1 0 obj Ropes & Gray LLP Offices The web Browser you are currently using is unsupported, and some features of this site may not work as intended. 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. New DC Life insurance is paid through the State Court Administrator Office (SCAO). 63/{Eov?? Voya 401(k) Savings Plan 776991 Make a photocopy if you wish to retain a copy for your records. 401 (k) loans aren't immediately taxable unless you leave your job, but are repaid with after-tax funds. Participants may contribute any percentage to any plan up to the annual IRS contribution limits. 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. 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. Use the links to jump to the sections below. Account Number: 1R1A4684-0187 Most state employees are vested after the full-time equivalent of 10 years. Braintree, MA 02184. Your insurance premiums may be covered, in part, by the retirement system. 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. 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E 401 (k) after-tax funds Posted 11:47:40 PM. 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 . 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 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. All rights reserved. If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. Please give Voya 24 hours notice prior to the wiring of any funds. Were newly hired by the State of Michigan on or after March 31, 1997. 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. Its Employee Health Management Division assists employees with work-related illnesses and injuries. Please contact a customer service representative at 1-800-748-6128 to access your account. Voya also offers services like investment counseling and round-the-clock customer service. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. 401(k) 457; FAQs Forms. New DC (elected or appointed after March 31, 1997) 80% subsidy. 0. Box 24747 Jacksonville, FL 32241. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. and in washington, d.c., kevin mccarthy starts his term as speaker of the house after a week of chaos and . <> The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. For the LifeSecure Indiv. Any insurance products, annuities and funding agreements that you may have purchased are sold as securities and are issued by Voya Retirement Insurance and Annuity Company ("VRIAC") One Orange Way, Windsor CT 06095-4774. Forms Library for Employers. Posted 11:47:49 PM. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. )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 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. stream Current laws, rates, and factors are subject to change. -Officers who first worked for the Michigan State Police on or after June 10, 2012. If this would cause more drama than relief, move to another option. 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. More details about the State of Michigan 401(k) and 457 Plans can be found in the Plan Highlights for Judges and State Office in the DC Plan. An IRA can be an effective retirement tool. The message board is your secure link to an ORS customer service representative. 768 0 obj <>stream PO Box 30171 You may be able to pay for housing, health care, food, education and more, if you do. Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . myOrangeMoney Retirement Calculator Participants in this plan receive a 4% gross pay contribution by the State of Michigan. As a deferred member, you will be eligible for your pension when you reach age 60. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. Telephone Numbers: The fund emphasizes fixed income investment over stocks. As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. Please note that this calculator should not be used for Roth 401 (k) comparisons. When to contact us Before You Leave Review your retirement account. 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. Posted 11:47:49 PM. their beneficiaries. CN1926917_1223 A State of Michigan Defined Contribution 401 (k) Probate Judge Contribution Report (R0437B) must accompany the contributions sent to Voya. Instructions for completing the form are located on the reverse side of the form. -Judicial employees who were hired before March 31, 1997. 2 0 obj Fixed annuities are issued by VRIAC. endobj The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. Welcome to the QDRO Center. 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 $5,250/year . Attn: State of Michigan Plan Administration Lansing, MI 48909-7671, ORS - State Employees' Defined Benefit Plan, Defined Benefit Plan Overview collapsed link, Service Credit - Earning and Purchasing collapsed link, Online Presentations and E-Learning Modules collapsed link, Power of Attorney and Advance Directive Resources, Online Presentations and E-Learning Modules, https://dev.michigan.local/som/json?sc_device=json, Covered Employees and Conservation Officers, Go to Service Credit - Earning and Purchasing, Act 88 - Reciprocal Retirement Act of 1961, Unpaid Service Creditor Contributions Bill(s), Go to Power of Attorney and Advance Directive Resources, Go to Health, Dental, and Vision Insurance, Go to Benefits for Life for State Retirees, Go to Online Presentations and E-Learning Modules, view a pre-retirement online presentation, Michigan Public School Employees Retirement System, Michigan State Employees Retirement System, Annual Comprehensive Financial Reports (ACFRs). Consider the following points before you request a refund. . Your untaxed contributions and interest as a transfer to your qualified retirement plan administrator, and previously taxed contributions sent to you. 30 Braintree Hill Office Park &$;9' !3[8_A]w3;{sM2U+t. Many financial solutions. 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. Local CDL B Truck Driver - Home DailyJob Description$57,500 to $74,600 annual payHome Time: LocalSee this and similar jobs on LinkedIn. To request a refund, log in to miAccount and select Refunds on the left navigation. Instructions for completing the form are located on the reverse side of the form. Call us: 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. VRIAC is solely responsible for meeting its obligations. endobj Fax: 517-284-4416, Office of Retirement Services The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. Alternatives to a 401(k) hardship withdrawal, Apply for government benefits in your state, Talk to a financial advisor to get started. "a_Ff}e30bTPCf1ck0ras@? 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. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. * 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. District, Circuit, and Probate Court Judges (Plans 3 through 7): No insurance subsidy. Your account balance in a lump sum (less required tax withholding) to you. All Judges Retirement System participants pay 100 percent of the premium. Please click OK to re-enter your . 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. If you are vested for your pension when you leave state employment, you will be a deferred member from the time you terminate until you begin drawing your pension. Keep ORS informed of your mailing address so we can send important communications. Can you work a bit longer in order to vest? Quarterly Education Schedule Listing of all education offerings for the . If you have other after-tax funds at your disposal, use them before your 401(k). We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. %PDF-1.5 Contact your plan administrator through its website or your statement to find out what it would take to access the money. 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. Find out if you qualify for a home equity line of credit, which borrows against the value of your house. Voyasends account statements to participants each quarter. If you're close to meeting the minimum age and service requirements for a pension benefit, be sure to review the pension eligibility requirements. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. When your retirement application is processed, we forward your insurance Find the required forms and documents based on your state of residence for your Voya Employee Benefits insurance policies. These offerings do not replace your state-sponsored benefit plans. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. 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. Ask about a payment plan for your medical bills. 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. 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. endobj 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. Maximum Deferral rates change annually. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended. Plan administrative services are. Please scroll down to view all available forms. What should I do? PO Box 30171 Supreme Court and Appellate Court Judges (Plan 2) & District, Circuit, and Probate Court Judges (Plans 3 through 7): Any age with 25 years of service (the last 6 years continuous). 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. You should receive insurance identification cards and materials a few weeks after your pension begins. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. DC Transfer Life insurance cards were sent to the Employee Benefits Division (EBD). Elected the DB 30 plan under Public Act (PA) 264 of 2011 and you have reached 30 years of service. 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. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. What should I do? 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 previously enrolled in a state-sponsored LTCI plan with LifeSecure, Prudential or MetLife, you can call the vendor directly. 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. But remember, additional service can be credited only while you are an active, contributing member of the DB plan. Read the section I'm NOT VESTED. DC plan participants invest in the State of Michigan 401(k) and 457 Plans. But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. The first 3% participant contribution is matched by the state with another 3%. endobj This will ensure that your survivors contact ORS if you die before reaching pension eligibility age. Current laws, rates, and factors are subject to change. <>>> In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. If the funds are wired, the State of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)may be faxed. information to the health, prescription drug, dental, and vision insurance carriers. Telephone Numbers: 3 0 obj Use the information below to determine which plan(s) you belong to and the website link for that plan. In addition, participants can contribute their own money to the plan. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. Your coverage is 25 percent of the coverage you carried when you left work; your dependents' policies are capped at $1,000 each.
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