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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. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 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. Try Talent.com's salary tool and access the data you need. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. . Posted 11:47:49 PM. <> 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. VRIAC is solely responsible for meeting its obligations. You should receive insurance identification cards and materials a few weeks after your pension begins. You may be able to pay for housing, health care, food, education and more, if you do. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. Telephone Numbers: Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. When to contact us Before You Leave Review your retirement account. Fixed annuities are issued by VRIAC. The Office of the State Employer also manages the workers' compensation program for State of Michigan employees. 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. Because the plans are optiona, State of Michigan Retirement System Board Members. 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. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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 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"). Paid volunteer time - 40 hours per . 401 (k) loans aren't immediately taxable unless you leave your job, but are repaid with after-tax funds. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. 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. Keep ORS informed of your mailing address so we can send important communications. 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. The fund emphasizes fixed income investment over stocks. In addition, participants can contribute their own money to the plan. 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. Forms Library for Employers. Fax: 517-284-4416, Office of Retirement Services Use this tool to determine which IRA may be right for you. Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. As a deferred member, you will be eligible for your pension when you reach age 60. 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. The maximum allowed for 2014 is 93% of salary not to exceed $17,500. We know that, for some, drafting a QDRO can be confusing or difficult. 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%. DC plan participants invest in the State of Michigan 401(k) and 457 Plans. 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. Routing Number: 011000028 Deferred members aren't eligible for the group life insurance in retirement. 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 Telephone Numbers: 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 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. endobj C. The Trust is irrevocable, or will become irrevocable, upon my death. 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. 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 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. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended. Current laws, rates, and factors are subject to change. 401 (k) after-tax funds % 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. 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E 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. -Officers who first worked for the Michigan State Police on or after June 10, 2012. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. Ask your 401(k) and/or life insurance provider about a loan. 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. ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A `'qQe?N endstream endobj startxref 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. %PDF-1.7 Make sure you understand how your termination could affect your future retirement plans. 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. 123 0 obj <>stream New DC (elected or appointed after March 31, 1997) 80% subsidy. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 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. It's very important that you know, and understand, your vesting status. Your account balance in a lump sum (less required tax withholding) to you. If your county has not submitted this form you may download a copy by clicking on the link above. 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. Find out if you or your loved ones qualify for government benefits. Customer Contact Center: 517-322-5103, Office of Retirement Services The message board is your secure link to an ORS customer service representative. 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. A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. This will ensure that your survivors contact ORS if you die before reaching pension eligibility age. Find out if you qualify for a home equity line of credit, which borrows against the value of your house. this morning, we're following fast moving developments out of brazil where police have arrested hundreds who attacked the presidential palace and congress. 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. If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw 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. 800-Number: 800-381-5111 Products and services offered through the Voya family of companies. Provide proof of hardship, like medical insurance documents, in a complex process. If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. The message board is your secure link to an ORS customer service representative. Please note that this calculator should not be used for Roth 401 (k) comparisons. Resolution of Acknowledgement:The county must complete aResolution of Acknowledgement form (R438B). Most state employees are vested after the full-time equivalent of 10 years. If you're close to meeting the minimum age and service requirements for a pension benefit, be sure to review the pension eligibility requirements. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. |x2xp2R%suD*8CXhFd'dz:]'g{,zA_waj7d>>ulP k}sf[@)@-jFbf=C76R-B.[ULz endobj Try Again 0. Forms and Publications for State Police Human Resource staff, Defined Contribution New Hire Information, Defined Contribution Transfer Information. 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. 3 0 obj Be sure your record is correct. Voyasends account statements to participants each quarter. It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. The judge must send such a request in writing to: Office of Retirement Services 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. (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. Stunt the growth of your retirement funds and impact your ability to retire. Call us: An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. 768 0 obj <>stream Ask about a payment plan for your medical bills. -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. 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