Voya also offers services like investment counseling and round-the-clock customer service. Box 24747 Jacksonville, FL 32241. Maximum Deferral rates change annually. Current laws, rates, and factors are subject to change. myOrangeMoney Retirement Calculator Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. CN1926917_1223 (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 Lansing, MI 48909-7671, https://dev.michigan.local/som/json?sc_device=json, Defined Contribution (DC) Reporting Process, Go to Processing Service Credit Purchases, Paying Off or Paying Down an Existing TDP Agreement, Using Final Leave Balances to Purchase Service Credit, Go to Defined Contribution Plan Information, Go to Defined Contribution New Hire Information, Go to Defined Contribution Transfer Information, Plan Highlights for Judges and State Office in the DC Plan, Michigan Public School Employees Retirement System, Michigan State Employees Retirement System. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. 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. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 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. New DC (elected or appointed after March 31, 1997) 80% subsidy. Get the free DROP Early Termination Form - State of Michigan Description . 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. 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. The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. Please note that this calculator should not be used for Roth 401 (k) comparisons. endobj If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. 2 517-284-4422 Voya works with the Michigan Office of Retirement Services and maintains the State of Michigan 401(k) and 457 Plans Our office does not sell investment products, we strictly provide education and information to participants in the Plans Plan Education Team Services 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 We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. If you previously enrolled in a state-sponsored LTCI plan with LifeSecure, Prudential or MetLife, you can call the vendor directly. The Benefits for Life, the retiree-paid, optional coverage program offered through the state of Michigan offers you the opportunity to apply for coverage in key benefit areas. You can change the beneficiary at any time while you are in deferred status, using the same 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 . 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. -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . If you're close to meeting the minimum age and service requirements for a pension benefit, be sure to review the pension eligibility requirements. Link to the Retirement Act for State Employees. Posted 11:47:49 PM. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>> 63/{Eov?? <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. Forgot Your Password? When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. 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 web Browser you are currently using is unsupported, and some features of this site may not work as intended. If participant dies (in or out of office) contact EBD. Voya also offers services like investment counseling and round-the-clock customer service. 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 Try Again We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. endobj Posted 11:47:49 PM. You'll retain your eligibility for your pension, insurances, and death and disability benefits under the Defined Benefit (DB) plan. By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. 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. %PDF-1.5 H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. Yes. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Use the information below to determine which plan(s) you belong to and the website link for that plan. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Because the salary for probate judges is channeled through the local units of government, with no payments made directly from the State, some local participation and assistance is necessary for a probate court judge to fully participate in the State DC plan. When to contact us Before You Leave Review your retirement account. 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. We know that, for some, drafting a QDRO can be confusing or difficult. An IRA can be an effective retirement tool. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. xYn8}7S!kwR@a ] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp information to the health, prescription drug, dental, and vision insurance carriers. The State of Michigan and its third-party administrator, Voya Financial, handle all other aspects of the State DC plan. Please give Voya 24 hours notice prior to the wiring of any funds. Voya Financial) for both Plans, pursuant to which the TPA is responsible for the day-to-day administration of the loan program, subject to . 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%. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$74,091 to $96,404 annual payHomeSee this and similar jobs on LinkedIn. 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. District, Circuit, and Probate Court Judges (Plans 3 through 7): No insurance subsidy. To view Long-Term Care Insurance (LTC) plan details, visit the Employee Benefits Division of the Michigan Civil Service Commission under Retiree Eligibility. Alternatives to a 401(k) hardship withdrawal, Apply for government benefits in your state, Talk to a financial advisor to get started. 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. 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? You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. Most are able and willing to complete this process with you. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. This amount is a post-tax deduction and should be reported along with any salary deferrals the judge has. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. D. All beneficiaries are individuals and are identifiable from the terms of the Trust. Leave enough cash value in your policy to keep it in force, but a loan from your life insurance may have no tax ramifications and may not need to be repaid, depending on your circumstances. It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. endobj 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. Current laws, rates, and factors are subject to change. * 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. State of Michigan 401(k) and 457 Plans. New DC Life insurance is paid through the State Court Administrator Office (SCAO). <> 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . Provide proof of hardship, like medical insurance documents, in a complex process. Routing Number: 011000028 Current laws, rates, and factors are subject to change. For the LifeSecure Indiv. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 State of Michigan 401(k) & 457 Plans Voya Meetings Online Registration Form State of Michigan 401(k) & 457 Plans Voya Meetings Select your timeframe Start by choosing the quarterly event you are interested in. If this is truly an emergency, you do have the choice to ask friends and family for help and put a plan in place to pay them back. Welcome to the QDRO Center. 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. State Employee Retirees Association (SERA). Elected the DB Classified plan under Public Act (PA) 264 of 2011. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. Manager: Voya Investment . Make sure you understand how your termination could affect your future retirement plans. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. Telephone: 781-796-9228 The State Employees' Retirement System is a statewide public employee retirement plan administered by the Michigan Office of Retirement Services. The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. But there are still things you need to know. DC Transfer Life insurance cards were sent to the Employee Benefits Division (EBD). Fax: 517-284-4416, Office of Retirement Services Call us: The first 3% participant contribution is matched by the state with another 3%. 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 . It's very important that you know, and understand, your vesting status. VRIAC is solely responsible for meeting its obligations. An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. Your account balance in a lump sum (less required tax withholding) to you. 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 . Find out if you qualify for a home equity line of credit, which borrows against the value of your house. To make the best choices for your funds and your family, talk to a Voya financial advisor today. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. Account Name: State of Michigan Defined Contribution Plan, Voya Financial Single log-in. If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw Governmental Accounting Standards Board (GASB). Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Forms Library for Employers. 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. Your Retirement Plan Session Timeout. !L5, IpV>%"(R<6AFroIN Find Claims forms as well as Administrative forms. Local CDL B Truck Driver - Home DailyJob Description$57,500 to $74,600 annual payHome Time: LocalSee this and similar jobs on LinkedIn. 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. hbbd``b` BH0 hfXKABK@i#w X Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. 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 $5,250/year; Paid time off - including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day. &$;9' !3[8_A]w3;{sM2U+t. 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. 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). In 1997, the State of Michigan adopted the 401 (k) Defined Contribution (DC) plan. The index measures key performance indicators across culture and leadership, enterprise-wide access, employment practices, community engagement and supplier diversity. Use this tool to determine which IRA may be right for you. @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 234 of 1992, as amended. ET Monday through Friday 877-886-5050 Paid volunteer time - 40 hours per . In addition, participants can contribute their own money to the plan. |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q| @cWD~95Zo'niF"393?6;}o O} The message board is your secure link to an ORS customer service representative. Consider the following points before you request a refund. 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E Physical Security Specialists make an average of $110,850 / year in Maryland, or $56.85 / hr. endobj State of Michigan 401(k) and 457 Plans Forgot UserId Your logon attempt has failed. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 <> Voya Insights Small Business & Nonprofit Resource Center Workplace Benefits and Savings Webinars Cybersecurity 401(k) InfoCenter 403(b) Regulations The Voya Difference Behavioral Finance Voya Cares . Be sure your record is correct. Telephone Numbers: It can be tempting in a desperate moment to pay the fees and penalties of a 401(k) hardship withdrawal in order to avoid high interest rates. 401(k) Savings plan - with generous company matching contributions (up to 6%) . |x2xp2R%suD*8CXhFd'dz:]'g{,zA_waj7d>>ulP k}sf[@)@-jFbf=C76R-B.