|
|
At Elite Wealth Strategies, we work with many University of Michigan faculty and staff to help them understand and make the most of the retirement benefits available through their employer. Over the years, we’ve become very familiar with how the universities retirement plans work and regularly help clients choose investments and strategies that align with their long-term goals. We offer comprehensive financial planning and focus on building long-term relationships so we can be a resource not just today, but throughout every stage of your career and retirement. Wherever life takes you next, the Elite Wealth Strategies team is here to help you stay on track and move forward with confidence. |
Retirement Plan Highlights:
Below is a general overview of common retirement plan options available to University of Michigan employees. Specific features and benefits may vary based on individual circumstances.
401(a) and 403(b)
The core retirement plan structure includes both a 401(a) and a 403(b). The University contributes to the 401(a), while employee contributions are made to the 403(b). Contributions are made on a pre-tax basis, and taxes are paid when funds are withdrawn. The plan includes a generous matching structure on employee contributions.
403(b) Supplemental Retirement Account (SRA)
An optional supplemental retirement account funded through employee contributions. Contributions are made pre-tax, and taxes are paid upon withdrawal.
457 Deferred Compensation Plan
A supplemental retirement plan funded by employee contributions. Contributions are made pre-tax, and one key advantage is the ability to access funds before age 59½ without early withdrawal penalties.
Roth Contribution Options
Both the 403(b) SRA and the 457 plan may allow Roth contributions. These contributions are taxed when made but can be withdrawn tax-free if distribution requirements are met.
Elite Wealth Strategies is an independent firm and is not affiliated with, endorsed by, sponsored by, or associated with the University of Michigan or any other educational institution.
Below is a general overview of common retirement plan options available to University of Michigan employees. Specific features and benefits may vary based on individual circumstances.
401(a) and 403(b)
The core retirement plan structure includes both a 401(a) and a 403(b). The University contributes to the 401(a), while employee contributions are made to the 403(b). Contributions are made on a pre-tax basis, and taxes are paid when funds are withdrawn. The plan includes a generous matching structure on employee contributions.
403(b) Supplemental Retirement Account (SRA)
An optional supplemental retirement account funded through employee contributions. Contributions are made pre-tax, and taxes are paid upon withdrawal.
457 Deferred Compensation Plan
A supplemental retirement plan funded by employee contributions. Contributions are made pre-tax, and one key advantage is the ability to access funds before age 59½ without early withdrawal penalties.
Roth Contribution Options
Both the 403(b) SRA and the 457 plan may allow Roth contributions. These contributions are taxed when made but can be withdrawn tax-free if distribution requirements are met.
Elite Wealth Strategies is an independent firm and is not affiliated with, endorsed by, sponsored by, or associated with the University of Michigan or any other educational institution.
