Your survivor should contact us upon your death even if they are not eligible for a monthly survivor pension benefit. the provisions of the law govern. To request a refund, log in to miAccount and select Refunds on the left navigation. We know that, for some, drafting a QDRO can be confusing or difficult. nav list. 6 or more years of service 80% subsidy. The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. As a deferred member, you will be eligible for your pension when you reach age 60. 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. Please click OK to re-enter your . %PDF-1.7 Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 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. 401 (k) after-tax funds xZo8/!VDGmw7>8krl! 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 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. Your account balance in a lump sum (less required tax withholding) to you. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. their beneficiaries. . Group health, dental, and vision insurances are available to retirees. PO Box 30171 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. 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 |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q| @cWD~95Zo'niF"393?6;}o O} 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. Telephone Numbers: We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Lansing, MI 48909. MVFA/1!,)JkA|oNO+e2gS*~) WZ? &$;9' !3[8_A]w3;{sM2U+t. 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. Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. Use the links to jump to the sections below. P.O. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. 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. Here are answers to questions you might have. A refund forfeits all rights to any future pension and insurance benefits for you and your beneficiary. If participant dies (in or out of office) contact EBD. Monday through Friday, 8:00 a.m. to 5:00 p.m. If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. A copy of the report must either be faxed or mailed to the Office of Retirement Services. You're a participant in the Defined Contribution (DC) plan if you: State Employees' Retirement System Defined Contribution plan website. 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. C. The Trust is irrevocable, or will become irrevocable, upon my death. Welcome to the QDRO Center. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. 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 Telephone Numbers: Judges and elected officials first hired on or after March 31, 1997, are in the Defined Contribution (DC) plan. 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. DC plan participants invest in the State of Michigan 401(k) and 457 Plans. If your county has not submitted this form you may download a copy by clicking on the link above. 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. |x2xp2R%suD*8CXhFd'dz:]'g{,zA_waj7d>>ulP k}sf[@)@-jFbf=C76R-B.[ULz 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. 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. It's very important that you know, and understand, your vesting status. 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. Ask your 401(k) and/or life insurance provider about a loan. Voya will contact the local office regarding the amount and duration of the payments. 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. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. All Judges Retirement System participants pay 100 percent of the premium. Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. endobj The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended. 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 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%. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 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. stream 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. Please give Voya 24 hours notice prior to the wiring of any funds. Find Claims forms as well as Administrative forms. 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. Your state service might count toward retirement benefits in another public employer's retirement system or in a Michigan public school. 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. Posted 11:47:40 PM. information to the health, prescription drug, dental, and vision insurance carriers. 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. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. If you take a deferred retirement, be sure to file your pension application 3-6 months before your 60th birthday or you could lose money. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. %PDF-1.5 Welcome to the forms page. Manager: Voya Investment . New DC (elected or appointed after March 31, 1997) 80% subsidy. In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) plan. Voya Financial Advisors Inc. has expanded the firm's wealth solutions sales team by hiring Rod Toppin as regional vice president for the Northeast, the New York-based company announced in an email. Voyasends account statements to participants each quarter. Current laws, rates, and factors are subject to change. If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. See I'm VESTED. @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! 401K Plan: Participants in the 401K Plan who are employed by the State of Michigan and certain other State-related entities (excluding "Reporting Units" and the "EAA;" as such terms are defined in the Plan), may take out loans from the 401K Plan. Contributions: Employee contributions are allowable up to the maximum amount specified under the Internal Revenue Code. Instructions for completing the form are located on the reverse side of the form. 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. Most state employees are vested after the full-time equivalent of 10 years. 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. 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. Judges Retirement System:Defined Benefit (DB) Plan. 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). Dental and Vision. A non-profit organization for current and future retirees of the State of Michigan. Fax: 517-284-4416, Office of Retirement Services By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. Voya Financial) for both Plans, pursuant to which the TPA is responsible for the day-to-day administration of the loan program, subject to . An IRA can be an effective retirement tool. stream A copy of the report must either be faxed or mailed to the Office of Retirement Services. But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. To make the best choices for your funds and your family, talk to a Voya financial advisor today. Office of Retirement Services ."b]H>1{FikIv3LIt'tR7 (~?c6hM"2+R.,j!cb. The plans are offered through the State of Michigan 401 (k) and 457 Plans. If this would cause more drama than relief, move to another option. 0 123 0 obj <>stream 401 (k) loans aren't immediately taxable unless you leave your job, but are repaid with after-tax funds. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. % State of Michigan 401(k) and 457 Plans Forgot UserId Your logon attempt has failed. The maximum allowed for 2014 is 93% of salary not to exceed $17,500. 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). Make sure you understand how your termination could affect your future retirement plans. 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 . 117 0 obj <>/Filter/FlateDecode/ID[<085D698ED8F7194AB39A001FDAE49717>]/Index[104 20]/Info 103 0 R/Length 71/Prev 31692/Root 105 0 R/Size 124/Type/XRef/W[1 2 1]>>stream 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. VRIAC is solely responsible for meeting its obligations. CN1926917_1223 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 We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. <> endobj Physical Security Specialists make an average of $110,850 / year in Maryland, or $56.85 / hr. You may be able to pay for housing, health care, food, education and more, if you do. 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. Paid volunteer time - 40 hours per . Auditor General (Plan 1): Age 60 with 4 years of service. Ropes & Gray LLP Offices (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 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). Use the information below to determine which plan(s) you belong to and the website link for that plan. 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. Forgot Your Password? 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. 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. All rights reserved. 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 . %%EOF . Get the free DROP Early Termination Form - State of Michigan Description . The judge must send such a request in writing to: Office of Retirement Services Forms and Publications for State Police Human Resource staff, Defined Contribution New Hire Information, Defined Contribution Transfer Information. All loans are made strictly in accordance with the provisions . . Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. <> Contributions may be submitted to Voya either by check or wire. 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 . By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. Single log-in. 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. The fund emphasizes fixed income investment over stocks. 401(k) 457; FAQs Forms. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. There may be after-tax funds available in your 401(k). 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