But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. A refund forfeits all rights to any future pension and insurance benefits for you and your beneficiary. 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. Welcome to the forms page. 800-Number: 800-381-5111 Auditor General (Plan 1): Age 60 with 4 years of service. If you previously enrolled in a state-sponsored LTCI plan with LifeSecure, Prudential or MetLife, you can call the vendor directly. 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. Withholding Certificate for Michigan Pension or Annuity Payments MI W-4P, Qualified Domestic Relations Order (QDRO) Sample Language, Special Tax Notice Regarding Savings Plan Payments, TD Ameritrade Account Agreement Form for Self-Directed Brokerage Accounts (SDBA) for Plan Participants, 457 Traditional Catch-Up Contribution Program, 401(k) Coronavirus-Related Repayment Form. Yes. Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. Office of Retirement Services 63/{Eov?? hb```H !74>0Z ` FP(r=$/{L!$0"` u~
An amount of your untaxed contributions and interest (specified by you) as a transfer to your qualified retirement plan administrator, and the remaining balance paid directly to you (less required tax withholding). Use the links to jump to the sections below. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. You are vested for your pension when you have sufficient service to qualify for a future monthly benefit, whether or not you continue working for the state. 2 0 obj
Any insurance products, annuities and funding agreements that you may have purchased are sold as securities and are issued by Voya Retirement Insurance and Annuity Company ("VRIAC") One Orange Way, Windsor CT 06095-4774. Your pension will be calculated the same as a full retirement. @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! ET Monday through Friday 877-886-5050 In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) plan. Fax: 517-284-4416, Address: Group health, dental, and vision insurances are available to retirees. Welcome to the QDRO Center. 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. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A
`'qQe?N myOrangeMoney Retirement Calculator Most state employees are vested after the full-time equivalent of 10 years. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$74,091 to $96,404 annual payHomeSee this and similar jobs on LinkedIn. Find the required forms and documents based on your state of residence for your Voya Employee Benefits insurance policies. You're a member of the Defined Benefit (DB) plan and a participant in the Defined Contribution (DC) plan if you: If you returned to state employment on or after Jan. 1, 2012, go to Returning to State Employment to find out how your retirement benefits are affected. Use this tool to determine which IRA may be right for you. Link to the Retirement Act for State Employees. These offerings do not replace your state-sponsored benefit plans. <>
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. Your state service might count toward retirement benefits in another public employer's retirement system or in a Michigan public school. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. Posted 11:47:49 PM. |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q|
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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. Ropes & Gray LLP > Chicago, United States > Firm Profile. Bank Name: State Street Bank, Boston, MA AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. 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. and in washington, d.c., kevin mccarthy starts his term as speaker of the house after a week of chaos and . In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. <>
To request a refund, log in to miAccount and select Refunds on the left navigation. Call us: Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. Phone: 800-381-5111 or 517-284-4400 Please give Voya 24 hours notice prior to the wiring of any funds. By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. that believe the lies. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. endobj
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. Make sure you understand how your termination could affect your future retirement plans. endobj
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Fax: 517-284-4416, Office of Retirement Services Participants in this plan receive a 4% gross pay contribution by the State of Michigan. 401(k) Plan and 457 Plan Forms Designation of Beneficiary Beneficiary Payout Request Direct Deposit Agreement Tax Withholding Certificate Withholding Certificate for Michigan Pension or Annuity Payments - MI W-4P Terminated Participant Address Change Minimum Annual Distribution Worksheet Qualified Domestic Relations Order (QDRO) Sample Language 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. 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. 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). Products and services offered through the Voya family of companies. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 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. Judges and elected officials first hired on or after March 31, 1997, are in the Defined Contribution (DC) plan. Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. All loans are made strictly in accordance with the provisions . endstream
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You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. Your coverage is 25 percent of the coverage you carried when you left work; your dependents' policies are capped at $1,000 each. 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. 800-Number: 800-381-5111 stream
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. 6f1FD&Vbw+u1cD 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. endobj
their beneficiaries. If participant dies (in or out of office) contact EBD. 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. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>>
You should receive insurance identification cards and materials a few weeks after your pension begins. The State of Michigan and its third-party administrator, Voya Financial, handle all other aspects of the State DC plan. Please contact a customer service representative at 1-800-748-6128 to access your account. In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. In addition, participants can contribute their own money to the plan. If you have no surviving spouse, it is split among your children under age 18. we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. 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. 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). Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. New DC (elected or appointed after March 31, 1997) 80% subsidy. 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. Account Name: State of Michigan Defined Contribution Plan, Voya Financial information to the health, prescription drug, dental, and vision insurance carriers. %PDF-1.7
The Benefits for Life, the retiree-paid, optional coverage program offered through the state of Michigan offers you the opportunity to apply for coverage in key benefit areas. Current laws, rates, and factors are subject to change. * 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. e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. Loans:Probate judges are allowed to take out loans from their State DC account. 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. Email: ORS_Web_Reporting@michigan.gov 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. The judge must send such a request in writing to: Office of Retirement Services Instructions for completing the form are located on the reverse side of the form. 800-Number: 800-381-5111 %PDF-1.5
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We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Of course, you know the people in your life better than anyone. A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. Its Employee Health Management Division assists employees with work-related illnesses and injuries. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. State Police Retirement System:Pension Plus Plan. 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. Voya Financial) for both Plans, pursuant to which the TPA is responsible for the day-to-day administration of the loan program, subject to . As a deferred member, you will be eligible for your pension when you reach age 60. 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. What should I do? Many financial solutions. Fax: 517-284-4416, Office of Retirement Services "a_Ff}e30bTPCf1ck0ras@? Current laws, rates, and factors are subject to change. 3 0 obj
There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. About three to six months before you reach eligibility age. All rights reserved. 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 . 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? MVFA/1!,)JkA|oNO+e2gS*~) WZ? 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. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 234 of 1992, as amended. endobj
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 But remember, additional service can be credited only while you are an active, contributing member of the DB plan. &$;9' !3[8_A]w3;{sM2U+t. Posted 11:47:40 PM. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Braintree, MA 02184. If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. Please scroll down to view all available forms. If you have other after-tax funds at your disposal, use them before your 401(k). (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 The judge may initiate the loan via the Voya Voice Response telephone system or by logging in at http://stateofmi.voya.com. What should I do? PO Box 30171 Contributions may be submitted to Voya either by check or wire. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Here are answers to questions you might have. 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. This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. 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. 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. Alternatives to a 401(k) hardship withdrawal, Apply for government benefits in your state, Talk to a financial advisor to get started. As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. 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.
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