Posted 11:47:49 PM. Use the information below to determine which plan(s) you belong to and the website link for that plan. hVmk0+}(z$P 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. 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 . 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. <>>> 4 0 obj 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 PO Box 30171 It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. 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. 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. The message board is your secure link to an ORS customer service representative. . Ropes & Gray LLP > Chicago, United States > Firm Profile. 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. 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. 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 View Forms. % 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. of the State or Commonwealth of . Use this tool to determine which IRA may be right for you. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. See I'm VESTED. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." VRIAC is solely responsible for meeting its obligations. DC plan participants invest in the State of Michigan 401(k) and 457 Plans. If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. <> CDL A Flatbed Truck Driver - Home Every WeekendJob Description$74,091 to $96,404 annual payHomeSee this and similar jobs on LinkedIn. 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 $5,250/year . If you earn sufficient service credit for vesting, you will be eligible for a pension based on your final average compensation and years of service in the DB plan. There may be after-tax funds available in your 401(k). If participant dies (in or out of office) contact EBD. |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q| @cWD~95Zo'niF"393?6;}o O} If this is truly an emergency, you do have the choice to ask friends and family for help and put a plan in place to pay them back. Instructions for completing the form are located on the reverse side of the form. MVFA/1!,)JkA|oNO+e2gS*~) WZ? )i{q(?)}|~4l&/e5i`/Wl| g\LD,*b g?p s;;^x%ysgolP_XUi+yT/24\Gbd>pDdQBcIpl"c9IQ,=v[4UQ*C5 *v75~]/|s=\fU:D9Hs~^T9&p*@((/91+a76DG Forms Library for Employers. 768 0 obj <>stream The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. Box 24747 Jacksonville, FL 32241. Strategy: The Fund invests in a combination of U.S. stocks, international stocks, bonds and cash, and allocates its assets among these funds according to a pre-determined asset allocation . -Judicial employees who were hired before March 31, 1997. 3 0 obj If you have been contributing to the state-sponsored 457 or 401 (k) plans, the 401 (k)/457 plan administrator will send you its Payout Guide once your termination is processed. Consider the following points before you request a refund. hb```H !74>0Z ` FP(r=$/{L!$0"` u~ Once you terminate or switch to the DC plan, it is too late. We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. 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. Posted 11:47:40 PM. This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. It's very important that you know, and understand, your vesting status. Provide proof of hardship, like medical insurance documents, in a complex process. Its Employee Health Management Division assists employees with work-related illnesses and injuries. Telephone Numbers: 800-Number: 800-381-5111 State of Michigan 401(k) and 457 Plans Forgot UserId Your logon attempt has failed. Because the salary for probate judges is channeled through the local units of government, with no payments made directly from the State, some local participation and assistance is necessary for a probate court judge to fully participate in the State DC plan. 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. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. 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. Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. Current laws, rates, and factors are subject to change. A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. Email: ORS_Web_Reporting@michigan.gov For the LifeSecure Indiv. Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . 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. Judges and elected officials first hired on or after March 31, 1997, are in the Defined Contribution (DC) plan. If the funds are wired, the State of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)may be faxed. 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. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. 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. Your insurance premiums may be covered, in part, by the retirement system. Keep ORS informed of your mailing address so we can send important communications. New DC Life insurance is paid through the State Court Administrator Office (SCAO). ?{&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 District, Circuit, and Probate Court Judges (Plans 3 through 7): No insurance subsidy. "a_Ff}e30bTPCf1ck0ras@? If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw 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. Single log-in. About three to six months before you reach eligibility age. Should there be discrepancies between the information reflected here and the actual law, Attn: State of Michigan Plan Administration Lansing, MI 48909. Fax: 517-284-4416, Office of Retirement Services Because the plans are optiona, State of Michigan Retirement System Board Members. Account Number: 1R1A4684-0187 The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. 2 0 obj Current laws, rates, and factors are subject to change. Get Form eSign Fax Email Add Annotation . Find out if you qualify for a home equity line of credit, which borrows against the value of your house. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. But remember, additional service can be credited only while you are an active, contributing member of the DB plan. Please give Voya 24 hours notice prior to the wiring of any funds. Back to Login 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 $5,250/year; Paid time off - including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day. Deferred members aren't eligible for the group life insurance in retirement. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Lansing, MI 48909-7671, https://dev.michigan.local/som/json?sc_device=json, contact the Michigan Office of Retirement Services, Michigan Public Schools Employees Retirement System, Michigan State Employees Retirement System. 3 0 obj When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. &$;9' !3[8_A]w3;{sM2U+t. Your pension will be calculated the same as a full retirement. The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. %%EOF Braintree, MA 02184. 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. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. The first 3% participant contribution is matched by the state with another 3%. 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. Voyasends account statements to participants each quarter. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. 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. You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. 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. Dental and Vision. 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. 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