OVERVIEW
Use this form to cancel your 403(b) contributions to the U-M Basic Retirement Savings Plan and 403(b) Supplemental Retirement Account (SRA). This form cannot be used for any election regarding the 457(b) Deferred Compensation Plan.
HOW YOUR PARTICIPATION IS AFFECTED
Voluntary Participant
This form will cancel your 5% 403(b) contribution as well as the university match (if you are eligible). It will also cancel any contributions you make to the 403(b) Supplemental Retirement Account (SRA).
Compulsory Participant
If you are age 35 or older, with two or more years of service and a 100% appointment you are a compulsory participant in the Basic Retirement Plan. You will be enrolled in the Reduced Benefit Option and the contribution will be as follows:
- On eligible compensation up to the Social Security wage base:
- You do not contribute
- U-M contributes 5%
- On eligible compensation above the Social Security wage base:
- You contribute 5%
- U-M contributes 10%
This form will also cancel any contributions you make to the 403(b) Supplemental Retirement Account (SRA).
HOW TO RESUME CONTRIBUTIONS
It is your responsibility to restart your 5% contribution to the Basic Retirement Plan. The university contribution (if you are eligible) will only be provided if you make your 5% 403(b) contribution. Voluntary participants may restart the 5% contribution using Wolverine Access Self Service. Compulsory participants need to submit the form, "Salary or Annuity Option Plan Agreement" which can be requested by calling the SSC Contact Center at 734-615-2000.
Contributions to the 403(b) Supplemental Retirement Account are made using Wolverine Access Self Service.