403(b) Supplemental Tax Deferral Plan

You can establish a 403(b) Supplemental Tax Deferral plan as a way to save more for retirement.  This is a voluntary plan and all contributions are made by the employee.

Eligibility

All staff employees, medical faculty, fixed-term faculty, regular faculty, and post-doctoral research fellows (including temporary staff and fixed term faculty less than half-time) are eligible to participate. 

Contributions

This voluntary plan accepts payroll deductions as after-tax ROTH and/or pre-tax contributions.

You can start, stop, increase or decrease your contribution at anytime. Changes are effective the next available pay period.  As of July 1, 2019, employees will make their contribution elections by logging into their TIAA online account.  

  • Log in to TIAA.org/cmich (first-time users will need to register for secure online access)
  • Select Actions on the menu bar
  • Under the Retirement header click on Change contribution amount
  • Follow the prompts to start, stop or change your contributions
  • For assistance navigating the TIAA website or to change your election via phone, please contact TIAA at 800-732-8353, weekdays, 8 a.m. to 9 p.m. (ET)

Participants are allowed to contribute to both the 403(b) and the 457(b), if eligible. Refer to the comparisons grid to see the benefits and limitations of each plan.

Deferral amounts are indicated as a percentage (%) of salary.  Participants who contribute to both a 403(b) and to a 457(b) plan will be allowed to contribute the maximum amount permissible to both plans.

A special catch-up limit allows participants who are age 50 and over to contribute an additional amount each year. 

Vesting

"Vesting" refers to an employee's right, usually earned over time, to receive some retirement benefits regardless of whether or not they remain with the employer. Your contribution to this account will be 100% vested immediately.

Taxation

For a comparison of the benefits of pre-tax and after-tax ROTH contribution options, check out the Comparison Chart of Contribution Options.