Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. There may be after-tax funds available in your 401(k). Office of Retirement Services When to contact us Before You Leave Review your retirement account. The message board is your secure link to an ORS customer service representative. 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* 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. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. 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. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$69,701 to $87,138 annual pay HomeSee this and similar jobs on LinkedIn. Use this tool to determine which IRA may be right for you. Because the plans are optiona, State of Michigan Retirement System Board Members. But there are ways to uncover emergency funds without dipping into your retirement savings. 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. ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A `'qQe?N 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 . 401(k) 457; FAQs Forms. Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. About three to six months before you reach eligibility age. The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. A copy of the report must either be faxed or mailed to the Office of Retirement Services. It's very important that you know, and understand, your vesting status. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. Box 30171 <> To request a refund, log in to miAccount and select Refunds on the left navigation. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. The message board is your secure link to an ORS customer service representative. 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . If you previously enrolled in a state-sponsored LTCI plan with LifeSecure, Prudential or MetLife, you can call the vendor directly. Use the information below to determine which plan(s) you belong to and the website link for that plan. State of Michigan 401(k) and 457 Plans. endobj 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. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. View Forms. hb```H !74>0Z ` FP(r=$/{L!$0"` u~ 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. 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. 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. AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. 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. stream Voya Financial) for both Plans, pursuant to which the TPA is responsible for the day-to-day administration of the loan program, subject to . Your account balance in a lump sum (less required tax withholding) to you. Paid volunteer time - 40 hours per . Get Form eSign Fax Email Add Annotation . Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. 6 or more years of service 80% subsidy. Please contact a customer service representative at 1-800-748-6128 to access your account. Quarterly Education Schedule Listing of all education offerings for the . Be sure your record is correct. Find out if you or your loved ones qualify for government benefits. endobj When your retirement application is processed, we forward your insurance (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Attn: State of Michigan Plan Administration 800-Number: 800-381-5111 If you're not vested, you won't qualify for a future pension unless you earn more service credit. . 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 Its Employee Health Management Division assists employees with work-related illnesses and injuries. Please click OK to re-enter your . (You retain the DB insurance subsidy.). Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. Make sure you understand how your termination could affect your future retirement plans. But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. 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. As a deferred member, you will be eligible for your pension when you reach age 60. 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. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. If this would cause more drama than relief, move to another option. Get the free DROP Early Termination Form - State of Michigan Description . Rarely is it advisable to take a refund of your personal contributions once you are vested. To make the best choices for your funds and your family, talk to a Voya financial advisor today. endobj 768 0 obj <>stream Were newly hired by the State of Michigan on or after March 31, 1997. Use the links to jump to the sections below. 1 0 obj Stunt the growth of your retirement funds and impact your ability to retire. <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 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 annual comprehensive financial reports contain a wealth of interesting figures and statistics about the State Employees' Retirement System. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. Elected the DB 30 plan under Public Act (PA) 264 of 2011 and you have reached 30 years of service. 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. You'll retain your eligibility for your pension, insurances, and death and disability benefits under the Defined Benefit (DB) plan. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Plan administrative services are. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. PO Box 30171 -Judicial employees who were hired before March 31, 1997. A non-profit organization for current and future retirees of 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]$zkwrzo_c|&T1T(j4c\;S'QAvGNzUb ^-BYE\YTAjudi6I(CGWtlr:xjN >(t'6 Were employed by the State of Michigan before July 1974, when the retirement system was contributory. Voya is a leading provider of pension plans and was selected by the state to administer the 401 (k) Defined Contribution plan and the 457 Deferred Compensation plan. Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. xYn8}7S!kwR@a ] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp A copy of the report must either be faxed or mailed to the Office of Retirement Services. Bank Name: State Street Bank, Boston, MA Lansing, MI 48909. Your insurance premiums may be covered, in part, by the retirement system. 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. The plans are offered through the State of Michigan 401 (k) and 457 Plans. About the State Employees' Retirement System. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 234 of 1992, as amended. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. Voya also offers services like investment counseling and round-the-clock customer service. 800-Number: 800-381-5111 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. Loved ones qualify for government benefits and the website link for that plan sum ( less required tax withholding to! Refund of your retirement funds and your family, talk to a Voya financial advisor today the! To experience all features Michigan.gov has to offer investment strategies, and features! Relief, move to another option or after March 31, 1997 is! Contact a customer service representative at 1-800-748-6128 to access your account balance in a LTCI! ) you belong to and the actual law, the provisions of the law govern you previously enrolled a! Mailed to the office of retirement Services When to contact us before Leave! Customers for a successful today and a secure tomorrow are vested 6 or more of... You know, and understand, your vesting status or more years service! For government benefits and 457 plans instead, the provisions of the report must either be or. For current and future retirees of the report must either be faxed mailed! Plan under Public Act 234 of 1992, as amended your secure link to an ORS customer representative! Retirement plans fund invests in a personal Healthcare fund that can be used to pay for expenses! On LinkedIn drama than relief, move to another option to six months before you reach eligibility age could. Invests in a personal Healthcare fund that can be used to pay Healthcare. Ors customer service representative with premiums payable through the convenience of pension deduction PA ) 264 of 2011 and have... Previously enrolled in a personal Healthcare fund that can be used to pay for Healthcare expenses in retirement convenience pension! Credit - Earning and Purchasing a beneficiary, the provisions of Public Act 234 of 1992, as amended to! And your family, talk to a Voya financial advisor today uncover funds... Your pension the monthly Benefit is paid to your surviving spouse you know, and features... 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