Salary Deferral Agreement

					                                                                                                       For Benefits Office Use Only                       4/2008
TX
Salary Deferral Agreement                                                                              Approved:__________________
                                                                                                                                      TC:       D     R      OF
University of Michigan 457(b) Deferred Compensation Plan                                               Date:______________________
                                                                                                                                      Fid:      D     R      OF
On this form, you authorize the amount(s) to be contributed from your salary to a tax-deferred         Pay:______________________
457(b) deferred compensation plan on your behalf. Please print all information in black ink.




1. Faculty or Staff Member Information
Name (Last, First, Middle Initial)                                              UMID Number                               US Social Security Number




E-mail                                                                          Daytime Phone Number                      Daytime FAX Number
                                                          Monthly paid
                                                          Bi-weekly paid



2. Effective Date (Check one)                                                      4. Salary Deferral Agreement and Signature
                                                                                   I understand and agree to the following terms and conditions:
     FIRST AVAILABLE PAY PERIOD: Elections to enroll, cancel, or
     change your salary deferral contribution shall be effective no                1.     This Agreement is legally binding and irrevocable between the
     earlier than the month following the date your Agreement is filed                    University of Michigan and myself.
     with the Benefits Office. For bi-weekly paid staff, Agreements filed          2.     The Internal Revenue Code (IRC) limits the aggregate amount an
     on or after the 15th day of any month are generally made effective                   individual taxpayer can tax-defer. During the year, the Benefits
     no earlier than the second pay period of the following month.                        Office will lower or suspend my salary deferral contribution if it will
                                                                                          cause me to exceed the IRC 457(b)(2), 457(b)(3), or 414(v) limits.
                                                                                          If my contribution is lowered or suspended during the year to keep
     FUTURE PAY DATE: _________________________________
                                                                                          me within IRC limits, my elected amount will generally resume the
                                                                                          following year. If I participate in a 457(b) plan outside of the
                                                                                          University of Michigan, I may need to consult with a tax advisor to
                                                                                          ensure I do not exceed IRC limits.
3a. Salary Deferral Amount                                                         3.     I agree to hold harmless and indemnify the University of Michigan
                                                                                          for any and all liability and expenses by it as the result of any
     Enroll          Change Amount          Cancel          No Change                     misstatement or omission made by me in this Agreement.
                                                                                   4.     This Agreement revokes any previously signed Agreement.
1.       Enter the amount of compensation you wish to defer per pay                5.     This Agreement shall become effective as soon as
         period. If you are paid bi-weekly, this amount will be deferred from             administratively feasible, with respect to University of Michigan
         each paycheck, not as a monthly total.                                           compensation not yet earned, but not earlier than the first day of
2.       This amount will remain in effect until you submit another form to               the month following the date this Agreement is filed with the
         change or cancel it.                                                             Benefits Office.
3.       If you already defer compensation and are changing the amount,            6.     This salary reduction agreement is covered under and shall be
         indicate the new total amount of the deferral, not just the amount               interpreted consistent with U.S. Treasury Regulations.
         of the change.                                                            7.     If the University of Michigan modifies future versions of this
                                                                                          Agreement to comply with federal law or regulations, I agree that
I request to defer my eligible U-M compensation per pay period into                       this Agreement shall be administered according to such modified
the U-M 457(b) deferred compensation plan by the amount indicated                         Agreements.
below. (Enter whole dollar amounts only)                                           8.     I understand my deferred compensation and earnings cannot be
                                                                                          withdrawn until I have terminated employment, or as an
                                                                                          employee, I am age 70½ or older, or elect a one-time withdrawal
          AMOUNT PER PAY PERIOD                       $                                   pursuant to IRC Section 457(e)(9)(A).
                                                                                   9.     I understand this form does not enroll me in the University of
                                                                                          Michigan Basic Retirement Plan or change any elections I have
                                                                                          made with regards to the University of Michigan Basic Retirement
                                                                                          Plan or Supplemental (SRA) Retirement Plan.
3b. Investment Company
     Enroll         Change Investment Company             No Change

                                                                                   Signature
I request to allocate the deferral amount indicated in Section 3a to the
investment company(ies) as indicated below. (Check one)

