The operation of the State Employees' Retirement System is controlled by the State Employees' Retirement Act, Public Act 240 of 1943, as amended. Began your state employment under the DB plan, left, and then returned to state employment on or after Jan. 1, 2012, and before Jan. 1, 2014. You can change the beneficiary at any time while you are in deferred status, using the same form. You should receive insurance identification cards and materials a few weeks after your pension begins. PO Box 30171 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. 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. Box 30171 % 3 0 obj 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. 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. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 Because the salary for probate judges is channeled through the local units of government, with no payments made directly from the State, some local participation and assistance is necessary for a probate court judge to fully participate in the State DC plan. But there are still things you need to know. ."b]H>1{FikIv3LIt'tR7 (~?c6hM"2+R.,j!cb. A refund forfeits all rights to any future pension and insurance benefits for you and your beneficiary. As a deferred member, you will be eligible for your pension when you reach age 60. Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. 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. P.O. )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 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? For the LifeSecure Indiv. 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. 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. 2 0 obj of the State or Commonwealth of . Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. stream %PDF-1.6 % This amount is a post-tax deduction and should be reported along with any salary deferrals the judge has. Make sure you understand how your termination could affect your future retirement plans. Voya will contact the local office regarding the amount and duration of the payments. Single log-in. By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. Judges Retirement System:Defined Benefit (DB) Plan. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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. Telephone: 781-796-9228 We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 401(k) Savings plan - with generous company matching contributions (up to 6%) . Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Voya also offers services like investment counseling and round-the-clock customer service. New DC (elected or appointed after March 31, 1997) 80% subsidy. 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. The message board is your secure link to an ORS customer service representative. 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. 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). Your account balance in a lump sum (less required tax withholding) to you. Of course, you know the people in your life better than anyone. Group health, dental, and vision insurances are available to retirees. <>>> If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. <> The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, as amended. 1 0 obj It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. Routing Number: 011000028 If you're not vested when you leave state employment, you're not eligible for a future pension. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 3 0 obj This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. 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. State of Michigan 401(k) and 457 Plans. 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. Lansing, MI 48909. When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. 401 (k) loans aren't immediately taxable unless you leave your job, but are repaid with after-tax funds. Manager: Voya Investment . Paid volunteer time - 40 hours per . !L5, IpV>%"(R<6AFroIN Braintree, MA 02184. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 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. 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. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. %%EOF Web:diane.shaw@us.voya.com. %PDF-1.7 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. 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. How close are you to meeting the vesting requirements? 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 Forms Library for Employers. To view Long-Term Care Insurance (LTC) plan details, visit the Employee Benefits Division of the Michigan Civil Service Commission under Retiree Eligibility. Deferred members aren't eligible for the group life insurance in retirement. hbbd``b` BH0 hfXKABK@i#w X The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 234 of 1992, as amended. Elected the DB/DC Blend plan under PA 264 of 2011, and thus became a DC plan participant April 1, 2012. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. The Office of the State Employer also manages the workers' compensation program for State of Michigan employees. A State of Michigan Defined Contribution 401 (k) Probate Judge Contribution Report (R0437B) must accompany the contributions sent to Voya. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. Email: ORS_Web_Reporting@michigan.gov A copy of the report must either be faxed or mailed to the Office of Retirement Services. 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. Stunt the growth of your retirement funds and impact your ability to retire. 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. <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. 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). 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. 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. State of Michigan 401(k) and 457 Plans Forgot UserId Your logon attempt has failed. All loans are made strictly in accordance with the provisions . 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