800-Number: 800-381-5111 Voya will track contributions made on behalf of the DC Plan, but any contributions made from a different plan are the responsibility of the Judge to track. State of Michigan Retirement System lessened its position in Voya Financial, Inc. (NYSE:VOYA - Get Rating) by 5.0% during the third quarter, according to the company in its most recent Form 13F . endobj
Voya Insights Small Business & Nonprofit Resource Center Workplace Benefits and Savings Webinars Cybersecurity 401(k) InfoCenter 403(b) Regulations The Voya Difference Behavioral Finance Voya Cares . 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. If this is truly an emergency, you do have the choice to ask friends and family for help and put a plan in place to pay them back. Telephone Numbers: Your state service might count toward retirement benefits in another public employer's retirement system or in a Michigan public school. <>
You just received an enormous medical bill, signed your child up for an essential therapy your insurance doesnt cover, or feel desperate to make your way out of debt. The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. 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 you have no surviving spouse or children under age 18, no continuing monthly benefit will be payable unless the Michigan Office of Retirement Services (ORS) has a valid beneficiary designation on file. You should receive insurance identification cards and materials a few weeks after your pension begins. Plan administrative services are. &$;9' !3[8_A]w3;{sM2U+t. Lansing, MI 48909-7671, ORS - State Employees' Defined Benefit Plan, Defined Benefit Plan Overview collapsed link, Service Credit - Earning and Purchasing collapsed link, Online Presentations and E-Learning Modules collapsed link, Power of Attorney and Advance Directive Resources, Online Presentations and E-Learning Modules, https://dev.michigan.local/som/json?sc_device=json, Covered Employees and Conservation Officers, Go to Service Credit - Earning and Purchasing, Act 88 - Reciprocal Retirement Act of 1961, Unpaid Service Creditor Contributions Bill(s), Go to Power of Attorney and Advance Directive Resources, Go to Health, Dental, and Vision Insurance, Go to Benefits for Life for State Retirees, Go to Online Presentations and E-Learning Modules, view a pre-retirement online presentation, Michigan Public School Employees Retirement System, Michigan State Employees Retirement System, Annual Comprehensive Financial Reports (ACFRs). Telephone: 781-796-9228 PO Box 30171 endstream
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In addition, participants can contribute their own money to the plan. Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. PO Box 30171 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. e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. 401(k) Savings plan - with generous company matching contributions (up to 6%) . hb```H !74>0Z ` FP(r=$/{L!$0"` u~
the provisions of the law govern. Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. Judges Retirement System:Defined Benefit (DB) Plan. 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. Fax: 517-284-4416, Office of Retirement Services 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. Contact your care provider, and see if you can arrange a reasonable payment schedule. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. 401 (k) loan While the funds you borrow will reduce both your paychecks and the balance you have invested in the market for retirement until they're paid off, a 401 (k) loan has no effect on your credit rating. 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. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 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. ."b]H>1{FikIv3LIt'tR7
(~?c6hM"2+R.,j!cb. The operation of the State Employees' Retirement System is controlled by the State Employees' Retirement Act, Public Act 240 of 1943, as amended. Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. Voya Financial Advisors, Inc., a leading independent broker-dealer in the defined contribution & defined benefit business, is currently seeking a Financial Professional to join our team in the greater Columbus area to work plan sponsor relationships. State Police Retirement System:Pension Plus Plan. If your county has not submitted this form you may download a copy by clicking on the link above. Your account balance in a lump sum (less required tax withholding) to you. The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. If you're close to meeting the minimum age and service requirements for a pension benefit, be sure to review the pension eligibility requirements. )i{q(?)}|~4l&/e5i`/Wl|
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s;;^x%ysgolP_XUi+yT/24\Gbd>pDdQBcIpl"c9IQ,=v[4UQ*C5 *v75~]/|s=\fU:D9Hs~^T9&p*@((/91+a76DG 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. 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E Read the latest Connections, the newsletter we deliver four times a year to our retirees. The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. If participant dies (in or out of office) contact EBD. Dental and Vision. What should I do? (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 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. The message board is your secure link to an ORS customer service representative. Judges and elected officials first hired on or after March 31, 1997, are in the Defined Contribution (DC) plan. * 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. 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 $5,250/year . Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. Products and services offered through the Voya family of companies. You'll retain your eligibility for your pension, insurances, and death and disability benefits under the Defined Benefit (DB) plan. More details about the State of Michigan 401(k) and 457 Plans can be found in the Plan Highlights for Judges and State Office in the DC Plan. Please contact a customer service representative at 1-800-748-6128 to access your account. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. State of Michigan 401(k) and 457 Plans. Find out if you or your loved ones qualify for government benefits. Voya also offers services like investment counseling and round-the-clock customer service. Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! PO Box 30171 <>/Metadata 996 0 R/ViewerPreferences 997 0 R>>
