Lump Sum Distribution
Supplemental Retirement Accounts (SRA's) for HO's.
The Lump Sum to encourage savings is being distributed in November. However, the deadline for directing those funds into an account is October 31.
The HOA has invited a representative to be available in the lounge, UH2F210, on October 17 and 25, from 11:30 am to 1:30 pm, to answer any questions you might have regarding an SRA. If you were unable to attend, you can still contact Suzanne Giddings with questions at 734-647-6577.
If you don't plan on diverting the amount into a retirement account and would prefer not to have the amount taxed in combination with your monthly pay, consider increasing the number of deductions or dependents for the month of November. This is done through Wolverine Access/ Self Serve/Faculty and Staff. The website is calling this "Allowances." The more deductions, the less you are taxed. If you do nothing, the combined amount is taxed as income at the flat 25% rate.