If you're close to meeting the minimum age and service requirements for a pension benefit, be sure to review the pension eligibility requirements. You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. State of Michigan 401(k) and 457 Plans Forgot UserId Your logon attempt has failed. 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. Its Employee Health Management Division assists employees with work-related illnesses and injuries. If you're not vested when you leave state employment, you're not eligible for a future 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. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. 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. 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. This will ensure that your survivors contact ORS if you die before reaching pension eligibility age. Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. Account Name: State of Michigan Defined Contribution Plan, Voya Financial The plans are offered through the State of Michigan 401 (k) and 457 Plans. 0
Get Form eSign Fax Email Add Annotation . We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Telephone Numbers: We know that, for some, drafting a QDRO can be confusing or difficult. Should there be discrepancies between the information reflected here and the actual law, You can change the beneficiary at any time while you are in deferred status, using the same form. But there are still things you need to know. 401(k) 457; FAQs Forms. PO Box 30171 Phone: 800-381-5111 or 517-284-4400 The fund emphasizes fixed income investment over stocks. Posted 11:47:40 PM. 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. 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. &$;9' !3[8_A]w3;{sM2U+t. In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A
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But remember, additional service can be credited only while you are an active, contributing member of the DB plan. You'll retain your eligibility for your pension, insurances, and death and disability benefits under the Defined Benefit (DB) plan. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. 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 web Browser you are currently using is unsupported, and some features of this site may not work as intended. What should I do?
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 provisions of the law govern. Paid volunteer time - 40 hours per . Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. Participants may contribute any percentage to any plan up to the annual IRS contribution limits. Local CDL B Truck Driver - Home DailyJob Description$57,500 to $74,600 annual payHome Time: LocalSee this and similar jobs on LinkedIn. Contributions may be submitted to Voya either by check or wire. Welcome to the forms page. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. Once you terminate or switch to the DC plan, it is too late. Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. stream
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. 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. Forgot Your Password? Current laws, rates, and factors are subject to change. 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. 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. Stunt the growth of your retirement funds and impact your ability to retire. hbbd``b` BH0 hfXKABK@i#w X xZo8/!VDGmw7>8krl! A non-profit organization for current and future retirees of the State of Michigan. 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 Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. CN1926917_1223 Your state service might count toward retirement benefits in another public employer's retirement system or in a Michigan public school. The judge may initiate the loan via the Voya Voice Response telephone system or by logging in at http://stateofmi.voya.com. The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. 30 Braintree Hill Office Park It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. The message board is your secure link to an ORS customer service representative. If you earn sufficient service credit for vesting, you will be eligible for a pension based on your final average compensation and years of service in the DB plan. 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. Current laws, rates, and factors are subject to change. Provide proof of hardship, like medical insurance documents, in a complex process. Bank Name: State Street Bank, Boston, MA 6f1FD&Vbw+u1cD The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. The operation of the State Employees' Retirement System is controlled by the State Employees' Retirement Act, Public Act 240 of 1943, as amended. New DC Life insurance is paid through the State Court Administrator Office (SCAO). Account Number: 1R1A4684-0187 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. <>
myOrangeMoney Retirement Calculator Deferred members aren't eligible for the group life insurance in retirement. 768 0 obj
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The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended. 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. 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). A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. endobj
800-Number: 800-381-5111 Remove funds from your 401(k) and be subject to penalties and fees. An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. stream
PO Box 30171 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. 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. C. The Trust is irrevocable, or will become irrevocable, upon my death. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. -Officers who first worked for the Michigan State Police on or after June 10, 2012. 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). If your county has not submitted this form you may download a copy by clicking on the link above. We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. Voya also offers services like investment counseling and round-the-clock customer service. You're a participant in the Defined Contribution (DC) plan if you: State Employees' Retirement System Defined Contribution plan website. endstream
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Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. !L5, IpV>%"(R<6AFroIN (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 %PDF-1.7
State of Michigan 401(k) and 457 Plans. Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. 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%. 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. Supplemental Salary: Only the statutory judicial salary may be included in the State's DC plan. Box 24747 Jacksonville, FL 32241. 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E Ask about a payment plan for your medical bills. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. 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). )i{q(?)}|~4l&/e5i`/Wl|
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