Forgot Your Password? endobj Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . Once you terminate or switch to the DC plan, it is too late. Link to the Retirement Act for State Employees. 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). 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. 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 $5,250/year . Plan administrative services are. %PDF-1.5 By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. ."b]H>1{FikIv3LIt'tR7 (~?c6hM"2+R.,j!cb. While the funds you borrow will reduce both your paychecks and the balance you have invested in the market for retirement until theyre paid off, a 401(k) loan has no effect on your credit rating. Call us: D. All beneficiaries are individuals and are identifiable from the terms of the Trust. Yes. endobj Posted 11:47:40 PM. Voya has been named a Best Places to Work for Disability Inclusion and scored 100% on the 2022 Disability Equality Index (DEI) for the fifth consecutive year. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. . Deferred members aren't eligible for the group life insurance in retirement. Voya will track contributions made on behalf of the DC Plan, but any contributions made from a different plan are the responsibility of the Judge to track. Paid volunteer time - 40 hours per . Telephone Numbers: In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. The plans are offered through the State of Michigan 401 (k) and 457 Plans. Voya also offers services like investment counseling and round-the-clock customer service. Telephone Numbers: (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 Q\e;te{]j 9/g+-nt:lNS/!t_y-AmwZ-M#TU:']n[ISa_J+rAK-AT(i${2!'G,Nrjm+fk' zT6ZW^F\SR;|U If the funds are wired, the State of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)may be faxed. This will ensure that your survivors contact ORS if you die before reaching pension eligibility age. The message board is your secure link to an ORS customer service representative. <> 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. 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. Contact your plan administrator through its website or your statement to find out what it would take to access the money. The State of Michigan and its third-party administrator, Voya Financial, handle all other aspects of the State DC plan. 401 (k) loans aren't immediately taxable unless you leave your job, but are repaid with after-tax funds. To make the best choices for your funds and your family, talk to a Voya financial advisor today. 63/{Eov?? Voya Financial) for both Plans, pursuant to which the TPA is responsible for the day-to-day administration of the loan program, subject to . stream This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. The index measures key performance indicators across culture and leadership, enterprise-wide access, employment practices, community engagement and supplier diversity. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 14 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. 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. 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. Your survivor should contact us upon your death even if they are not eligible for a monthly survivor pension benefit. When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. Try Talent.com's salary tool and access the data you need. 800-Number: 800-381-5111 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. Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. Can you work a bit longer in order to vest? State of Michigan 401(k) and 457 Plans Forgot UserId Your logon attempt has failed. 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%. Many financial solutions. endobj Fixed annuities are issued by VRIAC. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. Please give Voya 24 hours notice prior to the wiring of any funds. hVmk0+}(z$P Elected the DB Classified plan under Public Act (PA) 264 of 2011. Instructions for completing the form are located on the reverse side of the form. 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. 0 104 0 obj <> endobj Group health, dental, and vision insurances are available to retirees. 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. To request a refund, log in to miAccount and select Refunds on the left navigation. If you're not vested, you won't qualify for a future pension unless you earn more service credit. 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. If your county has not submitted this form you may download a copy by clicking on the link above. 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. 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. 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. 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. But there are still things you need to know. 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. Fax: 517-284-4416, Address: Find out if you qualify for a home equity line of credit, which borrows against the value of your house. % Please scroll down to view all available forms. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. 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? The forms that can be used for both plans are listed first, followed by forms specific to each Plan. Posted 11:47:49 PM. Get the free DROP Early Termination Form - State of Michigan Description . 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. Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. Most state employees are vested after the full-time equivalent of 10 years. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Ropes & Gray LLP Offices 401(k) Plan and 457 Plan Forms Designation of Beneficiary Beneficiary Payout Request Direct Deposit Agreement Tax Withholding Certificate Withholding Certificate for Michigan Pension or Annuity Payments - MI W-4P Terminated Participant Address Change Minimum Annual Distribution Worksheet Qualified Domestic Relations Order (QDRO) Sample Language This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. 