| Does the U-M Retirement Plan accept rollovers from other plans?
Yes. You can rollover accumulations from another employer’s retirement plan into the University of Michigan Retirement Plan at any time.
What kind of rollovers can the U-M Retirement Plan accept?
The following types of pretax 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 are severely limited and depends upon the tax classification of the source plan. Contact TIAA-CREF and Fidelity for more information on the specific types of after-tax rollovers that can be accepted.
Is there a difference between rolling over assets in the Basic Plan versus the SRA?
Yes. Amounts that you roll over into the SRA are subject to the more lenient rules that allow loans and in-service cash withdrawals. Amounts rolled into the Basic Plan do not have these options. Rolling amounts into the SRA instead of the Basic Plan may be an important consideration if you want to retain maximum flexibility.
Are there other considerations to rolling over assets into the U-M Retirement Plan?
If you are rolling over assets into the U-M Retirement Plan from a different type of plan you had at a previous employer, it may affect the tax treatment of distributions that you will take later on. This may cause you to lose important tax advantages. For example, a distribution from a 457(b) plan that is rolled over into the U-M Retirement Plan will now be subject to the IRS 10% early withdrawal penalty that applies to 403(b) and 401(a) plans but not to 457(b) plans. You should consult with a qualified tax adviser to determine if you may be impacted by electing a rollover.
How do I arrange for a rollover into the U-M Retirement Plan?
- Contact the investment carrier who has the accumulations you want to rollover or your previous employer who sponsored the retirement plan to determine if you are allowed to take a rollover.
- Enroll in the U-M Retirement Plan, set up your account with TIAA-CREF and/or Fidelity Investments to the rollover will have a destination account established, and 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.
Is U-M authorization required to rollover assets into the U-M Retirement Plan?
No.
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 at the following numbers:
| TIAA-CREF |
800-842-2776 |
| Fidelity Investments |
800-343-0860 |
You can also meet with a consultant from TIAA-CREF and Fidelity Investments for questions or help on completing the applications. To make an appointment with a consultant assigned to work with the University of Michigan Retirement Plan call:
| TIAA-CREF |
734-332-3504 |
| Fidelity Investments |
800-642-7131 |
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