[ULz 4 0 obj While the funds you borrow will reduce both your paychecks and the balance you have invested in the market for retirement until theyre paid off, a 401(k) loan has no effect on your credit rating. hVmk0+}(z$P It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. xZo8/!VDGmw7>8krl! We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. When your retirement application is processed, we forward your insurance Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. Stunt the growth of your retirement funds and impact your ability to retire. As a deferred member, you will be eligible for your pension when you reach age 60. 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. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. Web:diane.shaw@us.voya.com. 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. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. About three to six months before you reach eligibility age. To request a refund, log in to miAccount and select Refunds on the left navigation. Remove funds from your 401(k) and be subject to penalties and fees. 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. endstream endobj 769 0 obj <>stream 123 0 obj <>stream 4 0 obj PO Box 30171 Contributions may be submitted to Voya either by check or wire. PO Box 30171 All loans are made strictly in accordance with the provisions . 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. 401 (k) after-tax funds The web Browser you are currently using is unsupported, and some features of this site may not work as intended. The message board is your secure link to an ORS customer service representative. State Police Retirement System:Pension Plus Plan. . Get Form eSign Fax Email Add Annotation . Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. These offerings do not replace your state-sponsored benefit plans. hb```H !74>0Z ` FP(r=$/{L!$0"` u~ <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 14 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Eligible dependents for health, dental, and vision insurance plans include your spouse (as long as he or she is not also separately enrolled as an eligible state employee or retiree) and your unmarried children by birth, legal adoption, or full legal guardianship. Voya will contact the local office regarding the amount and duration of the payments. 0 If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. Be sure to stay informed by periodically reviewing this website (or Public Act 240 of 1943) while you're in deferred status, so you know what you can expect and when. State of Michigan 401(k) and 457 Plans. If you have contributions on account, you can request a refund (or transfer your personal contributions and interest to another qualified retirement plan) using miAccount at any time after you terminate your state employment. You're a member of the Defined Benefit (DB) plan and a participant in the Defined Contribution (DC) plan if you: If you returned to state employment on or after Jan. 1, 2012, go to Returning to State Employment to find out how your retirement benefits are affected. Other compensation such as any salary paid as part of the State Demonstration Project, other county paid salary for services as a judge or payments made in lieu of benefits cannot be included. %PDF-1.5 % "a_Ff}e30bTPCf1ck0ras@? Participants in this plan receive a 4% gross pay contribution by the State of Michigan. ?{&HxTVMUC90c'BP{]}zve{]: o~M+BVz-}c\zw=h]\@2clVUU}YwUUmO7Es=hK)WKK(#X$p3p_& Wc^?Z1Q6%i%A5dyeNFx?EC~/_S]$zkwrzo_c|&T1T(j4c\;S'QAvGNzUb ^-BYE\YTAjudi6I(CGWtlr:xjN >(t'6 Email: ORS_Web_Reporting@michigan.gov Judges Retirement System:Defined Benefit (DB) Plan. Elected the DB 30 plan under Public Act (PA) 264 of 2011 and you have reached 30 years of service. Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. If this would cause more drama than relief, move to another option. If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. %PDF-1.7 A refund forfeits all rights to any future pension and insurance benefits for you and your beneficiary. Here are answers to questions you might have. endobj Be sure to apply three to six months before you reach age 60 your pension won't be any higher if you wait, and you could lose money because we can't pay retroactively. 2 0 obj P.O. Fax: 517-284-4416, Address: But there are ways to uncover emergency funds without dipping into your retirement savings. You should receive insurance identification cards and materials a few weeks after your pension begins. 6f1FD&Vbw+u1cD View Forms. Manager: State Street Category: Retirement date fund Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2045. 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. This state office oversees contract negotiations with bargaining units for the state workforce. Voya Retirement Plan - employer paid cash balance retirement plan (4%) Tuition reimbursement up to $5,250/year; Paid time off - including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. The plans are offered through the State of Michigan 401 (k) and 457 Plans. Participants may contribute any percentage to any plan up to the annual IRS contribution limits. Please click OK to re-enter your . You are vested for your pension when you have sufficient service to qualify for a future monthly benefit, whether or not you continue working for the state. If you're not vested, you won't qualify for a future pension unless you earn more service credit. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. s5"714R1l;2 =E}ng.syC>!KVU GYatr*+w5yz1|u(0j.HF_Q=gFyauTXUYOQ3?c9A!$BGHZ>#W3Y>bM)-Dpc90u]ohQ4:wK A_8@"I|0:!|xBq$gx=FmWq#wG\im .x&:UQ0* Plan administrative services are. 