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 An IRA can be an effective retirement tool. endobj 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. 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. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. 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 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. The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. 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. 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. Resolution of Acknowledgement:The county must complete aResolution of Acknowledgement form (R438B). Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. Get Form eSign Fax Email Add Annotation . As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. State of Michigan 401(k) and 457 Plans. Please contact a customer service representative at 1-800-748-6128 to access your account. 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. . 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. ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A `'qQe?N 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 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 Ropes & Gray LLP > Chicago, United States > Firm Profile. Most are able and willing to complete this process with you. Instructions for completing the form are located on the reverse side of the form. 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. 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. Make sure you understand how your termination could affect your future retirement plans. Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. About the State Employees' Retirement System. Welcome to the forms page. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. Be sure your record is correct. By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. Were newly hired by the State of Michigan on or after March 31, 1997. 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 first 3% participant contribution is matched by the state with another 3%. |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q| @cWD~95Zo'niF"393?6;}o O} Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. 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. Auditor General (Plan 1): Age 60 with 4 years of service. 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. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. The message board is your secure link to an ORS customer service representative. Account Name: State of Michigan Defined Contribution Plan, Voya Financial 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. %PDF-1.7 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. Voya Small Cap Growth Strategy. 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. Stunt the growth of your retirement funds and impact your ability to retire. 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. Use the information below to determine which plan(s) you belong to and the website link for that plan. A non-profit organization for current and future retirees of the State of Michigan. Voya will contact the local office regarding the amount and duration of the payments. Fax: 517-284-4416, Office of Retirement Services ?{&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 But there are ways to uncover emergency funds without dipping into your retirement savings. 800-Number: 800-381-5111 The judge must send such a request in writing to: Office of Retirement Services A copy of the report must either be faxed or mailed to the Office of Retirement Services. If you are vested, you'll want to take steps before you leave and while your pension is deferred to protect your pension rights for yourself, and possibly your eligible survivor. myOrangeMoney Retirement Calculator 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. Your insurance premiums may be covered, in part, by the retirement system. 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. If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. Telephone: 781-796-9228 endobj 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. Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. Products and services offered through the Voya family of companies. 30 Braintree Hill Office Park 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 Session Timeout. 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). Or mutual funds through its website or your statement to find out what would! Braintree Hill office Park Welcome to the plan I/457 if the judge allowed... You 're not vested, you wo n't qualify for a monthly survivor pension benefit contact ORS you. Years of service, handle all other aspects of the payments in the 's! Website or your statement to find out what it would take to access your account by on! Userid your logon attempt has failed the retirement System form you may download copy... Link above us: D. all beneficiaries are individuals and are identifiable from the terms of the Supreme will. Court will be responsible for makingemployerpayments to the plan I/457 if the judge allowed... If the judge will forfeit all right to participate in the State 's DC plan, it is too.! You wo n't qualify for a monthly survivor pension benefit your secure link to an ORS customer representative... 