Benefits Plans - 457(b) Deferred Compensation Plan


457(b) and 403(b) SRA Elections Closed During the Last Two Days of Open Enrollment

457(b) Deferred Compensation and 403(b) Supplemental Retirement Account (SRA) elections will be closed on November 6, 2014 and until 6 p.m. on November 7, 2014 to avoid conflict with Open Enrollment elections.

The University of Michigan 457(b) deferred compensation plan allows you to sign up for a pre-tax payroll deduction that you may invest with TIAA-CREF and/or Fidelity Investments. Faculty and staff members with an appointment effort of 1% or greater, and University funding for four (4) continuous months or longer are eligible to participate. Rehired retirees with funding and effort (including emeritus titles) are also eligible.

The 457(b) may be of interest if:

  • You already contribute the maximum allowable to the Supplemental Retirement Account (SRA) and you want to save more.
  • You do not need to take a cash withdrawal from the plan before you retire, terminate employment or reach age 70 ½. The ability to take a cash withdrawal while you are a current member of the faculty or staff is extremely limited.

To find out more about the plan, download the 457(b) Plan Handbook or click on the menu items above.

You may also be interested in Roth Savings Plans, new for 2013.

Ask the Experts

While the Benefits Office is happy to assist you, TIAA-CREF and Fidelity staff are standing by to answer your questions about their retirement funds and your options.

Have a Question?

Contact TIAA-CREF and Fidelity Investments for these inquiries and services:

  • Questions/help choosing a fund
  • Account and income information
  • Brochures and booklets on services and financial planning
  • Change of address
  • Change your Personal Identification Number (PIN)
  • Divorce, Qualified Domestic Relations Order (QDRO)
  • Forms for cash withdrawal, rollovers, transfers, income options
  • Income and payment methods (lifetime annuity, cash out, interest)
  • Schedule individual counseling; register for workshops
  • Tax questions (withdrawal penalty, minimum distribution, federal withholding)
  • Transferring between funds and between TIAA-CREF and Fidelity
  • Verify or change beneficiary

 

Next: 457(b) Plan at a Glance

Limitations
The University of Michigan 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 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.