Benefits Plans - Retirement Savings Plans

Announcements

U-M Retirement Savings Plan Options

Eligible Compensation and Limits

Enrollment and Changes

Investment Companies

Fund Choices

 

Cash Withdrawals, Rollovers, Transfers, and Loans

Retirement Income

IRS and Tax Matters

Life Events

Your Money Matters

More Information

About the U-M Retirement Savings Plans

The University of Michigan offers a two-for-one match of your retirement plan contributions — if you contribute 5% of your eligible gross salary, the university will contribute an amount equal to 10% of your eligible gross salary after you complete a 12-month waiting period. Your retirement contributions are vested immediately. In addition to your Basic Retirement Plan contributions, you can establish a Supplemental Retirement Account, offering you even more income available to you upon retirement.

See Eligible Compensation for examples of compensation that are eligible to be deferred under the University of Michigan Retirement Savings Plan.

Announcements

  • Learn more about personal finance from TIAA-CREF and Fidelity Investments.

  • TIAA-CREF receives high rankings for overall company and fund offerings, March 18, 2013

  • Two New TIAA-CREF Investment Funds
    Beginning on March 21, 2013, there will be two new investment funds available from TIAA-CREF:

    New Investment Ticker
    TIAA-CREF Global Natural Resources Fund TNRIX
    TIAA-CREF Social Choice Bond Fund TSBIX

    To view your investment choices, visit www.tiaa-cref.org/umich

  • New for 2013 – Roth Savings Plans
    After-tax Roth contributions are available on the 403(b) Supplemental Retirement Account (SRA) and 457(b) Deferred Compensation Plan effective January 1, 2013.  See Roth Savings Plans for more information.

  • IRS Announces Retirement Plan Limits for 2013
    The Internal Revenue Service (IRS) has announced the limits for contributing to 403(b) and 457(b) plans for 2013. The limit on 403(b) and 457(b) elective deferrals will increase to $17,500 for each plan, while the limit for individuals age 50 and older increases to $23,000 for each plan. For more information, see 2013 403(b) SRA and 457(b) Limits.

  • TIAA-CREF presents questions and answers about stock market volatility on their website with updates as events unfold. Click here to view the FAQs.

Links

Click the links below to download the retirement savings plan booklet and to view enrollment deadlines, or click the links at the top of the page for more information about the plan.

Resources & Tools

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, and to help you update your address or beneficiary information.

Please Note
TIAA-CREF and Fidelity Investments are the only financial investment companies officially associated with the University of Michigan. No other financial investment company or individual financial planner has permission to use the university’s name or logo.

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

TIAA-CREF

730 Third Avenue
New York, NY 10017

To schedule a departmental meeting or presentation, find out about TIAA-CREF financial education seminars or schedule on-site financial counseling, contact us at our local office:

TIAA-CREF Local Office:
333 Maynard St., Suite 500
Ann Arbor, MI  48104
(734) 332-3500

To schedule a personalized individual counseling appointment: call 800-732-8353.
Monday - Friday 8:00 am to 8:00 p.m. Eastern Time.

Telephone Counseling Center: call call 800-842-2252
Monday - Friday, 8:00 a.m. to 10:00 p.m.,
Saturday 9:00 a.m. to 6:00 p.m., Eastern time

To manage your account online, go to: http://www.tiaa-cref.org/umich

For more information about investment options with TIAA-CREF, you can view TIAA-CREF Financial Education Seminars on the Web.

 

Fidelity Investments Tax-Exempt Service Company

82 Devonshire Street
Boston, MA 02109

 

 

Next: Waiting Period for University Contributions

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.