."b]H>1{FikIv3LIt'tR7 (~?c6hM"2+R.,j!cb. endobj The fund emphasizes fixed income investment over stocks. . Participants may contribute any percentage to any plan up to the annual IRS contribution limits. <> AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. Read the latest Connections, the newsletter we deliver four times a year to our retirees. <>>> We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. The first 3% participant contribution is matched by the state with another 3%. District, Circuit, and Probate Court Judges (Plans 3 through 7): No insurance subsidy. <> Email: ORS_Web_Reporting@michigan.gov Governmental Accounting Standards Board (GASB). |x2xp2R%suD*8CXhFd'dz:]'g{,zA_waj7d>>ulP k}sf[@)@-jFbf=C76R-B.[ULz Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. Contributions may be submitted to Voya either by check or wire. hbbd``b` BH0 hfXKABK@i#w X But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. 117 0 obj <>/Filter/FlateDecode/ID[<085D698ED8F7194AB39A001FDAE49717>]/Index[104 20]/Info 103 0 R/Length 71/Prev 31692/Root 105 0 R/Size 124/Type/XRef/W[1 2 1]>>stream We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Use the information below to determine which plan(s) you belong to and the website link for that plan. 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. 0. Make sure you understand how your termination could affect your future retirement plans. Once you terminate or switch to the DC plan, it is too late. 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. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. Stunt the growth of your retirement funds and impact your ability to retire. Contact your plan administrator through its website or your statement to find out what it would take to access the money. Try Talent.com's salary tool and access the data you need. endstream endobj 108 0 obj <>stream For details about how your pension will be calculated and the different payment options see the Ready to Retire section of this website You can also make use of our online pension estimator or watch apre-retirement online presentation. 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%. State Employee Retirees Association (SERA). If you're not vested when you leave state employment, you're not eligible for a future pension. Here are answers to questions you might have. Voya also offers services like investment counseling and round-the-clock customer service. How close are you to meeting the vesting requirements? 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. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. Dental and Vision. Withholding Certificate for Michigan Pension or Annuity Payments MI W-4P, Qualified Domestic Relations Order (QDRO) Sample Language, Special Tax Notice Regarding Savings Plan Payments, TD Ameritrade Account Agreement Form for Self-Directed Brokerage Accounts (SDBA) for Plan Participants, 457 Traditional Catch-Up Contribution Program, 401(k) Coronavirus-Related Repayment Form. View Forms. The maximum allowed for 2014 is 93% of salary not to exceed $17,500. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended. State of Michigan 401(k) and 457 Plans Skip to Main Content Skip to Footer State of Michigan 401(k) and 457 Plans Login Notice Your login attempt was unsuccessful Please confirm you are entering the correct combination of login information and try again. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. Ropes & Gray LLP Offices xZo8/!VDGmw7>8krl! All loans are made strictly in accordance with the provisions . Voya also offers services like investment counseling and round-the-clock customer service. we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) plan. If you have no surviving spouse, it is split among your children under age 18. Manager: Voya Investment . endstream endobj 105 0 obj <>/Metadata 12 0 R/PageLayout/OneColumn/Pages 102 0 R/StructTreeRoot 16 0 R/Type/Catalog>> endobj 106 0 obj <>/Font<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 107 0 obj <>stream s5"714R1l;2 =E}ng.syC>!KVU GYatr*+w5yz1|u(0j.HF_Q=gFyauTXUYOQ3?c9A!$BGHZ>#W3Y>bM)-Dpc90u]ohQ4:wK A_8@"I|0:!|xBq$gx=FmWq#wG\im .x&:UQ0* This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. % Please contact a customer service representative at 1-800-748-6128 to access your account. A State of Michigan Defined Contribution 401 (k) Probate Judge Contribution Report (R0437B) must accompany the contributions sent to Voya. "a_Ff}e30bTPCf1ck0ras@? Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. 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). You may be able to pay for housing, health care, food, education and more, if you do. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. The first 3% participant contribution is matched by the state with another 3%. 3 0 obj Local CDL B Truck Driver - Home DailyJob Description$57,500 to $74,600 annual payHome Time: LocalSee this and similar jobs on LinkedIn. PO Box 30171 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 update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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 If this would cause more drama than relief, move to another option. If you're not vested, you won't qualify for a future pension unless you earn more service credit. 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. endobj Telephone Numbers: 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. Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. Please scroll down to view all available forms. If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw 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. Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q| @cWD~95Zo'niF"393?6;}o O} 2 0 obj The Office of the State Employer also manages the workers' compensation program for State of Michigan employees. 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 . 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. If you have other after-tax funds at your disposal, use them before your 401(k). Many financial solutions. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. 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. H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. . Welcome to the forms page. endstream endobj startxref 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. New DC (elected or appointed after March 31, 1997) 80% subsidy. 401(k) 457; FAQs Forms. 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. Paid volunteer time - 40 hours per . An IRA can be an effective retirement tool. Elected the DB 30 plan under Public Act (PA) 264 of 2011 and you have reached 30 years of service. Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. A copy of the report must either be faxed or mailed to the Office of Retirement Services. But remember, additional service can be credited only while you are an active, contributing member of the DB plan. If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. Use this tool to determine which IRA may be right for you. Of course, you know the people in your life better than anyone. Instructions for completing the form are located on the reverse side of the form. The retirement plan information that appears on ORS websites is intended to summarize basic provisions of Public Acts 300 of 1980, 240 of 1942, 182 of 1986, and 234 of 1992, as amended. &$;9' !3[8_A]w3;{sM2U+t. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. ET Monday through Friday 877-886-5050 %%EOF Account Name: State of Michigan Defined Contribution Plan, Voya Financial You should receive insurance identification cards and materials a few weeks after your pension begins. Review your retirement account. You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. Bank Name: State Street Bank, Boston, MA 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 . The web Browser you are currently using is unsupported, and some features of this site may not work as intended. 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. Group health, dental, and vision insurances are available to retirees. 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 . 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. To make the best choices for your funds and your family, talk to a Voya financial advisor today. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. 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). Has to offer unsupported, and some features of this website called service Credit and... The information below to determine which IRA may be able to pay for housing health! 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