Attn: State of Michigan Plan Administration PO Box 30171 The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. Employer Reporting: 517-636-0166 If the probate judge in your county receives a portion of his or her salary from different units of government, it will be necessary for you to coordinate with the other county(ies) and only one county submits the necessary salary deferrals.
Link to the Retirement Act for State Employees. Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. State of Michigan 401(k) and 457 Plans Skip to Main Content Skip to Footer State of Michigan 401(k) and 457 Plans Session Timeout. e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. 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. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended. Fax: 517-284-4416, Office of Retirement Services 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. State of Michigan 401(k) and 457 Plans. Forgot Your Password? State of Michigan 401(k) and 457 Plans 401(k) State of Michigan 401(k)Plan To download the desired publication, simply click on its title in the following list. Of course, you know the people in your life better than anyone. Find out if you qualify for a home equity line of credit, which borrows against the value of your house. Welcome to the forms page. Voya 401(k) Savings Plan 776991 Make a photocopy if you wish to retain a copy for your records. %PDF-1.5
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How close are you to meeting the vesting requirements? 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. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. hVmk0+}(z$P You have personal contributions on account if you: If you return to State of Michigan employment before you retire, you'll become a participant in the Defined Contribution (DC) plan as of the date of your rehire. About the State Employees' Retirement System. VRIAC is solely responsible for meeting its obligations. 401 (k) after-tax funds In 1997, the State of Michigan adopted the 401 (k) Defined Contribution (DC) plan. . Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. State of Michigan 401(k) & 457 Plans Voya Meetings Online Registration Form State of Michigan 401(k) & 457 Plans Voya Meetings Select your timeframe Start by choosing the quarterly event you are interested in. -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . Please contact a customer service representative at 1-800-748-6128 to access your account. An amount of your untaxed contributions and interest (specified by you) as a transfer to your qualified retirement plan administrator, and the remaining balance paid directly to you (less required tax withholding). To make the best choices for your funds and your family, talk to a Voya financial advisor today. Log in to your account at https://myhealthaccount.voya.com or call: 833-232-4673 Individual Life Insurance Policy Owner Customer Service Hours: 9 a.m. to 7 p.m. endstream
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If you are vested for your pension when you leave state employment, you will be a deferred member from the time you terminate until you begin drawing your pension. Dental and Vision. . Consider the following points before you request a refund. District, Circuit, and Probate Court Judges (Plans 3 through 7): No insurance subsidy. Loans:Probate judges are allowed to take out loans from their State DC account. ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A
`'qQe?N Lansing, MI 48909-7671, https://dev.michigan.local/som/json?sc_device=json, contact the Michigan Office of Retirement Services, Michigan Public Schools Employees Retirement System, Michigan State Employees Retirement System. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. DC Transfer Life insurance cards were sent to the Employee Benefits Division (EBD). State Employee Retirees Association (SERA) Judges and elected officials first hired on or after March 31, 1997, are in the Defined Contribution (DC) plan. The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. Your state service might count toward retirement benefits in another public employer's retirement system or in a Michigan public school. <>
If you are vested, you'll want to take steps before you leave and while your pension is deferred to protect your pension rights for yourself, and possibly your eligible survivor. Current laws, rates, and factors are subject to change. You'll retain your eligibility for your pension, insurances, and death and disability benefits under the Defined Benefit (DB) plan. Get Form eSign Fax Email Add Annotation . Ask your 401(k) and/or life insurance provider about a loan. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. All Judges Retirement System participants pay 100 percent of the premium. You may be able to pay for housing, health care, food, education and more, if you do. Account Name: State of Michigan Defined Contribution Plan, Voya Financial Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. |x2xp2R%suD*8CXhFd'dz:]'g{,zA_waj7d>>ulP k}sf[@)@-jFbf=C76R-B.[ULz 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. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Deferred members aren't eligible for the group life insurance in retirement. 1 0 obj
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This maximum amount would also include any participation in a local government 401(k) plan. endobj
But you may continue to earn credit toward vesting for your DB benefits as long as you left your personal contributions on account with the retirement system. 3 0 obj
Yes. Voya Attn: Constellis 401 (k) and Retirement Plan Administration P.O. State of Michigan 401(k) and 457 Plans. A copy of the report must either be faxed or mailed to the Office of Retirement Services. Monday through Friday, 8:00 a.m. to 5:00 p.m. 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. State Employee Retirees Association (SERA). Paid volunteer time - 40 hours per . <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) 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. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Participants can make contributions to any combination of the pre-tax 401(k) or Roth 401(k) Plans, receiving a match on the first 3 percent. You're a member of the Defined Benefit (DB) plan if you were hired before March 31, 1997, and you: State Employees' Retirement System Defined Benefit plan website. 800-Number: 800-381-5111 xYn8}7S!kwR@a
] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp Box 30171 Should there be discrepancies between the information reflected here and the actual law, The index measures key performance indicators across culture and leadership, enterprise-wide access, employment practices, community engagement and supplier diversity. Stunt the growth of your retirement funds and impact your ability to retire. -Judicial employees who were hired before March 31, 1997. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 Voya is a leading provider of pension plans and was selected by the state to administer the 401 (k) Defined Contribution plan and the 457 Deferred Compensation plan. For the LifeSecure Indiv. Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. ?{&HxTVMUC90c'BP{]}zve{]: o~M+BVz-}c\zw=h]\@2clVUU}YwUUmO7Es=hK)WKK(#X$p3p_& Wc^?Z1Q6%i%A5dyeNFx?EC~/_S]$zkwrzo_c|&T1T(j4c\;S'QAvGNzUb ^-BYE\YTAjudi6I(CGWtlr:xjN >(t'6 What should I do? Your untaxed contributions and interest as a transfer to your qualified retirement plan administrator, and previously taxed contributions sent to you. This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. Find the required forms and documents based on your state of residence for your Voya Employee Benefits insurance policies. Be sure your record is correct. If you have no surviving spouse, it is split among your children under age 18. Current laws, rates, and factors are subject to change. But remember, additional service can be credited only while you are an active, contributing member of the DB plan. Manager: State Street Category: Target Retirement date fund Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2030. It is up to the local unit of government to determine if a judge who elects not to participate in the State DC plan may participate in the local retirement plan. If this would cause more drama than relief, move to another option. When your retirement application is processed, we forward your insurance Get the free state of michigan 401k login form Description of state of michigan 401k login 401 (k) Plan Financial Hardship Withdrawal Request 1-800-748-6128 http://stateofmi.voyaplans.com If you are over 59, you do not need to apply for a hardship withdrawal to receive a distribution from Fill & Sign Online, Print, Email, Fax, or Download Get Form 0. @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! Please give Voya 24 hours notice prior to the wiring of any funds. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Braintree, MA 02184. You can change the beneficiary at any time while you are in deferred status, using the same form. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$69,701 to $87,138 annual pay HomeSee this and similar jobs on LinkedIn. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. While the funds you borrow will reduce both your paychecks and the balance you have invested in the market for retirement until theyre paid off, a 401(k) loan has no effect on your credit rating. This is an explanation of the rules for taking a loan from an account under the State of Michigan 401K and 457 Plans (the "Plans"). 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. Because payroll for the probate judges is handled at the local level as noted above, their salary deferrals to the State DC plan take place at the local level. Use the information below to determine which plan(s) you belong to and the website link for that plan. 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. Current laws, rates, and factors are subject to change. Please scroll down to view all available forms. Get the free DROP Early Termination Form - State of Michigan Description . The web Browser you are currently using is unsupported, and some features of this site may not work as intended. 0
Leave enough cash value in your policy to keep it in force, but a loan from your life insurance may have no tax ramifications and may not need to be repaid, depending on your circumstances. The first 3% participant contribution is matched by the state with another 3%. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>>
In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. The message board is your secure link to an ORS customer service representative. Current laws, rates, and factors are subject to change. 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. Telephone Numbers: Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. The maximum allowed for 2014 is 93% of salary not to exceed $17,500. CN1926917_1223 Supplemental Salary: Only the statutory judicial salary may be included in the State's DC plan. The judge must send such a request in writing to: Office of Retirement Services 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 . You are vested for your pension when you have sufficient service to qualify for a future monthly benefit, whether or not you continue working for the state. Manager: State Street Category: Retirement date fund Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2045. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. Manager: State Street Category: Target Retirement Income fund Objective: Provide current income from fixed income securities while maintaining some exposure to equity investments for capital appreciation. 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. Posted 11:47:49 PM. Voya Financial) for both Plans, pursuant to which the TPA is responsible for the day-to-day administration of the loan program, subject to . If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. If you return to State of Michigan employment on or after Jan. 1, 2014, you will not be eligible for pension or insurance benefits under the DB plan. 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 Please click OK to re-enter your . nav list. "a_Ff}e30bTPCf1ck0ras@? An IRA can be an effective retirement tool. (You retain the DB insurance subsidy.). 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