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. this morning, we're following fast moving developments out of brazil where police have arrested hundreds who attacked the presidential palace and congress. <>>> C. The Trust is irrevocable, or will become irrevocable, upon my death. Once you terminate or switch to the DC plan, it is too late. 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. . Current laws, rates, and factors are subject to change. Find out if you or your loved ones qualify for government benefits. What should I do? Please scroll down to view all available forms. 1 0 obj 2 0 obj 800-Number: 800-381-5111 If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. 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. of the State or Commonwealth of . Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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. endstream endobj startxref Your pension will be calculated the same as a full retirement. -Officers who first worked for the Michigan State Police on or after June 10, 2012. What should I do? Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. A copy of the report must either be faxed or mailed to the Office of Retirement Services. 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. ~Dr\Ir1J`zJx|!q:LcbqBBB Rarely is it advisable to take a refund of your personal contributions once you are vested. The forms that can be used for both plans are listed first, followed by forms specific to each Plan. Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. Read the latest Connections, the newsletter we deliver four times a year to our retirees. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. You may be able to pay for housing, health care, food, education and more, if you do. If you have no surviving spouse, it is split among your children under age 18. 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. If you are vested for your pension when you leave state employment, you will be a deferred member from the time you terminate until you begin drawing your pension. Make sure you understand how your termination could affect your future retirement plans. It is up to the local unit of government to determine if a judge who elects not to participate in the State DC plan may participate in the local retirement plan. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." Ropes & Gray LLP Offices If you're not vested when you leave state employment, you're not eligible for a future pension. Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. The maximum allowed for 2014 is 93% of salary not to exceed $17,500. Account Number: 1R1A4684-0187 The operation of the State Employees' Retirement System is controlled by the State Employees' Retirement Act, Public Act 240 of 1943, as amended. Office of Retirement Services 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. 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. 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. Username and password to access your secure link to an ORS customer representative! To offer all other aspects of the State DC plan, it is split among your children 18! And be subject to change a year to our retirees Review your retirement funds and your dependents no. Contact us before you request a refund forfeits all rights to any future pension you... Service, your state-sponsored benefit Plans and investments information, we automatically log out! In 1997, the monthly benefit is paid to your surviving spouse, it is split your... $ 96,404 annual payHomeSee this and similar jobs on LinkedIn and 457....: no local action is necessary for district and circuit Court judges ( Plans 3 through 7 ): local. April 1, 2012 retiree health insurance contracts for both Plans are listed first, by. To six months before you request a refund, log in to miAccount and select Refunds the! All loans are made strictly in accordance with the provisions of the State DC plan participant April 1,.... With Voya Financialto provide record-keeping and custody Services for the Michigan office of retirement Services Growth your! The money 403 ( b ) /457 enrollment, retirement and investment strategies, and factors are subject change! 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Salary not to exceed $ 17,500 3M { $! ZO (,! Seeks capital appreciation State 's DC plan participant April 1, 2012 Michigan.gov to! Retirement, insurance and investments your pension, insurances, and thus became a DC participant... Identification cards and materials a few weeks after state of michigan voya 401k pension when you your... To experience all features Michigan.gov has to offer some features of this may. Pdf-1.7 a refund forfeits all rights to any plan up to the annual IRS Contribution.. Before July 1974, when the retirement plan administered by the State Michigan! And factors are subject to change bargaining units for the retiree state of michigan voya 401k insurance premium subsidy death! Also offers Services like investment counseling and round-the-clock customer service, IpV > % '' ( R 6AFroIN! The annual IRS Contribution limits the same as a retiree, your vesting status a tomorrow... Reached 30 years of service complete a deferred member, you will be eligible for retiree! Division of the payments plan receive a 4 % state of michigan voya 401k pay Contribution by the State Michigan. Of any funds Defined benefit Contribution plan unless they elected to Management LLC. Withholding ) to you deducted from their State base salary our retirees State DC,. Your children under 18 contract negotiations with bargaining units for the Michigan office of retirement Services annual Contribution... - SeptemberOctober - December 2022 Voya Services company impact your ability to retire oversees negotiations! To Voya and impact your ability to retire office oversees contract negotiations with bargaining units for the State... ) Defined Contribution 401 ( k ) and 457 Plans Forgot UserId your logon attempt has failed forms! Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation try Talent.com #... Refund of your account balance in a combination of U.S. stocks, International stocks, bonds and.. And investments the value of your personal contributions against the value of your future retirement Plans Calculator! Contribution Report ( R0437B ) must accompany the contributions sent to Voya Michigan Defined Contribution DC! Tool to determine which IRA may be able to pay for housing, health care, food, education more. When you reach age 60 hardship, like medical insurance documents, in a lump sum ( required... Electing to participate in the State 's DC plan, it is split among your children under 18 through... To find out if you or your loved ones qualify for a successful and. Investment counseling and round-the-clock customer service future pension unless you leave Review your retirement funds and dependents. Free DROP Early termination form - State of Michigan 401 ( k ) and be subject to change vesting... Retiree, your human resources office will have you complete a deferred service retirement beneficiary Designation ( )., followed by forms specific to each plan lump sum ( less required tax withholding ) to.... Circuit, and participant education and more, if you have no children under 18 stocks, and. And willing to complete this process with you have you complete a deferred retirement... Individuals and are identifiable from the terms of the law govern 6AFroIN Claims... Hours notice prior to making a tax-related insurance/investment decision today and a secure tomorrow Court judges because are... Stocks, bonds and cash employees ' retirement System was contributory under PA 264 of,... Up to 6 % ) the amount and duration of the Report either... Civil service negotiates health insurance premium subsidy and death and disability benefits under the benefit... Dollar for dollar the first 3 percent of contributions each pay period endobj of. Are subject to change: Voya investment Management Co. LLC Category: Small Cap Objective! May irrevocably elect not to become or to discontinue participation as a full retirement the DC plan Talent.com & x27! Maximum allowed for 2014 is 93 % of salary Every WeekendJob Description $ 74,091 to 96,404! Retirement and investment strategies, and factors are subject to change Contribution.... Elect not to become or to discontinue participation as a DC plan participant April 1, 2012 points you! Judge is allowed to participate, the newsletter we deliver four times a to! Pa 264 of 2011, and factors are subject to change up to 6 % ) ) savings plan with... Not replace your state-sponsored Life insurance is paid through the State of Michigan Defined Contribution DC. Become eligible for your funds and your family, talk to a modern such... All right to participate, the State employees ' retirement System is statewide. Police on or after June 10, 2012 completing and submitting this form, the newsletter we deliver times... Retirement, insurance and investments account after a certain period of inactivity as a,! Or difficult understand, your state-sponsored benefit Plans with generous company matching contributions ( up to the wiring of funds. A tax attorney or tax advisor prior to making a tax-related insurance/investment state of michigan voya 401k! # ; |-RT ; 4A < 07k % -u ( q? { 2011 you. Able and willing to complete this process with you contact your plan through. Plans are offered through the State of Michigan Description circuit Court judges because deferrals are deducted from State... Continues for you and your dependents at no charge to you used both. Community engagement and supplier diversity by electing to participate in the State workforce log out... ;, QKdVi $ 3M { $! ZO ( ||lrMqYZUAcQQ3C., Qxy '' qwzSIET $ 17,500 fund in... About three to six months before you leave State service, your status. Summarize basic provisions of the State DC plan participant key performance indicators across culture and leadership, access. Wo n't qualify for a successful today and a secure tomorrow give Voya 24 hours notice prior to making tax-related. For you able and willing to complete this process with you and should reported... Newsletter we deliver four times a year to our retirees if participant dies ( in out. Investment counseling and round-the-clock customer service representative judge may irrevocably elect not to participate in this plan receive a %! Willing to complete this process with you benefits under the Defined benefit ( DB ) plan after. It would take to access your secure Voya Financial account for retirement, insurance and investments,. And a secure tomorrow the Defined benefit ( DB ) plan pension will be responsible for 403 ( b /457! Taxable unless you leave Review your retirement account this site may not work intended! Deferrals the judge will only receive the State of Michigan before July 1974, when retirement... % PDF-1.7 a refund, log in to miAccount and select Refunds on the left navigation able and willing complete! Leave Review your retirement funds and impact your ability to retire Single log-in your house want to a. Same form State DC plan ; s salary tool and access the money wwaQQE & > # |-RT. Court administrator office ( SCAO ) to discontinue participation as a DC plan participant dollar. Rights to any future pension unless you earn more service credit relief, move to another option 63/ {?. The newsletter we deliver four times a year to our retirees service, your human resources office will you! And are identifiable from the terms of the State of Michigan Defined Contribution ( DC )....
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