Wayne State University

Aim Higher

Policies-12

3.4.4.2 Retirement Plan Changes

DESCRIPTION

The employee contacts TIAA-CREF or Fidelity Investments to change the distribution or allocation of the contribution. To change beneficiary, obtain a form from Benefits Administration for TIAA-CREF and submit it to the carrier. To change beneficiary with Fidelity Investments, contact the carrier. To change contribution rate, contact Benefits Administration.

POLICY

A change in the amount of the employee contribution is effective the next available pay.

PROCEDURE

Responsibility

Action

Employee

  1. Notify Benefits Administration of desire to change contribution amount.

Benefits Administration

  1. Calculate the allowable maximum.

  2. Send documents and form(s) to the employee.

Employee

  1. Indicate desired change on form(s)

  2. Return to Benefit Administration.

Benefits Administration

  1. Enter change into HRS.

  2. Distribute Notice of Staff Benefits Change, form 785, to Payroll and employee.