     100% TIAA-CREF
                                                                                   Date
     100% Fidelity Investments
     50% TIAA-CREF & 50% Fidelity Investments                                                   Benefits Office – Retirement Plan Area
     Other: ________% TIAA-CREF & ________% Fidelity                                               Wolverine Tower Low Rise G405
                                                                                                          3003 S. State Street
                                                                                                       Ann Arbor, MI 48109-1278
                                                                                              Phone: (734) 615-2000 • FAX: (734) 936-8835
Salary Deferral Agreement

Your TIAA-CREF and/or Fidelity Account(s)                                          Changing Your Contribution
There are no applications for you to complete to open your                         Elections to cancel, reduce, or increase your contribution shall
account with TIAA-CREF and/or Fidelity. The Benefits Office                        be effective no earlier than the month following the date your
will send an enrollment notice to your chosen investment                           Agreement is filed with the Benefits Office.
company to create your account once your properly completed
and signed Salary Deferral Agreement has been received.
TIAA-CREF and/or Fidelity will then mail you with information                      Salary Deferral Amount
on how to change your investment fund and how to designate                         Enter the amount of compensation you wish to defer per pay
your beneficiary. Be sure to designate your beneficiary as                         period. If you are paid bi-weekly, this amount will be deferred
soon as possible.                                                                  from each paycheck, not as a monthly total. This amount will
                                                                                   remain in effect until you submit another form to change or
The investment fund will automatically be an age-appropriate                       cancel it. If you already defer compensation and are changing
Lifecycle Fund if you select TIAA-CREF or a Freedom Fund if                        the amount, indicate the new total amount of the deferral, not
you select Fidelity. A TIAA-CREF Lifecycle or Fidelity                             just the amount of the change.
Freedom Fund is a mutual fund that is a diversified portfolio of
other mutual funds offered by that company. This includes
domestic and international stock and bond funds, as well as                        Investment Company
money market funds. Each fund automatically selects the
                                                                                   Indicate the investment company you want to receive your
allocation of stock, bond, and money market funds that are
                                                                                   salary deferral contributions. List whole percentages only. The
appropriate for a target retirement date of approximately age
                                                                                   total must equal 100%, for example: 50% to TIAA-CREF and
65. The fund will adjusts its holdings periodically to maintain
                                                                                   50% to Fidelity.
an asset allocation appropriate for its target retirement date to
maximize returns and minimize risks. Both TIAA-CREF and
Fidelity offer a wide selection of stock, bond, money market,
and real estate mutual funds. If you do not want your                              Limits on Cash Withdrawals and Rollovers
investment fund to be a Lifecycle or Freedom Fund, you may                         Cash withdrawals and rollovers are permitted:
change this by contacting TIAA-CREF or Fidelity.                                      Upon termination of employment at any age.
                                                                                      At age 70 ½ or older if you are a current faculty or staff
Effective Date                                                                         member at U-M.
   The Salary Deferral Agreement shall become effective as                           As a one-time withdrawal if you are a current faculty or staff
    soon as administratively feasible with respect to                                  member at U-M and 1) the total account balance (not
    compensation not yet earned, but not earlier than the first                        attributable to rollovers you made into the plan) is no more
    day of the month following the date this Agreement is filed                        than $5,000; and 2) no amount has been deferred under
    with the Benefits Office.                                                          the plan during the two-year period that ends on the date of
   Agreements filed on the first day of the month or later are                        distribution; and 3) no previous distribution was taken
    made effective no earlier than the following month.                                under this provision.
   By checking “First Available Pay Period” elections shall
    take effect the month following the date the Agreement is
    filed with the Benefits Office. For bi-weekly paid staff,                      U-M Retirement Plan
                                          th                                       Enrolling and contributing to the U-M 457(b) Deferred
    Agreements filed on or after the 15 day of any month are
    generally made effective no earlier than the second pay                        Compensation Plan does not enroll you in or affect any
    period of the following month.                                                 elections you have with respect to the U-M Basic Retirement
                                                                                   Plan or Supplemental (SRA) Plan. The U-M Retirement Plan
   You may list a future pay date as your effective date if you
                                                                                   is a separate plan from the U-M 457(b) Plan.
    want to target a specific future payroll period instead of
    your first available pay period. If you check no box, the
    default will be First Available Pay Period.



                                                      Questions?
                                                      Visit the U-M 457(b) Deferred Compensation Plan section of the Benefits Office Web site at
                                                      www.umich.edu/~benefits/plans/457b, or call the HR/Payroll Service Center at 734-615-2000 or
                                                      866-647-7657 (toll free for off-campus long-distance within the U.S.)

