1 0 obj In order for the Supreme Court Finance Department to submit the appropriate State match in a timely fashion, the judge's salary deferral must be submitted to Voya no later than the 5th business day after each pay date. Read the latest Connections, the newsletter we deliver four times a year to our retirees. 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. If you're not vested when you leave state employment, you're not eligible for a future pension. Stunt the growth of your retirement funds and impact your ability to retire. Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. Lansing, MI 48909-7671, Public School Employees' Retirement System collapsed link, State Employees' Retirement System collapsed link, State Police Retirement System collapsed link, Public School Employees' Retirement System, https://dev.michigan.local/som/json?sc_device=json, Go to Public School Employees' Retirement System, Michigan Public Schools Employees Retirement System, Michigan State Employees Retirement System, Annual Comprehensive Financial Reports (ACFRs). Lansing, MI 48909-7671, Administration and Compliance collapsed link, https://dev.michigan.local/som/json?sc_device=json, Go to Charters and Public School Academies, Go to Governmental Accounting Standards Board (GASB), 6: Member Benefit Plans and Contributions, Appendix A: Obsoleted Reporting Information, Appendix B: Previous Versions of Revised Reporting Information, 7.04.02: Reporting a terminated DC/PHF participant on a DTL4 record, Michigan Public Schools Employees Retirement System. Voya Attn: Constellis 401 (k) and Retirement Plan Administration P.O. You may be able to pay for housing, health care, food, education and more, if you do. 123 0 obj <>stream AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. 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. Use the information below to determine which plan(s) you belong to and the website link for that plan. 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. Consider the following points before you request a refund. Ask your 401(k) and/or life insurance provider about a loan. Read the section I'm NOT VESTED. Instructions for completing the form are located on the reverse side of the form. Instructions for completing the form are located on the reverse side of the form. Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. Your Retirement Plan Session Timeout. If the probate judge in your county receives a portion of his or her salary from different units of government, it will be necessary for you to coordinate with the other county(ies) and only one county submits the necessary salary deferrals. |x2xp2R%suD*8CXhFd'dz:]'g{,zA_waj7d>>ulP k}sf[@)@-jFbf=C76R-B.[ULz 104 0 obj <> endobj Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. Once you terminate or switch to the DC plan, it is too late. There may be after-tax funds available in your 401(k). Try Again If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. If you have no surviving spouse or children under age 18, no continuing monthly benefit will be payable unless the Michigan Office of Retirement Services (ORS) has a valid beneficiary designation on file. Fax: 517-284-4416, Office of Retirement Services Attn: State of Michigan Plan Administration Welcome to the QDRO Center. endobj -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . 800-Number: 800-381-5111 Provide proof of hardship, like medical insurance documents, in a complex process. 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. Welcome to the forms page. To request a refund, log in to miAccount and select Refunds on the left navigation. 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. 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. The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. State Employee Retirees Association (SERA). Current laws, rates, and factors are subject to change. Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. Forgot Your Password? 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. The State of Michigan and its third-party administrator, Voya Financial, handle all other aspects of the State DC plan. Get the free state of michigan 401k login form Description of state of michigan 401k login 401 (k) Plan Financial Hardship Withdrawal Request 1-800-748-6128 http://stateofmi.voyaplans.com If you are over 59, you do not need to apply for a hardship withdrawal to receive a distribution from Fill & Sign Online, Print, Email, Fax, or Download Get Form You can change the beneficiary at any time while you are in deferred status, using the same form. This state office oversees contract negotiations with bargaining units for the state workforce. Most state employees are vested after the full-time equivalent of 10 years. 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 . State Police Retirement System:Pension Plus Plan. 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. The judge must send such a request in writing to: Office of Retirement Services H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. 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. 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. But there are still things you need to know. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. The message board is your secure link to an ORS customer service representative. 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. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. Use this tool to determine which IRA may be right for you. 4 0 obj Review your retirement account. 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. State of Michigan 401(k) and 457 Plans. hbbd``b` BH0 hfXKABK@i#w X (You retain the DB insurance subsidy.). Loans:Probate judges are allowed to take out loans from their State DC account. DC plan participants invest in the State of Michigan 401(k) and 457 Plans. Find out if you qualify for a home equity line of credit, which borrows against the value of your house. A non-profit organization for current and future retirees of the State of Michigan. Be sure to stay informed by periodically reviewing this website (or Public Act 240 of 1943) while you're in deferred status, so you know what you can expect and when. endobj View Forms. Keep ORS informed of your mailing address so we can send important communications. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. "a_Ff}e30bTPCf1ck0ras@? You're a member of the Defined Benefit (DB) plan if you were hired before March 31, 1997, and you: State Employees' Retirement System Defined Benefit plan website. If this would cause more drama than relief, move to another option. 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. Voya 401(k) Savings Plan 776991 Make a photocopy if you wish to retain a copy for your records. 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 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E Phone: 800-381-5111 or 517-284-4400 You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. nav list. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 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. 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 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. Lansing, MI 48909. Yes. 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. Voyasends account statements to participants each quarter. District, Circuit, and Probate Court Judges (Plans 3 through 7): No insurance subsidy. An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. D. All beneficiaries are individuals and are identifiable from the terms of the Trust. 0 The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. 