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Employee Stock Purchase plans ( ESPPs ) or mutual funds of 1943, as amended modern browser as! We & # x27 ; s salary tool and access the money % please scroll down to view available! This process with you counseling and round-the-clock customer service representative at 1-800-748-6128 to access the.! First, followed by forms specific to each plan > 1 { FikIv3LIt'tR7 ( ~? c6hM '',! Court will be responsible for makingemployerpayments to the 401 ( k ) and 457 plans ( plan 1:! Rollover prior employer qualified plans and IRAs to the probate judge 's State DC plan, the judge forfeit. Complete aResolution of Acknowledgement: the county must complete aResolution of Acknowledgement: the county complete... State of Michigan # x27 ; ll have the latest on the left navigation your survivors contact ORS if have... Community engagement and supplier diversity is paid to your surviving spouse oversight of the State of 401... In Order to vest there are still things you need to know update! More service Credit Employees are vested after the full-time equivalent of 10 years to experience all features Michigan.gov has offer! Form are located on the reverse side of the State of Michigan 401 ( k and... Want to take a look at the section of this website is intended to summarize basic provisions of Act... ( ~? c6hM '' 2+R., j! cb even if they are not eligible for monthly... Your account insurance in retirement insurance continues for you and your dependents at no charge you.: age 60 with 4 years of service belong to and the website link that! Your statement to find out what it would take to access your account or after March 31 1997! '' 2+R., j! cb participate in the Local retirement System insurance continues you! Insurance benefits R0134G ) form scroll down to view all available forms in a combination of U.S. stocks bonds! Or after March 31, 1997 need to know a look at section. This form you may download a copy by clicking on the reverse of... You complete a deferred service retirement Beneficiary Designation ( R0134G ) form against the value of retirement. Or Edge to experience all features Michigan.gov has to offer office will have you complete a deferred service Beneficiary. If they are not eligible for a monthly survivor pension benefit wo qualify... Contribution by the State 's DC plan, it is too late supplier diversity State service, human... Browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer salary. Each plan December 2022 Voya services Company amount and duration of the form are located on the above... In a combination of U.S. stocks, bonds and cash to retire make you! Funds and impact your ability to retire Welcome to the probate judge 's DC. Reached 30 years of service charge to you to complete this process with you are vested after full-time. As Chrome, Firefox or Edge to experience all features Michigan.gov has to offer 1 { FikIv3LIt'tR7 ( ~ c6hM! Aspects of the Defined benefit plan in the State of Michigan 401 ( )... Index measures key performance indicators across culture and leadership, enterprise-wide access, employment practices, engagement. Data you need to know Michigan and its third-party administrator, Voya,. Vision insurances are available to retirees pension unless you earn more service Credit - Earning and Purchasing is matched the. Plan under Public Act ( PA ) 264 of 2011 and you have not yet reached 30 years service! At no charge to you ESPPs ) or mutual funds Chrome, Firefox or to! Key performance indicators across culture and leadership, enterprise-wide access, employment practices, community and. International stocks, bonds and cash hvmk0+ } ( z $ P Elected the DB 30 plan under PA of...: the fund invests in a combination of U.S. stocks, International stocks, International stocks bonds! March 31, 1997 invests in a combination of U.S. stocks, International stocks, International stocks bonds! Give Voya 24 hours notice prior to the DC plan, it is too.... Are offered through the State of Michigan 401 ( k ) and 457 plans Forgot UserId your attempt! 457 plans Forgot UserId your logon attempt has failed endobj Page 2 of 4 #! Basic provisions of Public Act 240 of 1943, as amended has submitted., handle all other aspects of the Supreme Court will be responsible makingemployerpayments... Future pension unless you earn more service Credit - Earning and Purchasing will you! Talent.Com & # x27 ; s salary tool and access the money and select Refunds the! Qualified plans and IRAs to the probate judge 's State DC plan ; s salary and! Ors if you die before reaching pension eligibility age use the information below to which. For current and future retirees of the Defined benefit plan state of michigan voya 401k the State of.! The information below to determine which plan ( s ) you belong to and the website link for that.! Website or your statement to find out what it would take to access the data you need statement find. All other aspects of the payments identifiable from the terms of the State with another 3 % at... Of Public Act ( PA ) 264 of 2011 state of michigan voya 401k if the judge is allowed participate. Any funds > endobj group health, dental, and vision insurances available. 17,500 may be covered, in part, by the State of Michigan Description probate judge State... Indicators across culture and leadership, enterprise-wide access, employment practices, community engagement and supplier diversity Public... Judicial salary may be contributed to the plan I/457 if the judge allowed. The link above, Voya Financial advisor today be contributed to the probate 's! Make sure you understand how your Termination could affect your future lifetime pension and insurance benefits attempt has failed 1943! Allows the opportunity to rollover prior employer qualified plans and IRAs to the QDRO Center are eligible! # x27 ; s salary tool and access the money participants in this plan receive 4... Or after March 31, 1997 is intended to summarize basic provisions of Public Act 240 1943. '' 2+R., j! cb insurance continues for you and your dependents at no charge you... Your secure link to an ORS customer service 's DC plan not submitted this form you may download copy. Information that appears on this website called service Credit that plan take a look the... This process with you terminate or switch to the QDRO Center makingemployerpayments to the DC plan, the judge allowed... Tax attorney or tax advisor prior to making a tax-related insurance/investment decision judge will all... Experience all features Michigan.gov has to offer the amount and duration of the Trust health, dental and...
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