How to Return Your Signed and Completed Form
Keep a copy for your records and a copy of the fax transmission report, if you return this form by fax.

By FAX (for fastest service)                         By Mail                                              Drop It Off In Person
734-936-8835                                         Benefits Office – Retirement Plan Area               HR/Payroll Service Center
                                                     Wolverine Tower – Low Rise G405                      Wolverine Tower – Low Rise G250
                                                     3003 South State Street                              3003 South State Street
                                                     Ann Arbor, MI 48109-1278                             Ann Arbor, MI 48109-1278
                    Enrolling with TIAA-CREF and Fidelity Investments


What forms do I complete to open my                        What is a Lifecycle or Freedom Fund?
account with TIAA-CREF and/or Fidelity?                    A TIAA-CREF Lifecycle or Fidelity Freedom Fund is
There are no paper forms to complete to open your          a mutual fund that is a diversified portfolio of other
account with TIAA-CREF and/or Fidelity.                    mutual funds offered by that company. This
                                                           includes domestic and international stock funds,
                                                           bond funds, and money market funds.

How is my account established?                             Each Lifecycle or Freedom fund automatically
The Benefits Office will send an enrollment notice         selects the allocation of stock, bond, and money
to your chosen investment company to create your           market funds that are appropriate for a target
account once your properly completed and signed            retirement date of approximately age 65. The fund
Salary Deferral Agreement has been received.               will adjusts its holdings periodically to maintain an
Notifications are sent to Fidelity on a weekly basis.      asset allocation appropriate for its target retirement
Notifications to TIAA-CREF are sent with your first        date to maximize returns and minimize risks.
contribution; this is the first business day of the
month after your first deduction.                          Your date of birth will be included in the enrollment
                                                           notice sent to your chosen investment company.
                                                           This will determine into which specific Lifecycle or
                                                           Freedom Fund you will be enrolled.
What should I do next?
                                                           Lifecycle and Freedom Funds provide a simple
1) Designate Your Beneficiary                              solution if you lack the time, confidence, or
The investment company you selected will send              investment knowledge to create and manage a
you a welcome packet with information on how to            well-diversified portfolio. Each fund is
how to designate your beneficiary.                         professionally managed and provides you with a
                                                           simple, single investment fund.
   Fidelity will include a beneficiary designation
    form in the packet.
   Contact TIAA-CREF at 800-842-2776 to
    request a beneficiary designation form or              What are my other investment choices?
    update it online at: www.tiaa-cref.org.                Both TIAA-CREF and Fidelity offer a wide selection
                                                           of stock, bond, money market, and real estate
Complete the form and return it to the investment          funds. If you do not want your investment fund to
company as soon as possible.                               be a Lifecycle or Freedom Fund, contact TIAA-
                                                           CREF or Fidelity to designate a different fund.

2) Choose Your Investment Funds                            Fidelity: 1-800-343-0860
The investment fund will automatically be an age-
appropriate Lifecycle Fund if you select TIAA-CREF         TIAA-CREF: 1-800-842-2776
or a Freedom Fund if you select Fidelity. You may                  You may also create your account online at
change this by contacting TIAA-CREF or Fidelity.                    www.tiaa-cref.org/enroll by entering in all caps
                                                                    access code: UM457B




                                                        Benefits Office - Retirement Plan Area
                                                        Wolverine Tower – Low Rise G405
                                                        3003 South State Street
                                                        Ann Arbor, MI 48109-1278
                                                        Phone (734) 615-2000
                                                        Fax (734) 936-8835                                       4/2008
How to Complete the Salary Deferral Agreement




Fill in your name, UMID,
Social Security Number,
pay frequency, and
contact information.




Indicate when you wish
your salary deferral to
begin. Enrollments and
elections are effective
no earlier than the first
of the month after your
forms are filed with the
Benefits Office.




Indicate a fixed, whole
dollar amount to be
contributed with each
pay period.




Indicate the percent of
your contribution that is
to be directed to TIAA-
CREF and/or Fidelity.




                               Your signature is   Return this form to the Benefits
                               required; be sure   Office. For fastest service, FAX forms
                               to sign and date    to: 734-936-8835.
                               the form here.