Benefits Plans - Retirement Savings Plans: IRS/SRA Max Limit Handbooks
The following two books cover federal limits on tax-deferred contributions that may be made to retirement plans and how the limits relate to the U-M Retirement Savings Plan. This includes your 5% contribution and the university 10% match under the Basic Plan, as well as the limit on extra or SRA contributions.
- This book covers limits for newly hired faculty and staff, all voluntary participants in the retirement plan, and compulsory participants in the retirement plan who are not highly compensated (your pay from the university for the year is less than $110,100 for 2012).
- This book covers limits for compulsory participants in the retirement plan who are highly compensated (your pay from the university for the year is more than $110,100 for 2012).
- You are a compulsory participant in the University of Michigan Retirement Plan if you meet all three of the following:
- You are age 35 or older, and
- You are working at a 100% appointment, and
- You have completed two years of service as a regular faculty or staff member.
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.