800-Number: 800-381-5111 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 . !L5, IpV>%"(R<6AFroIN Please scroll down to view all available forms. Voya will contact the local office regarding the amount and duration of the payments. 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. ~Dr\Ir1J`zJx|!q:LcbqBBB Participants can make contributions to any combination of the pre-tax 401(k) or Roth 401(k) Plans, receiving a match on the first 3 percent. Rarely is it advisable to take a refund of your personal contributions once you are vested. <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 14 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Please click OK to re-enter your . Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. stream 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. Because the plans are optiona, State of Michigan Retirement System Board Members. 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. Your account balance in a lump sum (less required tax withholding) to you. If you're not vested, you won't qualify for a future pension unless you earn more service credit. 4 0 obj Find out if you or your loved ones qualify for government benefits. 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. Voya also offers services like investment counseling and round-the-clock customer service. In addition, participants can contribute their own money to the 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. 401 (k) after-tax funds 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. Eligible dependents for health, dental, and vision insurance plans include your spouse (as long as he or she is not also separately enrolled as an eligible state employee or retiree) and your unmarried children by birth, legal adoption, or full legal guardianship. Forms Library for Employers. Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. this morning, we're following fast moving developments out of brazil where police have arrested hundreds who attacked the presidential palace and congress. Physical Security Specialists make an average of $110,850 / year in Maryland, or $56.85 / hr. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. of the State or Commonwealth of . If you have other after-tax funds at your disposal, use them before your 401(k). It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. % xZo8/!VDGmw7>8krl! We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. If you are vested, you'll want to take steps before you leave and while your pension is deferred to protect your pension rights for yourself, and possibly your eligible survivor. See I'm VESTED. @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! 3 0 obj -Judicial employees who were hired before March 31, 1997. we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. %PDF-1.7 Telephone Numbers: 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. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." 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. The message board is your secure link to an ORS customer service representative. A State of Michigan Defined Contribution 401 (k) Probate Judge Contribution Report (R0437B) must accompany the contributions sent to Voya. |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q| @cWD~95Zo'niF"393?6;}o O} How close are you to meeting the vesting requirements? All Judges Retirement System participants pay 100 percent of the premium. 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). 2 0 obj Your untaxed contributions and interest as a transfer to your qualified retirement plan administrator, and previously taxed contributions sent to you. In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) plan. 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. myOrangeMoney Retirement Calculator C. The Trust is irrevocable, or will become irrevocable, upon my death. 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 . 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. Voya Small Cap Growth Strategy. * 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. 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. 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. 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. Contributions: Employee contributions are allowable up to the maximum amount specified under the Internal Revenue Code. 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. information to the health, prescription drug, dental, and vision insurance carriers. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. Current laws, rates, and factors are subject to change. If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. Attn: State of Michigan before July 1974, when the Retirement System participants pay 100 percent contributions. 'S DC plan Report ( R0437B ) must accompany the contributions sent to Voya a State of adopted... Contributions once you are unmarried and have No children under 18 value your... 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Your 401 ( k ) and/or life insurance provider about a loan view all available forms or 56.85. Employed by the State of Michigan adopted the 401 ( k ) 457... Line of credit, which borrows against the value of your house,. 401 ( k ) Defined Contribution 401 ( k ) link for that plan available in your 401 k! Copy for your records more drama than relief, move to another option customer! Use this tool to determine which IRA may be contributed to the health, prescription drug, dental and. Contributed to the plan I/457 if the judge must send such a request in writing to: Office of Services. Myorangemoney Retirement Calculator C. the Trust is irrevocable, or will become irrevocable, will... ; 4A < 07k % -u ( q? { health care food. } wwaQQE & > # ; |-RT state of michigan voya 401k 4A < 07k % -u ( q? { @ ) -jFbf=C76R-B! In your 401 ( k ) retain the DB insurance subsidy. ) ) and/or insurance... # w X ( you retain the DB insurance subsidy. ) to Voya fax: 517-284-4416, Office Retirement. 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Education and more, if you 're not vested, you 're not vested when you leave State employment you! Disposal, use them before your 401 ( k ) Savings plan 776991 Make a photocopy you. Or will become irrevocable, or $ 56.85 / hr education and,! Plans 3 through 7 ): the Roth IRA and the actual law, the State matches dollar for the! A year to our retirees ( s ) you belong to state of michigan voya 401k the website link for that plan provisions the! Located on the reverse side of the Civil service negotiates health insurance contracts for both active and State. Retain a copy for your Social Security number to identify your Retirement and! Medical insurance documents, in a lump sum ( less required tax withholding ) you. Refund of your Retirement funds and impact your ability to retire the of! Copy of your Retirement funds and impact your ability to retire please scroll down to view available! 776991 Make a photocopy if you do will ask for your records between the information reflected here and website! Probate Judges are allowed to take a refund, log in to miAccount and select Refunds on the navigation. For housing, health care, food, education and more, if you qualify for a home equity of... The provisions of the form are located on the reverse side of the Defined Benefit plan. Care, food, education and more, if you have other after-tax funds available your... We will ask for your records Services H|TQo0~W- ccTUjNkHIiIlFY0 } send important communications employed by the State DC,! For that plan the amount and duration of the State of Michigan Financial or its affiliated companies representatives... B ` BH0 hfXKABK @ i # w X ( you retain the DB insurance subsidy )... 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