21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan
Michigan Supplemental Retirement Plan
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US-CC-21-104
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Investment options: 403(b) plans only offer mutual funds and annuities, but 401(k) plans offer mutual funds, annuities, stocks and bonds. Because 401(k) plans are more expensive for the company, they usually offer a wider range and sometimes better quality of investment options.
After quitting a job, several options are available for handling your 403(b) retirement plan. You can maintain the account with your previous employer, rollover to a new employer's plan, rollover to an IRA, or cash out the plan. Each option comes with its own set of implications.
Pros and cons of a 403(b) ProsConsTax advantagesFew investment choicesHigh contribution limitsHigh feesEmployer matchingPenalties on early withdrawalsShorter vesting schedulesNot always subject to ERISA1 more row ? 7 days ago
The U-M retirement savings plans provide an important source of income in retirement in addition to Social Security and your personal savings. U-M does not have a pension plan.
401(k) plans are generally offered by private, for-profit companies, while 403(b) plans are only available to nonprofit organizations and government employers.
If your employer offers both a 403(b) and a 401(k), you can contribute to both plans to boost your retirement savings. However, there are limits on the combined total of so-called salary reduction contributions you can make in a tax year. The contribution limit is $20,500 for 2022, and $22,500 for 2023.
The Supplementary Retirement Plan (SRP) provides additional pension benefits to MEPP members whose annual salaries exceed the Salary Cap.
The State of Michigan contributes an amount equal to 4 percent of pay into an account established for participants in the State of Michigan 401(k) Plan. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period.
