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 . Please give Voya 24 hours notice prior to the wiring of any funds. The plans are offered through the State of Michigan 401 (k) and 457 Plans. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. 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. 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. This will ensure that your survivors contact ORS if you die before reaching pension eligibility age. It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. PO Box 30171 The annual comprehensive financial reports contain a wealth of interesting figures and statistics about the State Employees' Retirement System. % 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. 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 Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. 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. Office of Retirement Services 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. Voya Small Cap Growth Strategy. A copy of the report must either be faxed or mailed to the Office of Retirement Services. stream In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. 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. Please click OK to re-enter your . Contributions may be submitted to Voya either by check or wire. %%EOF the provisions of the law govern. A State of Michigan Defined Contribution 401 (k) Probate Judge Contribution Report (R0437B) must accompany the contributions sent to Voya. endobj You are vested for your pension when you have sufficient service to qualify for a future monthly benefit, whether or not you continue working for the state. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>> Find Claims forms as well as Administrative forms. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. Use the links to jump to the sections below. Email: ORS_Web_Reporting@michigan.gov 3 0 obj Fax: 517-284-4416, Office of Retirement Services %PDF-1.7 Voya also offers services like investment counseling and round-the-clock customer service. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. You're a participant in the Defined Contribution (DC) plan if you: State Employees' Retirement System Defined Contribution plan website. State Employee Retirees Association (SERA). 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. If you return to State of Michigan employment on or after Jan. 1, 2014, you will not be eligible for pension or insurance benefits under the DB 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. Routing Number: 011000028 This amount is a post-tax deduction and should be reported along with any salary deferrals the judge has. When your retirement application is processed, we forward your insurance 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 no surviving spouse, it is split among your children under age 18. Most are able and willing to complete this process with you. Your Retirement Plan Session Timeout. endobj endstream endobj 769 0 obj <>stream 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. Read the latest Connections, the newsletter we deliver four times a year to our retirees. |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q| @cWD~95Zo'niF"393?6;}o O} 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. Participants may contribute any percentage to any plan up to the annual IRS contribution limits. What should I do? Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 401(k) 457; FAQs Forms. Can you work a bit longer in order to vest? Employer Reporting: 517-636-0166 PO Box 30171 Your state service might count toward retirement benefits in another public employer's retirement system or in a Michigan public school. Voya Attn: Constellis 401 (k) and Retirement Plan Administration P.O. Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. If you have other after-tax funds at your disposal, use them before your 401(k). 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. An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. hb```H !74>0Z ` FP(r=$/{L!$0"` u~ It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. Phone: 800-381-5111 or 517-284-4400 we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. 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. Make sure you understand how your termination could affect your future retirement plans. Current laws, rates, and factors are subject to change. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Welcome to the forms page. 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. 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. What should I do? Elected the DB Classified plan under Public Act (PA) 264 of 2011. Forgot Your Password? 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. Ropes & Gray LLP > Chicago, United States > Firm Profile. Voya Financial Review: 401K Plan, IRA Fees, and Retirement Account Pricing for 2023 Voya: How "My Orange" Measures Up Rebranding an entire company is difficult, so it was a big deal when ING U.S. Inc started its millennial-focused spinoff company Voya in 2013, and begun the process of phasing out the ING name altogether in 2014. 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. Fax: 517-284-4416, Address: 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 . Dental and Vision. Use the information below to determine which plan(s) you belong to and the website link for that plan. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. 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. D. All beneficiaries are individuals and are identifiable from the terms of the Trust. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Of course, you know the people in your life better than anyone. Remove funds from your 401(k) and be subject to penalties and fees. 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. %PDF-1.5 % Paid volunteer time - 40 hours per . You can change the beneficiary at any time while you are in deferred status, using the same form. Voya 401(k) Savings Plan 776991 Make a photocopy if you wish to retain a copy for your records. To make the best choices for your funds and your family, talk to a Voya financial advisor today. 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. endstream endobj 108 0 obj <>stream 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 bear in mind, however, that the laws governing retirement provisions may change by the time you are old enough to qualify for your pension. 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. Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. Be sure your record is correct. <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> PO Box 30171 Bank Name: State Street Bank, Boston, MA This state office oversees contract negotiations with bargaining units for the state workforce. District, Circuit, and Probate Court Judges (Plans 3 through 7): No insurance subsidy. endobj !L5, IpV>%"(R<6AFroIN myOrangeMoney Retirement Calculator An IRA can be an effective retirement tool. Deferred members aren't eligible for the group life insurance in retirement. Rarely is it advisable to take a refund of your personal contributions once you are vested. This is an explanation of the rules for taking a loan from an account under the State of Michigan 401K and 457 Plans (the "Plans"). Current laws, rates, and factors are subject to change. You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. 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 you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." Posted 11:47:49 PM. (You retain the DB insurance subsidy.). Yes. -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . PO Box 30171 -Officers who first worked for the Michigan State Police on or after June 10, 2012. 0. A refund forfeits all rights to any future pension and insurance benefits for you and your beneficiary. 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. If you previously enrolled in a state-sponsored LTCI plan with LifeSecure, Prudential or MetLife, you can call the vendor directly. PO Box 30171 The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. Single log-in. Telephone: 781-796-9228 Posted 11:47:49 PM. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. Judges Retirement System:Defined Benefit (DB) Plan. 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . The first 3% participant contribution is matched by the state with another 3%. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. But there are ways to uncover emergency funds without dipping into your retirement savings. In addition, participants can contribute their own money to the plan. 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. We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. 4 0 obj 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. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$69,701 to $87,138 annual pay HomeSee this and similar jobs on LinkedIn. xZo8/!VDGmw7>8krl! endobj 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 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. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. Should there be discrepancies between the information reflected here and the actual law, The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. Maximum Deferral rates change annually. Supplemental Salary: Only the statutory judicial salary may be included in the State's DC plan. 0 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. 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. 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. Get Form eSign Fax Email Add Annotation . . 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). 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