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) Pre-Tax, Supplemental Retirement Plan (SRP) Roth, and Supplemental Retirement Plan Catch-Up (SRP Catch-Up).
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· The ERIP is made up of mandatory and voluntary contributions. Employees are eligible (and required) to participate in the ERIP once they have completed one year of service (during which they have completed 1,000 hours of service with the University), and if they are age 21 or older.
· Once eligible, mandatory contributions to the ERIP cannot be waived or changed.
· Employees may start, change, or stop their 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.
· Employees are eligible to participate in the SRP as of their hire date. They can start, change, or stop their contributions at any time. This plan offers both pre-tax and after-tax Roth contributions.
· Employees who are age 50 or older can make additional catch-up contributions above the IRS maximum annual towards their retirement accounts.
· The 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 this type of contributions as well.
· Once employees reach the IRS maximum annual contribution limits, Workday will automatically stop the contributions for the remainder of the year.
· Please visit Inside UChicago | Benefits page for more information about retirement plans.
1. Log into Workday using your CNetID and password.
2. Select Menu in the top-left corner, then choose the Benefits and Pay App under the Personal category.
3. Under Tasks and Reports, select Change 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 Benefit Event Date.
a. New elections for the ERIP – Voluntary will go into effect IMMEDIATELY after the chosen Benefit Event Date 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 chosen Benefit Event Date. Enter the date when the request is being submitted 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. A dialog box with the next task (Change Benefit Elections) to complete will pop up. Select Open.
a. If the dialog box disappears, navigate to My Tasks 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, employees will typically see 4 cards:
a. Employee Retirement Income Plan – This shows the ERIP mandatory contributions. Changes cannot be made to this card.
b. Employee Retirement Income Plan – Voluntary – This shows the ERP voluntary contribution percentage and any applicable company contribution match percentage.
i. If employees are eligible for the CRP, in lieu of the previous 2 cards, they will see one called Contributory Retirement Plan. Changes cannot be made to this card.
c. Supplemental Retirement Plan (Pre-Tax) – This shows employee contribution amount or percentage to this plan.
d. Supplemental Retirement Plan (Roth) – This shows employee contribution amount or percentage to this plan.
i. For employees who are age 50 or older, there will be a 5th card called Supplemental Retirement Plan Catch-Up.
10. To make changes to the ERIP – Voluntary, follow these steps:
a. Select Enroll (if a contribution percentage was not selected during initial/annual enrollment) or Manage (if a contribution percentage was selected) under the Employee Retirement Income Plan – Voluntary.
i. If contributing for the first time or updating contribution percentage, follow these steps:
1. Chose the option button Select under the Selection column.
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 contribution percentage by entering either 1% or 2% in the Contribution (%) field.
a. Employees currently contributing to the SRP must remember that they will not get the additional ERIP company match unless they are also contributing to the ERIP – Voluntary plan.
4. Select Save.
ii. If wishing to stop contributing to the ERIP – Voluntary:
1. Select the option button Waive under the Selection column and choose Confirm and Continue.
11. To make updates to the SRP (Pre-Tax, Roth and/or Catch-Up), select either Enroll or Manage under the Supplemental Retirement Plan (Pre-Tax), Supplemental Retirement Plan (Roth) or the Supplemental Retirement Plan Catch-Up cards, and follow the same procedure as for the ERIP – Voluntary plan.
a. When indicating the contribution amount, first select either a dollar amount or a percentage of pay in the Contribution Type prompt box. Then, in the corresponding field, either Per Paycheck Contribution ($) or Contribution (%) based on the previous selection, enter the chosen amount or percentage to contribute.
i. Be careful if choosing the Percentage option, as the contribution will be a percentage of the gross pay, not of the IRS maximum allowed contribution amount. DO NOT elect 100% unless intending to contribute the entire paycheck.
ii. Bi-weekly paid employees will have their contribution amount deducted EACH pay period.
iii. Employees who are 50 or over and eligible for the catch-up contributions, should not elect catch-up contributions unless they are contributing enough to voluntary contributions (ERIP – Voluntary plus SRP contributions) to reach the IRS maximum limit.
12. After completing 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 modifications will be effective.
a. To designate or change beneficiaries for retirement plans, create an account (if one hasn’t been created 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 this option has been chosen, the event will be routed to a Benefits Specialist for approval.
16. Select the View 2025 Benefits Statement button to print the retirement elections for your records or select Done to exit the task.
17. Once the contribution change is approved, look up this information by doing the following:
a. Select Menu in the top-left corner and choose the Benefits and Pay App under the Personal category.
b. In the Benefits and Pay panel on the left side of the screen, select Benefits, and then choose Benefit Elections.
i. If the Benefits and Pay panel is collapsed:
1. Use the Navigation Pane icon, represented by an arrow next to a vertical line, and located at the top left corner of the App, to expand or collapse the panel and adjust screen space.
2. Alternatively, with the panel collapsed, select the Benefits icon, represented by a shield icon with a heart inside, and choose Benefit Elections from the available options.
c. Select View Details under a specific card to review additional information. To see all current and future benefit elections in a table format, select the View as Grid button at the top of the screen, under the My Monthly Totals section.