You're a participant in the Defined Contribution (DC) plan if you: State Employees' Retirement System Defined Contribution plan website. 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. Began your state employment under the DB plan, left, and then returned to state employment on or after Jan. 1, 2012, and before Jan. 1, 2014. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. s5"714R1l;2
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A_8@"I|0:!|xBq$gx=FmWq#wG\im .x&:UQ0* Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 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. 6f1FD&Vbw+u1cD If you're not vested, you won't qualify for a future pension unless you earn more service credit. 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. As a deferred member, you will be eligible for your pension when you reach age 60. 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. 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . 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. hbbd``b` BH0 hfXKABK@i#w X Find the required forms and documents based on your state of residence for your Voya Employee Benefits insurance policies. By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. The first 3% participant contribution is matched by the state with another 3%. 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. 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 PO Box 30171 3 0 obj
All rights reserved. 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. xZo8/!VDGmw7>8krl! 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. Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. Single log-in. Ask about a payment plan for your medical bills. Review your retirement account. Maximum Deferral rates change annually.
If you're not vested when you leave state employment, you're not eligible for a future pension. Probate judges are automatically sent a letter upon taking office giving them the opportunity to opt out of the State's DC plan; this decision is irrevocable. All loans are made strictly in accordance with the provisions . 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. ET Monday through Friday 877-886-5050 Claims Customer Service Start a claim and check a claim status Hours: 9 a.m. to 5 p.m. Please scroll down to view all available forms. Please click OK to re-enter your . The index measures key performance indicators across culture and leadership, enterprise-wide access, employment practices, community engagement and supplier diversity. Quarterly Education Schedule Listing of all education offerings for the . Were employed by the State of Michigan before July 1974, when the retirement system was contributory. Fax: 517-284-4416, Office of Retirement Services Rarely is it advisable to take a refund of your personal contributions once you are vested. Alternatives to a 401(k) hardship withdrawal, Apply for government benefits in your state, Talk to a financial advisor to get started. 6 or more years of service 80% subsidy. It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. Group health, dental, and vision insurances are available to retirees. Provide proof of hardship, like medical insurance documents, in a complex process. If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. 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 Please give Voya 24 hours notice prior to the wiring of any funds. If you have been contributing to the state-sponsored 457 or 401(k) plans, Voya Financial will send you its Payout Guide once your termination is processed. D. All beneficiaries are individuals and are identifiable from the terms of the Trust. Try Again Instructions for completing the form are located on the reverse side of the form. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. 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. 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. When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. Use this tool to determine which IRA may be right for you. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. What should I do? stream
Instructions for completing the form are located on the reverse side of the form. Print your Deferred Service Retirement Beneficiary Designation (R0134G)and keep it along with a copy of your Beneficiary Nomination form, with your will, insurance policies, or other important papers. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. But if the need is short-term, it might make sense to use and pay off a credit card instead of touching your retirement account. Elected the DB Classified plan under Public Act (PA) 264 of 2011. 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. Participants may contribute any percentage to any plan up to the annual IRS contribution limits. 4 0 obj
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. %%EOF
We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. If this would cause more drama than relief, move to another option. Voya also offers services like investment counseling and round-the-clock customer service. Be sure your record is correct. Forms Library for Employers. Deferred members aren't eligible for the group life insurance in retirement. District, Circuit, and Probate Court Judges (Plans 3 through 7): No insurance subsidy. endstream
