Most are able and willing to complete this process with you. You're a participant in the Defined Contribution (DC) plan if you: State Employees' Retirement System Defined Contribution plan website. Monday through Friday, 8:00 a.m. to 5:00 p.m. Account Name: State of Michigan Defined Contribution Plan, Voya Financial <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 14 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Group health, dental, and vision insurances are available to retirees. 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. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. %PDF-1.5 % If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. Alternatives to a 401(k) hardship withdrawal, Apply for government benefits in your state, Talk to a financial advisor to get started. For the LifeSecure Indiv. It can be tempting in a desperate moment to pay the fees and penalties of a 401(k) hardship withdrawal in order to avoid high interest rates. Your pension will be calculated the same as a full retirement. Fax: 517-284-4416, Office of Retirement Services Single log-in. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>> Were newly hired by the State of Michigan on or after March 31, 1997. All Judges Retirement System participants pay 100 percent of the premium. This amount is a post-tax deduction and should be reported along with any salary deferrals the judge has. 401(k) Savings plan - with generous company matching contributions (up to 6%) . About three to six months before you reach eligibility age. 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E 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. Please note that this calculator should not be used for Roth 401 (k) comparisons. Deferred members aren't eligible for the group life insurance in retirement. A non-profit organization for current and future retirees of the State of Michigan. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. 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 Please give Voya 24 hours notice prior to the wiring of any funds. Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. CN1926917_1223 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. 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. The message board is your secure link to an ORS customer service representative. 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. There may be after-tax funds available in your 401(k). 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. endobj But there are still things you need to know. Your survivor should contact us upon your death even if they are not eligible for a monthly survivor pension benefit. The State of Michigan and its third-party administrator, Voya Financial, handle all other aspects of the State DC plan. 123 0 obj <>stream A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. Find Claims forms as well as Administrative forms. @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! Telephone Numbers: Fax: 517-284-4416, Office of Retirement Services and in washington, d.c., kevin mccarthy starts his term as speaker of the house after a week of chaos and . Once you terminate or switch to the DC plan, it is too late. We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 Voyasends account statements to participants each quarter. Strategy: The Fund invests in a combination of U.S. stocks, international stocks, bonds and cash, and allocates its assets among these funds according to a pre-determined asset allocation . 6f1FD&Vbw+u1cD Current laws, rates, and factors are subject to change. Fixed annuities are issued by VRIAC. endobj State of Michigan 401(k) and 457 Plans. Current laws, rates, and factors are subject to change. endstream endobj 108 0 obj <>stream When your retirement application is processed, we forward your insurance Customer Contact Center: 517-322-5103, Office of Retirement Services Many financial solutions. hb```H !74>0Z ` FP(r=$/{L!$0"` u~ 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. 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. 1 0 obj Participants may contribute any percentage to any plan up to the annual IRS contribution limits. DC Transfer Life insurance cards were sent to the Employee Benefits Division (EBD). !L5, IpV>%"(R<6AFroIN Ask about a payment plan for your medical bills. Telephone Numbers: 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. Voya also offers services like investment counseling and round-the-clock customer service. 4 0 obj MVFA/1!,)JkA|oNO+e2gS*~) WZ? Fax: 517-284-4416, Address: Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. Contributions may be submitted to Voya either by check or wire. 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. Office of Retirement Services Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Posted 11:47:49 PM. Elected the DB 30 plan under Public Act (PA) 264 of 2011 and you have reached 30 years of service. ."b]H>1{FikIv3LIt'tR7 (~?c6hM"2+R.,j!cb. 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. 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. Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. Contact your plan administrator through its website or your statement to find out what it would take to access the money. Web:diane.shaw@us.voya.com. 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. Welcome to the QDRO Center. Provide proof of hardship, like medical insurance documents, in a complex process. See I'm VESTED. Plan administrative services are. This state office oversees contract negotiations with bargaining units for the state workforce. . Quarterly Education Schedule Listing of all education offerings for the . It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. 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. Supplemental Salary: Only the statutory judicial salary may be included in the State's DC plan. e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. PO Box 30171 endstream endobj 769 0 obj <>stream endobj 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. If you're not vested when you leave state employment, you're not eligible for a future pension. 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. Manager: Voya Investment . 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. 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 Telephone Numbers: 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 stream You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. The operation of the State Employees' Retirement System is controlled by the State Employees' Retirement Act, Public Act 240 of 1943, as amended. Maximum Deferral rates change annually. Voya will contact the local office regarding the amount and duration of the payments. 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. 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. This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. endobj Questions about the plan in general or the participant's specific account questions can be answered by calling the Voya toll-free number 800-748-6128or by visitingits website. %PDF-1.6 % 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. information to the health, prescription drug, dental, and vision insurance carriers. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. 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. 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. 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. Find out if you qualify for a home equity line of credit, which borrows against the value of your house. Your Retirement Plan Session Timeout. 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"). xYn8}7S!kwR@a ] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp 104 0 obj <> endobj Routing Number: 011000028 Your untaxed contributions and interest as a transfer to your qualified retirement plan administrator, and previously taxed contributions sent to you. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. 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 . Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . To request a refund, log in to miAccount and select Refunds on the left navigation. If your county has not submitted this form you may download a copy by clicking on the link above. Posted 11:47:49 PM. 6 or more years of service 80% subsidy. 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. 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%. Provides oversight of the State of Michigan and its third-party administrator, Voya Financial, handle other! 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