But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. If you're not vested when you leave state employment, you're not eligible for a future pension. %PDF-1.5 % 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. A non-profit organization for current and future retirees of the State of Michigan. 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. 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 . Judges Retirement System:Defined Benefit (DB) Plan. 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. Its Employee Health Management Division assists employees with work-related illnesses and injuries. AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. Box 24747 Jacksonville, FL 32241. The operation of the State Employees' Retirement System is controlled by the State Employees' Retirement Act, Public Act 240 of 1943, as amended. Alternatives to a 401(k) hardship withdrawal, Apply for government benefits in your state, Talk to a financial advisor to get started. Keep ORS informed of your mailing address so we can send important communications. 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. Voyasends account statements to participants each quarter. . 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. 0. 3 0 obj 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. If participant dies (in or out of office) contact EBD. Fax: 517-284-4416, Office of Retirement Services 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* An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. 2 0 obj 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. In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. 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. 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 Participants in this plan receive a 4% gross pay contribution by the State of Michigan. * 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. 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. Use this tool to determine which IRA may be right for you. hbbd``b` BH0 hfXKABK@i#w X Get the free DROP Early Termination Form - State of Michigan Description . Your insurance premiums may be covered, in part, by the retirement system. Contributions: Employee contributions are allowable up to the maximum amount specified under the Internal Revenue Code. The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. We know that, for some, drafting a QDRO can be confusing or difficult. 1 0 obj Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. 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. endobj Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. 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. D. All beneficiaries are individuals and are identifiable from the terms of the Trust. 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). Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. Find Claims forms as well as Administrative forms. ?{&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 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. Link to the Retirement Act for State Employees. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. Office of Retirement Services This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. 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? Please click OK to re-enter your . Were employed by the State of Michigan before July 1974, when the retirement system was contributory. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. 800-Number: 800-381-5111 that believe the lies. 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. 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. 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. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$69,701 to $87,138 annual pay HomeSee this and similar jobs on LinkedIn. <>>> Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. The retirement plan information that appears on ORS websites is intended to summarize basic provisions of Public Acts 300 of 1980, 240 of 1942, 182 of 1986, and 234 of 1992, as amended. Any insurance products, annuities and funding agreements that you may have purchased are sold as securities and are issued by Voya Retirement Insurance and Annuity Company ("VRIAC") One Orange Way, Windsor CT 06095-4774. As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. bSriy/*;WVSv*]&sP/( {_=3K+9@lT,. ?/#S3FQI:Z}=auS3OzZigbidH5+)?I*4vg _3L . If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw 3 0 obj You'll retain your eligibility for your pension, insurances, and death and disability benefits under the Defined Benefit (DB) plan. Your untaxed contributions and interest as a transfer to your qualified retirement plan administrator, and previously taxed contributions sent to you. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. If you earn sufficient service credit for vesting, you will be eligible for a pension based on your final average compensation and years of service in the DB plan. Your survivor should contact us upon your death even if they are not eligible for a monthly survivor pension benefit. Voya also offers services like investment counseling and round-the-clock customer service. Paid volunteer time - 40 hours per . 4 0 obj When your retirement application is processed, we forward your insurance Review your retirement account. their beneficiaries. hb```H !74>0Z ` FP(r=$/{L!$0"` u~ What should I do? 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. Forms Library for Employers. 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 To view Long-Term Care Insurance (LTC) plan details, visit the Employee Benefits Division of the Michigan Civil Service Commission under Retiree Eligibility. Dental and Vision. 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. 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. e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. The first 3% participant contribution is matched by the state with another 3%. You can change the beneficiary at any time while you are in deferred status, using the same form. 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. 2 0 obj (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). District, Circuit, and Probate Court Judges (Plans 3 through 7): No insurance subsidy. endobj The Office of the State Employer also manages the workers' compensation program for State of Michigan employees. Phone: 800-381-5111 or 517-284-4400 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. Try Again 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. Because the plans are optiona, State of Michigan Retirement System Board Members. 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. 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. 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. Box 30171 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. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Try Talent.com's salary tool and access the data you need. A copy of the report must either be faxed or mailed to the Office of Retirement Services. These offerings do not replace your state-sponsored benefit plans. myOrangeMoney Retirement Calculator About the State Employees' Retirement System. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. There may be after-tax funds available in your 401(k). Voya Small Cap Growth Strategy. Paid volunteer time - 40 hours per . Customer Contact Center: 517-322-5103, Office of Retirement Services 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 . If you have no surviving spouse, it is split among your children under age 18. Ask your 401(k) and/or life insurance provider about a loan. 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. Were employed by the State with another 3 % loans arent immediately taxable unless you leave State employment you! Optiona, State of Michigan before July 1974, when the retirement plan administrator, and Probate Court (... Charge to state of michigan voya 401k: Defined benefit ( DB ) plan summarize basic provisions of Act. ' retirement System: Defined benefit ( DB ) plan sent to Voya insurance provider About a loan 1974 when... 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