Fax: 517-284-4416, Office of Retirement Services endobj Posted 11:47:40 PM. In addition, participants can contribute their own money to the plan. PO Box 30171 Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. 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. Make sure you understand how your termination could affect your future retirement plans. PO Box 30171 Ask about a payment plan for your medical bills. All loans are made strictly in accordance with the provisions . 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. Make sure you understand how your termination could affect your future retirement plans. C. The Trust is irrevocable, or will become irrevocable, upon my death. New DC Life insurance is paid through the State Court Administrator Office (SCAO). 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. 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. Paid volunteer time - 40 hours per . See I'm VESTED. Elected the DB Classified plan under Public Act (PA) 264 of 2011. Many financial solutions. We know that, for some, drafting a QDRO can be confusing or difficult. Your state service might count toward retirement benefits in another public employer's retirement system or in a Michigan public school. New DC (elected or appointed after March 31, 1997) 80% subsidy. It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. PO Box 30171 In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. Read the latest Connections, the newsletter we deliver four times a year to our retirees. 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. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 The first 3% participant contribution is matched by the state with another 3%. State Police Retirement System:Pension Plus Plan. -Judicial employees who were hired before March 31, 1997. Voyasends account statements to participants each quarter. <> If you have no surviving spouse, it is split among your children under age 18. PO Box 30171 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. You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. The message board is your secure link to an ORS customer service representative. Please note that this calculator should not be used for Roth 401 (k) comparisons. 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. Get the free DROP Early Termination Form - State of Michigan Description . 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. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. 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. 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. How close are you to meeting the vesting requirements? A non-profit organization for current and future retirees of the State of Michigan. Rarely is it advisable to take a refund of your personal contributions once you are vested. 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. The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. Be sure your record is correct. Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. Instructions for completing the form are located on the reverse side of the form. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. Lansing, MI 48909. 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. Please give Voya 24 hours notice prior to the wiring of any funds. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." 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 . But there are still things you need to know. The judge must send such a request in writing to: Office of Retirement Services 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 . 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. 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. In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) plan. Local CDL B Truck Driver - Home DailyJob Description$57,500 to $74,600 annual payHome Time: LocalSee this and similar jobs on LinkedIn. 6f1FD&Vbw+u1cD Strategy: The Fund invests in a combination of U.S. stocks, international stocks, bonds and cash, and allocates its assets among these funds according to a pre-determined asset allocation strategy. Your account balance in a lump sum (less required tax withholding) to you. This state office oversees contract negotiations with bargaining units for the state workforce. As a deferred member, you will be eligible for your pension when you reach age 60. -Officers who first worked for the Michigan State Police on or after June 10, 2012. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. Box 30171 %PDF-1.6 % It can be tempting in a desperate moment to pay the fees and penalties of a 401(k) hardship withdrawal in order to avoid high interest rates. Voya will track contributions made on behalf of the DC Plan, but any contributions made from a different plan are the responsibility of the Judge to track. State of Michigan 401(k) & 457 Plans Voya Meetings Online Registration Form State of Michigan 401(k) & 457 Plans Voya Meetings Select your timeframe Start by choosing the quarterly event you are interested in. 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E hb```H !74>0Z ` FP(r=$/{L!$0"` u~ ET Monday through Friday 877-886-5050 Claims Customer Service Start a claim and check a claim status Hours: 9 a.m. to 5 p.m. Should there be discrepancies between the information reflected here and the actual law, Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. xYn8}7S!kwR@a ] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. PO Box 30171 A refund forfeits all rights to any future pension and insurance benefits for you and your beneficiary. Current laws, rates, and factors are subject to change. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. The operation of the State Employees' Retirement System is controlled by the State Employees' Retirement Act, Public Act 240 of 1943, as amended. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>> Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. Voya will contact the local office regarding the amount and duration of the payments. 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. 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 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. When your retirement application is processed, we forward your insurance AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. CN1926917_1223 We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Find Claims forms as well as Administrative forms. %PDF-1.7 In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. The State Employees' Retirement System is a statewide public employee retirement plan administered by the Michigan Office of Retirement Services. Manager: Voya Investment . It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. An amount of your untaxed contributions and interest (specified by you) as a transfer to your qualified retirement plan administrator, and the remaining balance paid directly to you (less required tax withholding). There may be after-tax funds available in your 401(k). (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw 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. Auditor General (Plan 1): Age 60 with 4 years of service. Of course, you know the people in your life better than anyone. The message board is your secure link to an ORS customer service representative. Maximum Deferral rates change annually. About the State Employees' Retirement System. Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. 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? We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 768 0 obj <>stream Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. 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. Ask your 401(k) and/or life insurance provider about a loan. This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. 30 Braintree Hill Office Park Voya Small Cap Growth Strategy. What should I do? Web:diane.shaw@us.voya.com. Fax: 517-284-4416, Address: 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 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 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 retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 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 If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. Consider the following points before you request a refund. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$69,701 to $87,138 annual pay HomeSee this and similar jobs on LinkedIn. endstream endobj startxref An IRA can be an effective retirement tool. <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Resolution of Acknowledgement:The county must complete aResolution of Acknowledgement form (R438B). Deferred members aren't eligible for the group life insurance in retirement. Telephone Numbers: Its Employee Health Management Division assists employees with work-related illnesses and injuries. <> 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. State Employee Retirees Association (SERA) 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. 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. Contributions may be submitted to Voya either by check or wire. that believe the lies. hbbd``b` BH0 hfXKABK@i#w X endstream endobj 108 0 obj <>stream This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. Office of Retirement Services Use the information below to determine which plan(s) you belong to and the website link for that plan. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Link to the Retirement Act for State Employees. Yes. Single log-in. <> Welcome to the QDRO Center. Try Talent.com's salary tool and access the data you need. H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. 800-Number: 800-381-5111 Provide proof of hardship, like medical insurance documents, in a complex process. )i{q(?)}|~4l&/e5i`/Wl| g\LD,*b g?p s;;^x%ysgolP_XUi+yT/24\Gbd>pDdQBcIpl"c9IQ,=v[4UQ*C5 *v75~]/|s=\fU:D9Hs~^T9&p*@((/91+a76DG Phone: 800-381-5111 or 517-284-4400 To request a refund, log in to miAccount and select Refunds on the left navigation. To view Long-Term Care Insurance (LTC) plan details, visit the Employee Benefits Division of the Michigan Civil Service Commission under Retiree Eligibility. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. 800-Number: 800-381-5111 Try Again 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. Your insurance premiums may be covered, in part, by the retirement system. and in washington, d.c., kevin mccarthy starts his term as speaker of the house after a week of chaos and . The message board is your secure link to an ORS customer service representative. Back to Login bSriy/*;WVSv*]&sP/( {_=3K+9@lT,. ?/#S3FQI:Z}=auS3OzZigbidH5+)?I*4vg _3L 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. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. xZo8/!VDGmw7>8krl! Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Please scroll down to view all available forms. 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