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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. Telephone Numbers: VRIAC is solely responsible for meeting its obligations. 1 0 obj
See I'm VESTED. 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. The message board is your secure link to an ORS customer service representative. !L5, IpV>%"(R<6AFroIN Lansing, MI 48909-7671, Public School Employees' Retirement System collapsed link, State Employees' Retirement System collapsed link, State Police Retirement System collapsed link, Public School Employees' Retirement System, https://dev.michigan.local/som/json?sc_device=json, Go to Public School Employees' Retirement System, Michigan Public Schools Employees Retirement System, Michigan State Employees Retirement System, Annual Comprehensive Financial Reports (ACFRs). But there are ways to uncover emergency funds without dipping into your retirement savings. . If you are going through a divorce, and as a result must divide your Defined Benefit or Defined Contribution Plan, you must submit an acceptable Qualified Domestic Relations Order ("QDRO") before the Plan can divide your benefit or account. 800-Number: 800-381-5111 Your Retirement Plan Session Timeout. ?{&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 You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. CN1926917_1223 information to the health, prescription drug, dental, and vision insurance carriers. Of course, you know the people in your life better than anyone. But remember, additional service can be credited only while you are an active, contributing member of the DB plan. Find out if you qualify for a home equity line of credit, which borrows against the value of your house. 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. hVmk0+}(z$P New DC (elected or appointed after March 31, 1997) 80% subsidy. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. Email: ORS_Web_Reporting@michigan.gov These offerings do not replace your state-sponsored benefit plans. 7 State of Michigan 401(k) & 457 Plans Education by Voya: State of Michigan Plans Education Hub Online registration for live webinars and 1-on-1 appointments. State of Michigan 401(k) and 457 Plans. Because the plans are optiona, State of Michigan Retirement System Board Members. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." Welcome to the QDRO Center. 0. (You retain the DB insurance subsidy.). An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. Current laws, rates, and factors are subject to change. endobj
If you're leaving state employment but you're not yet eligible to retire, either because you don't have enough service credit or you're too young to qualify for a monthly pension, this information will help you understand how your retirement plan will be affected. Here are answers to questions you might have. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$74,091 to $96,404 annual payHomeSee this and similar jobs on LinkedIn. 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 . Most are able and willing to complete this process with you. Fixed annuities are issued by VRIAC. Please note that this calculator should not be used for Roth 401 (k) comparisons. If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. endstream
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The annual comprehensive financial reports contain a wealth of interesting figures and statistics about the 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. 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. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. 2 0 obj
Call us: If you have no surviving spouse, it is split among your children under age 18. H|TQo0~W-
ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. Braintree, MA 02184. Ropes & Gray LLP > Chicago, United States > Firm Profile. endobj
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. 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%. %PDF-1.7
Bank Name: State Street Bank, Boston, MA 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. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 14 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
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. ~Dr\Ir1J`zJx|!q:LcbqBBB Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. Account Name: State of Michigan Defined Contribution Plan, Voya Financial Salary deferrals made by the probate judge to the State DC plan must be deducted and sent to Voya by the local unit of government. Remove funds from your 401(k) and be subject to penalties and fees. 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. 401(k) Plan and 457 Plan Forms Designation of Beneficiary Beneficiary Payout Request Direct Deposit Agreement Tax Withholding Certificate Withholding Certificate for Michigan Pension or Annuity Payments - MI W-4P Terminated Participant Address Change Minimum Annual Distribution Worksheet Qualified Domestic Relations Order (QDRO) Sample Language An IRA can be an effective retirement tool. 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). -Judicial employees who were hired before March 31, 1997. A copy of the report must either be faxed or mailed to the Office of Retirement Services. You can change the beneficiary at any time while you are in deferred status, using the same form. Make sure you understand how your termination could affect your future retirement plans. 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"). 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. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. 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. Paid volunteer time - 40 hours per . stream
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