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%PDF-1.5 % Telephone: 781-796-9228 Email: ORS_Web_Reporting@michigan.gov 0. PO Box 30171 In 1997, the State of Michigan adopted the 401 (k) Defined Contribution (DC) plan. endstream endobj startxref Read the latest Connections, the newsletter we deliver four times a year to our retirees. 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. The first 3% participant contribution is matched by the state with another 3%. It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. How close are you to meeting the vesting requirements? %%EOF Dental and Vision. A State of Michigan Defined Contribution 401 (k) Probate Judge Contribution Report (R0437B) must accompany the contributions sent to Voya. The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. The plans are offered through the State of Michigan 401 (k) and 457 Plans. Contributions may be submitted to Voya either by check or wire. You'll retain your eligibility for your pension, insurances, and death and disability benefits under the Defined Benefit (DB) plan. 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. Customer Contact Center: 517-322-5103, Office of Retirement Services 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. PO Box 30171 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. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Auditor General (Plan 1): Age 60 with 4 years of service. Your coverage is 25 percent of the coverage you carried when you left work; your dependents' policies are capped at $1,000 each. About the State Employees' Retirement System. 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. <> e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. hb```H !74>0Z ` FP(r=$/{L!$0"` u~ If the funds are wired, the State of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)may be faxed. But you may continue to earn credit toward vesting for your DB benefits as long as you left your personal contributions on account with the retirement system. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. Quarterly Education Schedule Listing of all education offerings for the . Under the State DC plan, there is a required minimum 4% employer contribution of the judge's gross salary for retirement purposes and up to an additional 3% match for a total of 7%. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. If you are going through a divorce, and as a result must divide your Defined Benefit or Defined Contribution Plan, you must submit an acceptable Qualified Domestic Relations Order ("QDRO") before the Plan can divide your benefit or account. 1 0 obj The State Employees' Retirement System is a statewide public employee retirement plan administered by the Michigan Office of Retirement Services. bSriy/*;WVSv*]&sP/( {_=3K+9@lT,. ?/#S3FQI:Z}=auS3OzZigbidH5+)?I*4vg _3L Telephone Numbers: Fax: 517-284-4416, Address: The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. Account Number: 1R1A4684-0187 State Employee Retirees Association (SERA) 401 (k) loans aren't immediately taxable unless you leave your job, but are repaid with after-tax funds. Forgot Your Password? Bank Name: State Street Bank, Boston, MA The judge may initiate the loan via the Voya Voice Response telephone system or by logging in at http://stateofmi.voya.com. hVmk0+}(z$P If you previously enrolled in a state-sponsored LTCI plan with LifeSecure, Prudential or MetLife, you can call the vendor directly. ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A `'qQe?N 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. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Please click OK to re-enter your . Once you terminate or switch to the DC plan, it is too late. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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). AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. Were newly hired by the State of Michigan on or after March 31, 1997. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. Voya Small Cap Growth Strategy. Be sure your record is correct. 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 annual comprehensive financial reports contain a wealth of interesting figures and statistics about the State Employees' Retirement System. %PDF-1.5 hbbd``b` BH0 hfXKABK@i#w X 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. The maximum allowed for 2014 is 93% of salary not to exceed $17,500. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. % This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. that believe the lies. 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. endstream endobj 769 0 obj <>stream Call us: 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. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. Physical Security Specialists make an average of $110,850 / year in Maryland, or $56.85 / hr. To view Long-Term Care Insurance (LTC) plan details, visit the Employee Benefits Division of the Michigan Civil Service Commission under Retiree Eligibility. 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 $5,250/year; Paid time off - including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day. If you have been contributing to the state-sponsored 457 or 401(k) plans, Voya Financial will send you its Payout Guide once your termination is processed. Contact your plan administrator through its website or your statement to find out what it would take to access the money. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. Fixed annuities are issued by VRIAC. Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. Posted 11:47:49 PM. 123 0 obj <>stream Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. Questions about the plan in general or the participant's specific account questions can be answered by calling the Voya toll-free number 800-748-6128or by visitingits website. Please note that this calculator should not be used for Roth 401 (k) comparisons. If you're not vested when you leave state employment, you're not eligible for a future pension. Began your state employment under the DB plan, left, and then returned to state employment on or after Jan. 1, 2012, and before Jan. 1, 2014. |x2xp2R%suD*8CXhFd'dz:]'g{,zA_waj7d>>ulP k}sf[@)@-jFbf=C76R-B.[ULz (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 If you're not vested, you won't qualify for a future pension unless you earn more service credit. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. P.O. State of Michigan 401(k) and 457 Plans Skip to Main Content Skip to Footer State of Michigan 401(k) and 457 Plans Session Timeout. Q\e;te{]j 9/g+-nt:lNS/!t_y-AmwZ-M#TU:']n[ISa_J+rAK-AT(i${2!'G,Nrjm+fk' zT6ZW^F\SR;|U Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. 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 2030. ET Monday through Friday 877-886-5050 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. 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. Review your retirement account. stream The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. 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. Because the plans are optiona, State of Michigan Retirement System Board Members. Attn: State of Michigan Plan Administration 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. 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: Voya Investment . Your state service might count toward retirement benefits in another public employer's retirement system or in a Michigan public school. Remove funds from your 401(k) and be subject to penalties and fees. 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. If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. Account Name: State of Michigan Defined Contribution Plan, Voya Financial The State of Michigan and its third-party administrator, Voya Financial, handle all other aspects of the State DC plan. The message board is your secure link to an ORS customer service representative. xYn8}7S!kwR@a ] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp 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. 4 0 obj Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. Paid volunteer time - 40 hours per . 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* In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. Paid volunteer time - 40 hours per . Most state employees are vested after the full-time equivalent of 10 years. The message board is your secure link to an ORS customer service representative. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." Supplemental Salary: Only the statutory judicial salary may be included in the State's DC plan. 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state of michigan voya 401k