401 (k) after-tax funds Stunt the growth of your retirement funds and impact your ability to retire. PO Box 30171 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. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. Link to the Retirement Act for State Employees. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 123 0 obj <>stream Auditor General (Plan 1): Age 60 with 4 years of service. 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. Voya also offers services like investment counseling and round-the-clock customer service. 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. %PDF-1.6 % P.O. The fund emphasizes fixed income investment over stocks. Employer Reporting: 517-636-0166 State of Michigan 401(k) and 457 Plans. The State Employees' Retirement System is a statewide public employee retirement plan administered by the Michigan Office of Retirement Services. ~Dr\Ir1J`zJx|!q:LcbqBBB 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. 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. 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. Call us: 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. If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. Current laws, rates, and factors are subject to change. A copy of the report must either be faxed or mailed to the Office of Retirement Services. 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. Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. ?{&HxTVMUC90c'BP{]}zve{]: o~M+BVz-}c\zw=h]\@2clVUU}YwUUmO7Es=hK)WKK(#X$p3p_& Wc^?Z1Q6%i%A5dyeNFx?EC~/_S]$zkwrzo_c|&T1T(j4c\;S'QAvGNzUb ^-BYE\YTAjudi6I(CGWtlr:xjN >(t'6 Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. 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. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. New DC (elected or appointed after March 31, 1997) 80% subsidy. 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. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. Fax: 517-284-4416, Address: Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. To make the best choices for your funds and your family, talk to a Voya financial advisor today. Your untaxed contributions and interest as a transfer to your qualified retirement plan administrator, and previously taxed contributions sent to you. 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. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. nav list. Find out if you or your loved ones qualify for government benefits. The index measures key performance indicators across culture and leadership, enterprise-wide access, employment practices, community engagement and supplier diversity. 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"). Bank Name: State Street Bank, Boston, MA Please click OK to re-enter your . Welcome to the forms page. Paid volunteer time - 40 hours per . 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. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. %PDF-1.5 % 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. the provisions of the law govern. Welcome to the QDRO Center. You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. Your survivor should contact us upon your death even if they are not eligible for a monthly survivor pension benefit. Try Talent.com's salary tool and access the data you need. ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A `'qQe?N You'll retain your eligibility for your pension, insurances, and death and disability benefits under the Defined Benefit (DB) plan. 401(k) 457; FAQs Forms. 2 0 obj We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 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 . Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. A non-profit organization for current and future retirees of the State of Michigan. stream If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw The first 3% participant contribution is matched by the state with another 3%. 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. 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. A copy of the report must either be faxed or mailed to the Office of Retirement Services. Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. State of Michigan 401(k) and 457 Plans Skip to Main Content Skip to Footer State of Michigan 401(k) and 457 Plans Login Notice Your login attempt was unsuccessful Please confirm you are entering the correct combination of login information and try again. Back to Login Fax: 517-284-4416, Office of Retirement 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. By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. endobj CN1926917_1223 Remove funds from your 401(k) and be subject to penalties and fees. Ropes & Gray LLP > Chicago, United States > Firm Profile. 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. What should I do? 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . 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 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. 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 800-Number: 800-381-5111 Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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. 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. % Ask your 401(k) and/or life insurance provider about a loan. Participants may contribute any percentage to any plan up to the annual IRS contribution limits. Please contact a customer service representative at 1-800-748-6128 to access your account. hb```H !74>0Z ` FP(r=$/{L!$0"` u~ Instructions for completing the form are located on the reverse side of the form. But there are still things you need to know. 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. Of course, you know the people in your life better than anyone. 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