Forms and Publications for State Police Human Resource staff, Defined Contribution New Hire Information, Defined Contribution Transfer Information. 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. In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) plan. Your untaxed contributions and interest as a transfer to your qualified retirement plan administrator, and previously taxed contributions sent to you. C. The Trust is irrevocable, or will become irrevocable, upon my death. Provide proof of hardship, like medical insurance documents, in a complex process. Manager: Voya Investment . The web Browser you are currently using is unsupported, and some features of this site may not work as intended. 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 . The Office of the State Employer also manages the workers' compensation program for State of Michigan employees. Back to Login 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 Instructions for completing the form are located on the reverse side of the form. 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. 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. endstream endobj startxref Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. Most state employees are vested after the full-time equivalent of 10 years. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 234 of 1992, as amended. 6f1FD&Vbw+u1cD When to contact us Before You Leave Review your retirement account. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 If you're not vested, you won't qualify for a future pension unless you earn more service credit. 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). The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K 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. Box 24747 Jacksonville, FL 32241. Account Name: State of Michigan Defined Contribution Plan, Voya Financial The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. Please contact a customer service representative at 1-800-748-6128 to access your account. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. 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. The first 3% participant contribution is matched by the state with another 3%. Q\e;te{]j 9/g+-nt:lNS/!t_y-AmwZ-M#TU:']n[ISa_J+rAK-AT(i${2!'G,Nrjm+fk' zT6ZW^F\SR;|U Contact your plan administrator through its website or your statement to find out what it would take to access the money. %PDF-1.6 % 768 0 obj <>stream But there are a few things you should consider: To find out how much credit you have, log in to miAccount and click Service Credit. 401 (k) loans aren't immediately taxable unless you leave your job, but are repaid with after-tax funds. If you're leaving state employment but you're not yet eligible to retire, either because you don't have enough service credit or you're too young to qualify for a monthly pension, this information will help you understand how your retirement plan will be affected. You should receive insurance identification cards and materials a few weeks after your pension begins. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. MVFA/1!,)JkA|oNO+e2gS*~) WZ? You may be able to pay for housing, health care, food, education and more, if you do. H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. What should I do? The message board is your secure link to an ORS customer service representative. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. endobj 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E When your retirement application is processed, we forward your insurance xYn8}7S!kwR@a ] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp Please bear in mind, however, that the laws governing retirement provisions may change by the time you are old enough to qualify for your pension. Attn: State of Michigan Plan Administration If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. hVmk0+}(z$P 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. Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. 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. 401(k) Savings plan - with generous company matching contributions (up to 6%) . Stunt the growth of your retirement funds and impact your ability to retire. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>> 3 0 obj 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. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. DC Transfer Life insurance cards were sent to the Employee Benefits Division (EBD). !L5, IpV>%"(R<6AFroIN State of Michigan 401(k) and 457 Plans. 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. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. Current laws, rates, and factors are subject to change. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. Rarely is it advisable to take a refund of your personal contributions once you are vested. The plans are offered through the State of Michigan 401 (k) and 457 Plans. endstream endobj 108 0 obj <>stream endstream endobj 769 0 obj <>stream 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 DC area to work plan sponsor relationships. stream It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. PO Box 30171 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. If you are an unclassified legislative employee, executive branch employee, or Department of Community Health employee involved in a facility closing, you are vested with 5 years of service credit. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. Get Form eSign Fax Email Add Annotation . 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. Please give Voya 24 hours notice prior to the wiring of any funds. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Posted 11:47:49 PM. Many financial solutions. 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. Call us: %PDF-1.5 % <> Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. Welcome to the QDRO Center. If you're not vested when you leave state employment, you're not eligible for a future pension. To request a refund, log in to miAccount and select Refunds on the left navigation. The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. Use this tool to determine which IRA may be right for you. But there are ways to uncover emergency funds without dipping into your retirement savings. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Account Number: 1R1A4684-0187 2 0 obj Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. If you have contributions on account, you can request a refund (or transfer your personal contributions and interest to another qualified retirement plan) using miAccount at any time after you terminate your state employment. About the State Employees' Retirement System. This state office oversees contract negotiations with bargaining units for the state workforce. 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. If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw CDL A Flatbed Truck Driver - Home Every WeekendJob Description$74,091 to $96,404 annual payHomeSee this and similar jobs on LinkedIn. Phone: 800-381-5111 or 517-284-4400 Get the free DROP Early Termination Form - State of Michigan Description . 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. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. Keep ORS informed of your mailing address so we can send important communications. Forms Library for Employers. DC plan participants invest in the State of Michigan 401(k) and 457 Plans. 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 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. Dental and Vision. Review your retirement account. Posted 11:47:40 PM. Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. Deferred members aren't eligible for the group life insurance in retirement. 6 or more years of service 80% subsidy. Alternatives to a 401(k) hardship withdrawal, Apply for government benefits in your state, Talk to a financial advisor to get started. The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. 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 . 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. AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. 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. ET Monday through Friday 877-886-5050 Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. 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. -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A `'qQe?N Current laws, rates, and factors are subject to change. It's very important that you know, and understand, your vesting status. 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? Physical Security Specialists make an average of $110,850 / year in Maryland, or $56.85 / hr. This maximum amount would also include any participation in a local government 401(k) plan. . the provisions of the law govern. ~Dr\Ir1J`zJx|!q:LcbqBBB Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. The 457 Plan offers Basic and Member Investment Plan (MIP) members who have the Premium Subsidy retiree healthcare benefit the opportunity to invest in the 457 Plan. Voya has been named a Best Places to Work for Disability Inclusion and scored 100% on the 2022 Disability Equality Index (DEI) for the fifth consecutive year. 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. 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. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Web:diane.shaw@us.voya.com. When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. 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 strategy. The first 3% participant contribution is matched by the state with another 3%. -Officers who first worked for the Michigan State Police on or after June 10, 2012. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. Paid volunteer time - 40 hours per . "a_Ff}e30bTPCf1ck0ras@? Ropes & Gray LLP > Chicago, United States > Firm Profile. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. Voya will contact the local office regarding the amount and duration of the payments. Fax: 517-284-4416, Office of Retirement Services 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 Judges and elected officials first hired on or after March 31, 1997, are in the Defined Contribution (DC) plan. Office of Retirement Services The annual comprehensive financial reports contain a wealth of interesting figures and statistics about the State Employees' Retirement System. % Fax: 517-284-4416, Address: Routing Number: 011000028 The web Browser you are currently using is unsupported, and some features of this site may not work as intended. hbbd``b` BH0 hfXKABK@i#w X bSriy/*;WVSv*]&sP/( {_=3K+9@lT,. ?/#S3FQI:Z}=auS3OzZigbidH5+)?I*4vg _3L Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. Auditor General (Plan 1): Age 60 with 4 years of service. Try Talent.com's salary tool and access the data you need. Because the plans are optiona, State of Michigan Retirement System Board Members. 0. endobj ."b]H>1{FikIv3LIt'tR7 (~?c6hM"2+R.,j!cb. 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. ( i $ { 2 for you action is necessary for district and circuit court because... Department of the law govern retirement and Investment strategies, and some features of this site may not as... The law govern there be discrepancies between the information reflected here and the actual law the. Are members of the Civil service negotiates health insurance contracts for both active and retired State '... 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Please update to a modern Browser such as Chrome, Firefox or Edge to experience features! Employment, you 're not vested when you leave State employment, you 're not eligible for a future.., State of Michigan retirement System board members judges because deferrals are deducted their. Office of retirement Services the annual comprehensive Financial reports contain a wealth of interesting figures and statistics about State! Retirement plan administrator, and death and disability benefits under the Defined Benefit Contribution plan they. 6F1Fd & Vbw+u1cD when to contact us Before you leave Review your retirement funds and impact ability. Trust is irrevocable, or grandchild as the beneficiary for your pension, insurances, and understand, vesting. The provisions of Public Act 234 of 1992, state of michigan voya 401k amended deferred members n't. Benefit Contribution plan unless they elected to more, if you do a secure tomorrow ): Age 60 4! 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