Benefits Forms: Retirement Savings Plan Forms
IMPORTANT: All of the forms listed on these pages are in Adobe
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Retirement Savings Plan Home
Tips for New Hires Enrolling in the Retirement Savings Plan
Enrollment Deadlines
You may enroll in the retirement savings plan at any time; however, in order to have your request processed in time for a given paycheck, the Benefits Office must receive your paperwork by specific dates.
Important Note: Effective January 1, 2010, individuals hired or newly eligible on or after January 1, 2010 must complete a 12-month waiting period to become eligible to receive the 10% U-M contribution to the Retirement Savings Plan.
Submitting Retirement Savings Plan Forms
Complete and submit the Salary or Annuity Option Plan Agreement to the Benefits Office. Use this form to authorize the payroll contribution, your choice of investment company (TIAA-CREF and/or Fidelity), and to indicate if you wish to make an additional, non-matching contribution to the plan.
Fax: 734-936-8835 (retirement savings plan enrollment forms only)
University of Michigan
Benefits Office -- Retirement Area
Wolverine Tower -- Low Rise G405 (Ground Floor)
3003 S. State Street
Ann Arbor, MI 48109-1278
Retirement Savings Plan First-Time Enrollment Packet
This packet contains the information on how to enroll in the Basic and/or Supplemental/SRA plans and how your account with TIAA-CREF and/or Fidelity will be created.
Retirement Saving Plan
Forms
Change your SRA and/or 457(b) online using Self Service on Wolverine Access You can enroll in an SRA or 457(b), change your contribution amount(s), or change your choice of investment carrier online; paper forms are no longer required. In addition, a new feature on Wolverine Access allows you to calculate the amount you may contribute to each plan according to IRS limits. For more information, visit: benefits.umich.edu/announcements/esra.html |
- Salary
or Annuity Option Plan Agreement: Basic and Supplemental
You may use this form to enroll or make changes to your Basic and/or Supplemental retirement plan deductions. - Salary
or Annuity Option Plan Agreement: Supplemental/SRA Only
You may use this form to enroll, change, or cancel Supplemental/SRA contributions. This form cannot be used for Basic plan elections. - Request
to Cancel Participation
You may use this form to cancel your participation in the Basic Retirement Plan. - New Hire SRA Calculator
Use this calculator to determine how much you can contribute to an SRA as a new hire faculty or staff member in 2009.
What forms do I complete to open my account with TIAA-CREF and/or Fidelity?
There are no paper forms to complete to open your account with TIAA-CREF and/or Fidelity.
How is my account established?
The Benefits Office will send an enrollment notice to your chosen investment company to create your account once your properly completed and signed Salary or Annuity Option Plan Agreement has been received. Notifications are sent to Fidelity on a weekly basis. Notifications to TIAA-CREF are sent with your first contribution; this is the first business day of the month after your first deduction.
What should I do next?
1) Designate Your Beneficiary
The investment company you selected will send you a welcome packet with information on how to how to designate your beneficiary.
- Fidelity will include a beneficiary designation form in the packet.
- Contact TIAA-CREF at 800-842-2776 to request a beneficiary designation form or update it online at: www.tiaa-cref.org
Complete the form and return it to the investment company as soon as possible.
2) Choose Your Investment Funds
The investment fund will automatically be an age-appropriate Lifecycle Fund if you select TIAA-CREF or a Freedom Fund if you select Fidelity. You may change this by contacting TIAA-CREF or Fidelity.
What is a Lifecycle or Freedom Fund?
A TIAA-CREF Lifecycle or Fidelity Freedom Fund is a mutual fund that is a diversified portfolio of other mutual funds offered by that company. This includes domestic and international stock funds, bond funds, and money market funds.
Each Lifecycle or Freedom fund automatically selects the allocation of stock, bond, and money market funds that are appropriate for a target retirement date of approximately age 65. The fund will adjusts its holdings periodically to maintain an asset allocation appropriate for its target retirement date to maximize returns and minimize risks.
Your date of birth will be included in the enrollment notice sent to your chosen investment company. This will determine into which specific Lifecycle or Freedom Fund you will be enrolled.
Lifecycle and Freedom Funds provide a simple solution if you lack the time, confidence, or investment knowledge to create and manage a well-diversified portfolio. Each fund is professionally managed and provides you with a simple, single investment fund.
What are my other investment choices?
Both TIAA-CREF and Fidelity offer a wide selection of stock, bond, money market, and real estate funds. If you do not want your investment fund to be a Lifecycle or Freedom Fund, contact TIAA-CREF or Fidelity to designate a different fund.
Fidelity: 1-800-343-0860
TIAA-CREF: 1-800-842-2776
You may also create your account online at www.tiaa-cref.org/enroll by entering in all caps UMBASIC to enroll in the Basic Plan, UMSRA to enroll in the SRA, and BASICSRA to enroll in both.
Fund Information
Please read the appropriate prospectuses carefully before making your retirement savings plan investment choices. Prospectuses are available from the TIAA-CREF and Fidelity Web sites through the links below.