As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. Read the section I'm NOT VESTED. "a_Ff}e30bTPCf1ck0ras@? 401(k) Savings plan - with generous company matching contributions (up to 6%) . Welcome to the QDRO Center. State Employee Retirees Association (SERA). If you take a deferred retirement, be sure to file your pension application 3-6 months before your 60th birthday or you could lose money. The first 3% participant contribution is matched by the state with another 3%. To request a refund, log in to miAccount and select Refunds on the left navigation. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 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. Maximum Deferral rates change annually. You can change the beneficiary at any time while you are in deferred status, using the same form. By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. 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. myOrangeMoney Retirement Calculator 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. -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . Single log-in. Once we receive your completed request, we'll either send: If you return to State of Michigan employment before Jan. 1, 2014, you'll become a qualified participant in the DC plan as of the date of your rehire. Fax: 517-284-4416, Office of Retirement Services 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. . Account Name: State of Michigan Defined Contribution Plan, Voya Financial &$;9' !3[8_A]w3;{sM2U+t. If you return to State of Michigan employment on or after Jan. 1, 2014, you will not be eligible for pension or insurance benefits under the DB plan. Please give Voya 24 hours notice prior to the wiring of any funds. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. hVmk0+}(z$P Voya Financial Advisors, Inc., a leading independent broker-dealer in the defined contribution & defined benefit business, is currently seeking a Financial Professional to join our team in the greater Columbus area to work plan sponsor relationships. Box 24747 Jacksonville, FL 32241. By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. Fax: 517-284-4416, Office of Retirement Services 401 (k) loans aren't immediately taxable unless you leave your job, but are repaid with after-tax funds. See I'm VESTED. 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. <>>> s5"714R1l;2 =E}ng.syC>!KVU GYatr*+w5yz1|u(0j.HF_Q=gFyauTXUYOQ3?c9A!$BGHZ>#W3Y>bM)-Dpc90u]ohQ4:wK A_8@"I|0:!|xBq$gx=FmWq#wG\im .x&:UQ0* 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. All Judges Retirement System participants pay 100 percent of the premium. Plan administrative services are. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. endobj 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. But there are ways to uncover emergency funds without dipping into your retirement savings. Contact your plan administrator through its website or your statement to find out what it would take to access the money. 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. xZo8/!VDGmw7>8krl! D. All beneficiaries are individuals and are identifiable from the terms of the Trust. ~Dr\Ir1J`zJx|!q:LcbqBBB 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. 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 may initiate the loan via the Voya Voice Response telephone system or by logging in at http://stateofmi.voya.com. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 The forms that can be used for both plans are listed first, followed by forms specific to each Plan. stream Ask about a payment plan for your medical bills. It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. 6 or more years of service 80% subsidy. we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. 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. 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 Forgot Your Password? Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. The index measures key performance indicators across culture and leadership, enterprise-wide access, employment practices, community engagement and supplier diversity. PO Box 30171 of the State or Commonwealth of . @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! If you have other after-tax funds at your disposal, use them before your 401(k). Voya Small Cap Growth Strategy. 2 0 obj A copy of the report must either be faxed or mailed to the Office of Retirement Services. 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%. If no monthly pension benefit is payable upon your death, ORS will refund any personal contributions on account to your refund beneficiary or estate. Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. Contact your care provider, and see if you can arrange a reasonable payment schedule. 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 2065. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. Dental and Vision. Ropes & Gray LLP Offices Instructions for completing the form are located on the reverse side of the form. <> Box 30171 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 . A copy of the report must either be faxed or mailed to the Office of Retirement Services. Paid volunteer time - 40 hours per . Your pension will be calculated the same as a full retirement. 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. Governmental Accounting Standards Board (GASB). 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. Group health, dental, and vision insurances are available to retirees. State Police Retirement System:Pension Plus Plan. 800-Number: 800-381-5111 A non-profit organization for current and future retirees of the State of Michigan. 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. 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. State of Michigan Retirement System lessened its position in Voya Financial, Inc. (NYSE:VOYA - Get Rating) by 5.0% during the third quarter, according to the company in its most recent Form 13F . endobj The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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 $5,250/year . PO Box 30171 MVFA/1!,)JkA|oNO+e2gS*~) WZ? We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 4 0 obj Contributions: Employee contributions are allowable up to the maximum amount specified under the Internal Revenue Code. bSriy/*;WVSv*]&sP/( {_=3K+9@lT,. ?/#S3FQI:Z}=auS3OzZigbidH5+)?I*4vg _3L Questions about the plan in general or the participant's specific account questions can be answered by calling the Voya toll-free number 800-748-6128or by visitingits website. Fax: 517-284-4416, Address: Q\e;te{]j 9/g+-nt:lNS/!t_y-AmwZ-M#TU:']n[ISa_J+rAK-AT(i${2!'G,Nrjm+fk' zT6ZW^F\SR;|U Contributions may be submitted to Voya either by check or wire. 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. Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. 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. Once you terminate or switch to the DC plan, it is too late. If you're not vested when you leave state employment, you're not eligible for a future pension. Physical Security Specialists make an average of $110,850 / year in Maryland, or $56.85 / hr. In addition to recruiting and hiring state employees, the Civil Service offers employee training, including seminars on planning and investing for retirement. . 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. Local CDL B Truck Driver - Home DailyJob Description$57,500 to $74,600 annual payHome Time: LocalSee this and similar jobs on LinkedIn. 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. 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. Fax: 517-284-4416, Office of Retirement Services Stream Ask about a payment plan for your medical bills innovative Retirement organization driven to empower customers. For a successful today and a secure tomorrow company matching contributions ( up to 6 % ), or! 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