state of michigan voya 401k
Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. 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. ."b]H>1{FikIv3LIt'tR7 (~?c6hM"2+R.,j!cb. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 CN1926917_1223 As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. Be sure to stay informed by periodically reviewing this website (or Public Act 240 of 1943) while you're in deferred status, so you know what you can expect and when. 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. Consider the following points before you request a refund. 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 )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 Keep ORS informed of your mailing address so we can send important communications. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. 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) & 457 Plans Voya Meetings Online Registration Form State of Michigan 401(k) & 457 Plans Voya Meetings Select your timeframe Start by choosing the quarterly event you are interested in. 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. Make sure you understand how your termination could affect your future retirement plans. 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. Plan administrative services are. we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. that believe the lies. 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). 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. Contact your care provider, and see if you can arrange a reasonable payment schedule. 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. Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. endobj 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. 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. Find out if you qualify for a home equity line of credit, which borrows against the value of your house. Your account balance in a lump sum (less required tax withholding) to you. If you're not vested when you leave state employment, you're not eligible for a future pension. Email: ORS_Web_Reporting@michigan.gov The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. 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 . Participants may contribute any percentage to any plan up to the annual IRS contribution limits. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. A non-profit organization for current and future retirees of the State of Michigan. 4 0 obj 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. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. Instructions for completing the form are located on the reverse side of the form. endobj 800-Number: 800-381-5111 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). e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. We know that, for some, drafting a QDRO can be confusing or difficult. <> <> information to the health, prescription drug, dental, and vision insurance carriers. Quarterly Education Schedule Listing of all education offerings for the . 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 Make sure you understand how your termination could affect your future retirement plans. 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. 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. The maximum allowed for 2014 is 93% of salary not to exceed $17,500. C. The Trust is irrevocable, or will become irrevocable, upon my death. PO Box 30171 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. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. If you're close to meeting the minimum age and service requirements for a pension benefit, be sure to review the pension eligibility requirements. 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. If you have no surviving spouse, it is split among your children under age 18. Voya also offers services like investment counseling and round-the-clock customer service. Rarely is it advisable to take a refund of your personal contributions once you are vested. Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. A copy of the report must either be faxed or mailed to the Office of Retirement Services. An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. Were newly hired by the State of Michigan on or after March 31, 1997. %PDF-1.5 Welcome to the forms page. To view Long-Term Care Insurance (LTC) plan details, visit the Employee Benefits Division of the Michigan Civil Service Commission under Retiree Eligibility. The 457 Plan offers Basic and Member Investment Plan (MIP) members who have the Premium Subsidy retiree healthcare benefit the opportunity to invest in the 457 Plan. Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> If you're not vested, you won't qualify for a future pension unless you earn more service credit. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. State of Michigan 401(k) and 457 Plans Skip to Main Content Skip to Footer State of Michigan 401(k) and 457 Plans Session Timeout. Routing Number: 011000028 Governmental Accounting Standards Board (GASB). hVmk0+}(z$P Voya Attn: Constellis 401 (k) and Retirement Plan Administration P.O. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. Many financial solutions. If participant dies (in or out of office) contact EBD. %PDF-1.6 % Customer Contact Center: 517-322-5103, Office of Retirement Services 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. It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. About the State Employees' Retirement System. 104 0 obj <> endobj xYn8}7S!kwR@a ] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp Posted 11:47:40 PM. Box 24747 Jacksonville, FL 32241. 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