This document provides employees directions on how to enroll or make changes to their elections for the Employee Retirement Income Plan – Voluntary (ERIP – Voluntary), Supplemental Retirement Plan (SRP), and Supplemental Retirement Plan Catch-Up (SRP Catch-Up).
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· Your ERIP is made up of mandatory and voluntary contributions. You are eligible (and required) to participate in the ERIP once you have completed one year of service (during which you have completed 1,000 hours of service with the University), and if you are age 21 or older.
· Once eligible, mandatory contributions to the ERIP cannot be waived or changed.
· You may start, change, or stop your voluntary additional contributions at any time after meeting eligibility requirements.
· Certain employees are eligible for the Contributory Retirement Plan (CRP) instead of the ERIP. These employees cannot waive or change the mandatory contributions nor make voluntary additional contributions.
· You are eligible to participate in the SRP as of your hire date. You can start, change, or stop your contributions at any time.
· Employees who are age 50 or older can make additional catch-up contributions above the IRS maximum annual towards their retirement accounts.
· Your combined voluntary contributions to ERIP and SRP cannot exceed the IRS maximum annual limit.
· Catch-up contributions are not considered in this limit, however there is an annual IRS cap for these types of contributions as well.
· Once you reach the IRS maximum annual contribution limits, Workday will automatically stop your contributions for the remainder of the year.
· Please visit UChicago Intranet | Benefits for more information about retirement plans.
1. Log into Workday using your CNET ID and password.
2. From the Home page, select Menu in the top-left corner and choose the Benefits App.
3. Under the Change menu, select Benefits.
4. Using the Change Reason dropdown menu, choose Retirement Plan Changes.
a. Carefully read the Instructions located on the right side of the screen.
5. Type or use the calendar icon to select the Date of Change Request.
a. New elections for the ERIP – Voluntary will go into effect IMMEDIATELY after the Date of Change Request you choose if the current payroll cycle is not closed yet.
b. New elections for the SRP plan will go into effect on the first day of the month following the Date of Change Request you choose. Enter the date in which you’re submitting the request in Workday and the new election will begin in the next month.
c. Changes to retirement plans cannot be backdated or take effect retroactively.
6. Select the Submit button.
7. You will see a dialog box pop up with the next task (Change Benefit Elections) to complete. Select Open.
a. If you don’t select Open and the dialog box disappears, navigate to your Inbox by selecting the mail icon in the top-right corner of the page, and then choose the Benefit Change – Retirement Plan Changes task on the left side of the screen.
8. Select the Let’s Get Started button.
9. In the Retirement Plan Changes page, you will typically see 3 sections:
a. Employee Retirement Income Plan – This shows the ERIP mandatory contributions. You cannot make changes to this section.
b. Employee Retirement Income Plan – Voluntary – This shows the ERP voluntary contribution percentage and any applicable company contribution match percentage.
i. If you are eligible for the CRP, in lieu of the previous 2 sections, you’ll see one called Contributory Retirement Plan. You cannot make changes to this section.
c. Supplemental Retirement Plan – This shows employee contribution percentage to this plan.
i. If you are age 50 or older, there will be a 4th section called Supplemental Retirement Plan Catch-Up.
10. To make changes to the ERIP – Voluntary, follow these steps:
a. Select Enroll (if you didn’t select a contribution during initial/annual enrollment) or Manage (if you did select a contribution amount) under the Employee Retirement Income Plan – Voluntary.
i. If you want to start contributing for the first time or if you want to update your contribution amount, follow these steps:
1. Chose the option button Select.
a. Carefully read the Retirement Savings Instructions located on the right side of the screen before moving forward.
2. Select Confirm and Continue.
3. On the next screen, indicate the amount you would like to contribute by entering either 1% or 2% in the Contribution (%) field.
a. If you are currently contributing to the SRP, remember that you will not get the additional ERIP company match unless you also contribute to the ERIP – Voluntary plan.
4. Select Save.
ii. If you wish to stop contributing to your ERIP – Voluntary:
1. Select the option button Waive and choose Confirm and Continue.
11. To make updates to the SRP or SRP Catch-Up, select either Enroll or Manage under the Supplemental Retirement Plan or the Supplemental Retirement Plan Catch-Up section, and follow the same procedure as for the ERIP – Voluntary plan.
a. When indicating the contribution amount, you can choose to contribute a dollar amount or a percentage of your pay in the Contribution Type prompt box. In the field popping up below, enter the Amount or Percentage you wish to contribute.
i. Be careful if you choose the option Percentage, because the contribution is a percent of your gross pay, not a percent of the IRS maximum allowed contribution amount. Do NOT elect 100% unless you intend for your entire paycheck to go to your Supplemental Retirement Plan account.
ii. Bi-weekly paid employees will have their contribution amount deducted EACH pay period.
iii. If you are 50 or over and eligible for the catch-up contributions, you should not elect catch-up contributions unless you are contributing enough in voluntary contributions (ERIP – Voluntary plus SRP contributions) to reach the IRS maximum limit.
12. When you have finished making changes to each of the retirement plans, select Review and Sign.
13. Review the information, taking note of the Coverage Begin Date that indicates when your modifications will be effective.
a. To designate or change beneficiaries for retirement plans, create an account (if you haven’t done so before) and/or log into your TIAA account.
14. Scroll down to the bottom of the page, read the Electronic Signature section, and check the I Accept box.
15. Select Submit to complete the process. Once you have chosen this option, the event will be routed to a Benefits Specialist for approval.
16. Select the View Benefits Statement button to print your retirement elections for your records.
17. Once your elections are approved, you can look up this information by doing the following:
a. Select Menu in the top-left corner of screen and choose the Benefits App.
b. Under the View menu, select Benefit Elections.