SSC - HR - 457(b) Salary Deferral Agreement

OVERVIEW

Faculty and staff, including rehired retirees and emeritus, may contribute to the 457(b) Deferred Compensation Plan with TIAA and/or Fidelity Investments using this form. You contribute a fixed dollar amount with each pay period; there is no university contribution. You may choose to contribute as traditional tax-deferred, Roth after-tax, or any combination of both.  

Information on the 457(b) may be found at: hr.umich.edu/457b-deferred-compensation-plan
 

EFFECTIVE DATE

Enrollment and changes for the 457(b) plan are generally effective with your next available paycheck, subject to processing and administrative timelines. 

INSTRUCTIONS

  • Complete and submit the Salary Deferral Agreement to authorize your contribution.
  • Enter a whole dollar amount to be contributed per pay period.
  • Enter the 457(b) contribution you wish to make per pay period not the amount per month.
  • If your pay frequency changes, you may need to change the amount of the contribution if you want a target amount to be contributed each month.
  • Contributions may be tax-deferred or you may designate them as after-tax Roth. 
  • If you already make 457(b) contributions and are changing the amount, indicate the new total amount of the contribution, not the amount of the change.
  • Once your Salary Deferral Agreement has been received and processed, an enrollment notice will be sent to your chosen investment carrier(s) to establish your account. You may also open your account at the TIAA and Fidelity Investments websites directly.

IMPORTANT NOTICE

Verify the elections you are submitting correctly reflect your intended choices. The Salary Deferral Agreement is irrevocable; contributions cannot be refunded and submitted elections cannot be retroactively amended.  Any modifications to a previously submitted election are made prospectively.

FIRST AVAILABLE PAY PERIOD

Elections to enroll, cancel, or change your salary deferral contribution shall be generally effective with your next available paycheck, subject to processing and administrative timelines.