paycheck. This can cause some confusion if you are trying to match your paycheck deductions with the amounts reported on the statements during the same time period.

Keep the following in mind:

• All payroll deductions are sent to TIAA-CREF and Fidelity on the first of the following month after the deductions were taken from your paychecks. For example:

A quarterly statement showing an April 1 deposit actually represents deductions taken from your paychecks issued during March. A quarterly statement dated “April 1, 2004 - June 30, 2004” reflects deductions taken from your March, April and May paychecks that were received on April 1, May 1, and June 1.

• The amount reported in your quarterly statements are always one month off from when the deductions were taken from your paychecks because TIAA-CREF and Fidelity report when they were received, not when they were deducted.
• Because of this one month difference, you cannot simply compare the quarterly statement to paychecks issued during the same months.
• Use the following chart to correctly match your paychecks and their deductions to the quarterly statements in which they will be reported:

How do I match my pay stubs to the quarterly statement?

1. Use the Pay Stub/Quarterly Statement Reconciliation Worksheet (PDF) to gather your pay stubs that were issued or dated for the months the statement covers.
   
   Example:
   
   Quarterly statement: April 1, 2004 – June 30, 2004
   
   Gather your pay stubs issued or dated during March, April, and May of 2004.

2. Add together the amount of your pay stub deductions for those three months.
   
   Remember the following points:

• If you contribute to both TIAA-CREF and Fidelity Investments under the Basic Retirement Plan, you need to remember that your 5% contribution and the 10% University match is being sent to both vendors according to your allocation instructions. The pay stub does not list your vendor allocation (example: 50% to TIAA-CREF and 50% to Fidelity). To find out the percent you allocate to each vendor, call the HR / Payroll Service Center at 734-615-2000.
• Include any supplemental or SRA contributions you make to both vendors.

3. The sum total should match the deposit amount on your quarterly statement(s) exactly.

What can affect how I match my deductions to the statements?
The effective date of when you enroll in the plan and have your first actual deductions.

Example: You enroll in the retirement plan as a new hire employee in September. Your first deductions occur in your October 2004 paycheck. The “9-1-2004 to 12-31-2004” quarterly statement will only reflect deductions from your October and November checks. Deductions from your December 2004 paycheck will be received on January 2, 2005 and will appear on the “1-1-2005 to 3-31-2005” quarterly statement.

What about year-end SRA deductions?
Many faculty and staff members choose to have a large SRA contribution taken from the December paycheck in order to reach the IRS annual contribution limit.

The December SRA amount will not appear on the “9-1-2004 to 12-31-2004” quarterly statement because it will be received on January 2, 2005. Therefore, it will appear on the “1-1-2005 to 3-31-2005” quarterly statement.

What if my amounts don’t match?
If your pay stub amounts don’t match your quarterly statement amounts, try the following:

1. Confirm that you are looking at the correct pay stubs (see chart above). Remember you cannot use the pay stubs dated the exact same months as the statements. You need to refer to the chart to determine which pay stubs are reported on which set of quarterly statements.
2. Make sure that if you contribute to both TIAA-CREF and Fidelity under the Basic Retirement Plan you are crediting the correct percentage of each month’s deduction to each company according to your allocation split.
3. If you are paid bi-weekly, some months will have three pay periods instead of the usual two. This will mean the amount of your deductions will be higher for that one month.
4. If you just enrolled in the retirement plan for the first time, confirm the date your participation began and when the first deduction really occurred. If there was a delay in your enrollment, the first deduction may be different than the date you had requested.
5. If you have made changes to your SRA contribution amount, recall the first of the following month rule will apply.

Example:   You raised your $200 SRA to $300 effective in the May paycheck. The first new $300 contribution taken in your May pay will be reported as being received on June 1 by the investment company, not in May.

What if I have checked my figures and my amounts still don’t match?

1. Complete the Pay Stub/Quarterly Statement Reconciliation Worksheet (PDF) and include a written summary of what discrepancy you believe has occurred. Include dollar amounts and dates of the payroll deductions in question.
2. Include a copy of your pay stubs and the TIAA-CREF and/or Fidelity Investments quarterly statement covering the time period in question.
3. FAX these materials to the Benefits Office Retirement Area at 734-936-8835. Include your phone number, e-mail, and FAX. Allow 2 weeks for a response.