One Election Event for Three Plans
When making your retirement elections in Benefits Self-Service, you will now see one type of retirement savings election event. You will no longer have to access three separate events for the Basic Retirement Plan, 403(b) Supplemental Retirement Account and 457(b) Deferred Compensation Plan.
Make Retirement Elections Once Per Pay Period
As of March 1, 2023, you can use Wolverine Access once per pay period instead of once per month to make changes to your Basic Retirement Plan, 403(b) SRA and/or 457(b) accounts using the same event.
You may enroll in the 457(b), change an existing payroll contribution amount or waive enrollment. This means your 457(b) election(s) will take effect at the same time as your 403(b) SRA (if you make any).
View online enrollment and change deadlines by pay period.
If you have already made an election for one, two or all three plans for the current pay period, you cannot make another until the following pay period. The one-election-per-pay-period rule applies regardless of whether you made an election:
- For just the Basic Retirement Plan, just the 403(b) SRA, or just the 457(b); or,
- For any two of the three plans; or,
- For all three plans simultaneously.
Important Reminders
- Carefully plan your retirement savings elections, since you may have only one election event per pay period to change all three plans.
- View Contribution Limits for retirement plans.
- If you already made an election for the pay period, you are unable to make another election for any plan until the following pay period.
- If you want to make an election for two or all three plans to take effect in the same paycheck, you must make all the elections at once using the same enrollment event.
Enrollment Instructions
Enroll or make a change through Wolverine Access by selecting Benefits Self-Service > Initiate Ret Savings Elections.
After you select Initiate Retirement Savings Election, you will be taken directly into the event. You will no longer see a button to select the separate plans. All three plans will be a single event.
For more information and for step-by-step enrollment instructions, visit the Retirement Savings Plan webpage.
