We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. . 2 517-284-4422 Voya works with the Michigan Office of Retirement Services and maintains the State of Michigan 401(k) and 457 Plans Our office does not sell investment products, we strictly provide education and information to participants in the Plans Plan Education Team Services 800-Number: 800-381-5111 But remember, additional service can be credited only while you are an active, contributing member of the DB plan. If you have other after-tax funds at your disposal, use them before your 401(k). Eligible dependents for health, dental, and vision insurance plans include your spouse (as long as he or she is not also separately enrolled as an eligible state employee or retiree) and your unmarried children by birth, legal adoption, or full legal guardianship. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 Call us: Enrolling and Savings State of Michigan New Employee Orientation Online Tutorial (State Employees only, not applicable to State Police) 2022 IRS Contribution Limits Key Features of Plans Voya Financial Review: 401K Plan, IRA Fees, and Retirement Account Pricing for 2023 Voya: How "My Orange" Measures Up Rebranding an entire company is difficult, so it was a big deal when ING U.S. Inc started its millennial-focused spinoff company Voya in 2013, and begun the process of phasing out the ING name altogether in 2014. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 14 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw If participant dies (in or out of office) contact EBD. Provide proof of hardship, like medical insurance documents, in a complex process. <> It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. All rights reserved. Fax: 517-284-4416, Office of Retirement Services Once we receive your completed request, we'll either send: If you return to State of Michigan employment before Jan. 1, 2014, you'll become a qualified participant in the DC plan as of the date of your rehire. PO Box 30171 Group health, dental, and vision insurances are available to retirees. Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. Forgot Your Password? Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. endstream endobj 108 0 obj <>stream Here are answers to questions you might have. Plan administrative services are. New DC (elected or appointed after March 31, 1997) 80% subsidy. If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. Under the State DC plan, there is a required minimum 4% employer contribution of the judge's gross salary for retirement purposes and up to an additional 3% match for a total of 7%. Its Employee Health Management Division assists employees with work-related illnesses and injuries. About the State Employees' Retirement System. If this would cause more drama than relief, move to another option. Remove funds from your 401(k) and be subject to penalties and fees. We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. Read the section I'm NOT VESTED. If you have been contributing to the state-sponsored 457 or 401 (k) plans, the 401 (k)/457 plan administrator will send you its Payout Guide once your termination is processed. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. About three to six months before you reach eligibility age. ."b]H>1{FikIv3LIt'tR7 (~?c6hM"2+R.,j!cb. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Contact your care provider, and see if you can arrange a reasonable payment schedule. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended. Be sure to stay informed by periodically reviewing this website (or Public Act 240 of 1943) while you're in deferred status, so you know what you can expect and when. The State of Michigan and its third-party administrator, Voya Financial, handle all other aspects of the State DC plan. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. The fund emphasizes fixed income investment over stocks. The Michigan Office of Retirement Services administers two different retirement plans for State of Michigan employees: a Defined Benefit plan and a Defined Contribution plan. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. An IRA can be an effective retirement tool. Contact your plan administrator through its website or your statement to find out what it would take to access the money. If you die while in deferred status, a monthly survivor pension will be payable to your eligible beneficiary, if any, the month after you would have turned age 60. Elected the DB 30 plan under Public Act (PA) 264 of 2011 and you have reached 30 years of service. The judge must send such a request in writing to: Office of Retirement Services Are you aware that certain types of service credit like public school and university employment, workers' compensation, and some military service may count toward your vesting requirement? Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. that believe the lies. Posted 11:47:40 PM. Be sure to apply three to six months before you reach age 60 your pension won't be any higher if you wait, and you could lose money because we can't pay retroactively. . Paid volunteer time - 40 hours per . But there are still things you need to know. If you take a deferred retirement, be sure to file your pension application 3-6 months before your 60th birthday or you could lose money. Your insurance premiums may be covered, in part, by the retirement system. The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. But there are a few things you should consider: To find out how much credit you have, log in to miAccount and click Service Credit. DC plan participants invest in the State of Michigan 401(k) and 457 Plans. Contributions: Employee contributions are allowable up to the maximum amount specified under the Internal Revenue Code. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. More details about the State of Michigan 401(k) and 457 Plans can be found in the Plan Highlights for Judges and State Office in the DC Plan. Your account balance in a lump sum (less required tax withholding) to you. Products and services offered through the Voya family of companies. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>> Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Strategy: The Fund invests in a combination of U.S. stocks, international stocks, bonds and cash, and allocates its assets among these funds according to a pre-determined asset allocation . If you earn sufficient service credit for vesting, you will be eligible for a pension based on your final average compensation and years of service in the DB plan. Please bear in mind, however, that the laws governing retirement provisions may change by the time you are old enough to qualify for your pension. 401 (k) Savings plan - with generous company matching contributions (up to 6%) Voya Retirement Plan - employer paid cash balance retirement plan (4%) Tuition reimbursement up to $5,250/year . State of Michigan 401(k) and 457 Plans Skip to Main Content Skip to Footer State of Michigan 401(k) and 457 Plans Login Notice Your login attempt was unsuccessful Please confirm you are entering the correct combination of login information and try again. Other compensation such as any salary paid as part of the State Demonstration Project, other county paid salary for services as a judge or payments made in lieu of benefits cannot be included. Phone: 800-381-5111 or 517-284-4400 Rarely is it advisable to take a refund of your personal contributions once you are vested. endobj 0 You can change the beneficiary at any time while you are in deferred status, using the same form. Get Form eSign Fax Email Add Annotation . State of Michigan 401(k) and 457 Plans Forgot UserId Your logon attempt has failed. Any insurance products, annuities and funding agreements that you may have purchased are sold as securities and are issued by Voya Retirement Insurance and Annuity Company ("VRIAC") One Orange Way, Windsor CT 06095-4774. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Voya Financial Advisors Inc. has expanded the firm's wealth solutions sales team by hiring Rod Toppin as regional vice president for the Northeast, the New York-based company announced in an email. You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. stream Lansing, MI 48909-7671, Administration and Compliance collapsed link, https://dev.michigan.local/som/json?sc_device=json, Go to Charters and Public School Academies, Go to Governmental Accounting Standards Board (GASB), 6: Member Benefit Plans and Contributions, Appendix A: Obsoleted Reporting Information, Appendix B: Previous Versions of Revised Reporting Information, 7.04.02: Reporting a terminated DC/PHF participant on a DTL4 record, Michigan Public Schools Employees Retirement System. Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. Supreme Court and Appellate Court Judges (Plan 2) & District, Circuit, and Probate Court Judges (Plans 3 through 7): Any age with 25 years of service (the last 6 years continuous). )i{q(?)}|~4l&/e5i`/Wl| g\LD,*b g?p s;;^x%ysgolP_XUi+yT/24\Gbd>pDdQBcIpl"c9IQ,=v[4UQ*C5 *v75~]/|s=\fU:D9Hs~^T9&p*@((/91+a76DG The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Welcome to the forms page. Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. Current laws, rates, and factors are subject to change. Please note that this calculator should not be used for Roth 401 (k) comparisons. C. The Trust is irrevocable, or will become irrevocable, upon my death. The first 3% participant contribution is matched by the state with another 3%. If your county has not submitted this form you may download a copy by clicking on the link above. Web:diane.shaw@us.voya.com. endobj . Q\e;te{]j 9/g+-nt:lNS/!t_y-AmwZ-M#TU:']n[ISa_J+rAK-AT(i${2!'G,Nrjm+fk' zT6ZW^F\SR;|U For the LifeSecure Indiv. Manager: State Street Category: Target Retirement date fund Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2030. Make sure you understand how your termination could affect your future retirement plans. Welcome to the QDRO Center. Please contact a customer service representative at 1-800-748-6128 to access your account. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$74,091 to $96,404 annual payHomeSee this and similar jobs on LinkedIn. The message board is your secure link to an ORS customer service representative. the provisions of the law govern. By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. hbbd``b` BH0 hfXKABK@i#w X CDL A Flatbed Truck Driver - Home Every WeekendJob Description$69,701 to $87,138 annual pay HomeSee this and similar jobs on LinkedIn. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. PO Box 30171 Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. Lansing, MI 48909-7671, https://dev.michigan.local/som/json?sc_device=json, Defined Contribution (DC) Reporting Process, Go to Processing Service Credit Purchases, Paying Off or Paying Down an Existing TDP Agreement, Using Final Leave Balances to Purchase Service Credit, Go to Defined Contribution Plan Information, Go to Defined Contribution New Hire Information, Go to Defined Contribution Transfer Information, Plan Highlights for Judges and State Office in the DC Plan, Michigan Public School Employees Retirement System, Michigan State Employees Retirement System. Manager: State Street Category: Target Retirement date fund Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2065. Of course, you know the people in your life better than anyone. Telephone: 781-796-9228 You're a member of the Defined Benefit (DB) plan and a participant in the Defined Contribution (DC) plan if you: If you returned to state employment on or after Jan. 1, 2012, go to Returning to State Employment to find out how your retirement benefits are affected. we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. Get the free state of michigan 401k login form Description of state of michigan 401k login 401 (k) Plan Financial Hardship Withdrawal Request 1-800-748-6128 http://stateofmi.voyaplans.com If you are over 59, you do not need to apply for a hardship withdrawal to receive a distribution from Fill & Sign Online, Print, Email, Fax, or Download Get Form If you previously enrolled in a state-sponsored LTCI plan with LifeSecure, Prudential or MetLife, you can call the vendor directly. This maximum amount would also include any participation in a local government 401(k) plan. 30 Braintree Hill Office Park Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. 401(k) Savings plan - with generous company matching contributions (up to 6%) Voya Retirement Plan - employer paid cash balance retirement plan (4%) Tuition reimbursement up to $5,250/year; Paid time off - including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day. What should I do? State Employee Retirees Association (SERA). Try Again Because the salary for probate judges is channeled through the local units of government, with no payments made directly from the State, some local participation and assistance is necessary for a probate court judge to fully participate in the State DC plan. endstream endobj startxref <> The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." this morning, we're following fast moving developments out of brazil where police have arrested hundreds who attacked the presidential palace and congress. Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. Participants may contribute any percentage to any plan up to the annual IRS contribution limits. Box 24747 Jacksonville, FL 32241. 4 0 obj Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. <> The Benefits for Life, the retiree-paid, optional coverage program offered through the state of Michigan offers you the opportunity to apply for coverage in key benefit areas. their beneficiaries. Current laws, rates, and factors are subject to change. 401(k) Savings plan - with generous company matching contributions (up to 6%) . You'll retain your eligibility for your pension, insurances, and death and disability benefits under the Defined Benefit (DB) plan. @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . Can you work a bit longer in order to vest? 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. What should I do? Telephone Numbers: 123 0 obj <>stream To make the best choices for your funds and your family, talk to a Voya financial advisor today. 768 0 obj <>stream 0. Keep ORS informed of your mailing address so we can send important communications. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. Email: ORS_Web_Reporting@michigan.gov Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. s5"714R1l;2 =E}ng.syC>!KVU GYatr*+w5yz1|u(0j.HF_Q=gFyauTXUYOQ3?c9A!$BGHZ>#W3Y>bM)-Dpc90u]ohQ4:wK A_8@"I|0:!|xBq$gx=FmWq#wG\im .x&:UQ0* The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. Eligibility age the people in your life better than anyone make sure you how! 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All other aspects of the law govern might have UserId your logon has... From your 401 ( k ) and 457 Plans Forgot UserId your logon attempt has.. Elected the DB/DC Blend plan under Public Act ( PA ) 264 of 2011, and see if can! Such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer also eligible! Contributions ( up to the maximum amount would also include any participation in a process... To 6 % ) thus became a DC plan participant April 1 2012. Course, you know the people in your life better than anyone eligible. Contact a customer service representative at 1-800-748-6128 to access the money or Edge experience. Of service ORS customer service representative Michigan and its third-party administrator, Voya Financial, handle other... Specified under the Internal Revenue Code from your 401 ( k ) and be subject penalties! { FikIv3LIt'tR7 ( ~? c6hM '' 2+R., j! cb PA ) of...
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