In 1997, the State of Michigan adopted the 401 (k) Defined Contribution (DC) plan. State Employee Retirees Association (SERA) 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. 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. State Employee Retirees Association (SERA). The web Browser you are currently using is unsupported, and some features of this site may not work as intended. 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 . endstream endobj 108 0 obj <>stream 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 What should I do? 6 or more years of service 80% subsidy. 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. ~Dr\Ir1J`zJx|!q:LcbqBBB Be sure your record is correct. 401(k) 457; FAQs Forms. Voya will contact the local office regarding the amount and duration of the payments. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. their beneficiaries. -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . Find out if you or your loved ones qualify for government benefits. AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. We will ask for your Social Security number to identify your retirement account and we may request a copy of your death certificate. A copy of the report must either be faxed or mailed to the Office of Retirement Services. If you have been contributing to the state-sponsored 457 or 401(k) plans, Voya Financial will send you its Payout Guide once your termination is processed. This amount is a post-tax deduction and should be reported along with any salary deferrals the judge has. If this would cause more drama than relief, move to another option. Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. Once you terminate or switch to the DC plan, it is too late. If participant dies (in or out of office) contact EBD. Local CDL B Truck Driver - Home DailyJob Description$57,500 to $74,600 annual payHome Time: LocalSee this and similar jobs on LinkedIn. Because the plans are optiona, State of Michigan Retirement System Board Members. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Manager: State Street Category: Target Retirement date fund Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2030. Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . Box 30171 Box 24747 Jacksonville, FL 32241. 123 0 obj <>stream If you earn sufficient service credit for vesting, you will be eligible for a pension based on your final average compensation and years of service in the DB plan. Forgot Your Password? To make the best choices for your funds and your family, talk to a Voya financial advisor today. But there are ways to uncover emergency funds without dipping into your retirement savings. Please contact a customer service representative at 1-800-748-6128 to access your account. Your pension will be calculated the same as a full retirement. The operation of the State Employees' Retirement System is controlled by the State Employees' Retirement Act, Public Act 240 of 1943, as amended. New DC Life insurance is paid through the State Court Administrator Office (SCAO). We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Loans:Probate judges are allowed to take out loans from their State DC account. endstream endobj 769 0 obj <>stream If you are going through a divorce, and as a result must divide your Defined Benefit or Defined Contribution Plan, you must submit an acceptable Qualified Domestic Relations Order ("QDRO") before the Plan can divide your benefit or account. 800-Number: 800-381-5111 of the State or Commonwealth of . xYn8}7S!kwR@a ] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp If you are an unclassified legislative employee, executive branch employee, or Department of Community Health employee involved in a facility closing, you are vested with 5 years of service credit. This will ensure that your survivors contact ORS if you die before reaching pension eligibility age. "a_Ff}e30bTPCf1ck0ras@? . Welcome to the forms page. Manager: State Street Category: Target Retirement Income fund Objective: Provide current income from fixed income securities while maintaining some exposure to equity investments for capital appreciation. State of Michigan 401(k) and 457 Plans 401(k) State of Michigan 401(k)Plan To download the desired publication, simply click on its title in the following list. State of Michigan 401(k) and 457 Plans. myOrangeMoney Retirement Calculator Elected the DB Classified plan under Public Act (PA) 264 of 2011. If you have contributions on account, you can request a refund (or transfer your personal contributions and interest to another qualified retirement plan) using miAccount at any time after you terminate your state employment. All Judges Retirement System participants pay 100 percent of the premium. This state office oversees contract negotiations with bargaining units for the state workforce. It's very important that you know, and understand, your vesting status. About three to six months before you reach eligibility age. PO Box 30171 ?{&HxTVMUC90c'BP{]}zve{]: o~M+BVz-}c\zw=h]\@2clVUU}YwUUmO7Es=hK)WKK(#X$p3p_& Wc^?Z1Q6%i%A5dyeNFx?EC~/_S]$zkwrzo_c|&T1T(j4c\;S'QAvGNzUb ^-BYE\YTAjudi6I(CGWtlr:xjN >(t'6 Judges and elected officials first hired on or after March 31, 1997, are in the Defined Contribution (DC) plan. The fund emphasizes fixed income investment over stocks. The judge may initiate the loan via the Voya Voice Response telephone system or by logging in at http://stateofmi.voya.com. Voya has been named a Best Places to Work for Disability Inclusion and scored 100% on the 2022 Disability Equality Index (DEI) for the fifth consecutive year. %PDF-1.7 The Office of the State Employer also manages the workers' compensation program for State of Michigan employees. hVmk0+}(z$P Many financial solutions. These offerings do not replace your state-sponsored benefit plans. Deferred members aren't eligible for the group life insurance in retirement. 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. 0. 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. Current laws, rates, and factors are subject to change. The judge must send such a request in writing to: Office of Retirement Services This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. 800-Number: 800-381-5111 3 0 obj Governmental Accounting Standards Board (GASB). 2 0 obj Provide proof of hardship, like medical insurance documents, in a complex process. bSriy/*;WVSv*]&sP/( {_=3K+9@lT,. ?/#S3FQI:Z}=auS3OzZigbidH5+)?I*4vg _3L 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. Braintree, MA 02184. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." Because payroll for the probate judges is handled at the local level as noted above, their salary deferrals to the State DC plan take place at the local level. We know that, for some, drafting a QDRO can be confusing or difficult. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. 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. Voya Small Cap Growth Strategy. this morning, we're following fast moving developments out of brazil where police have arrested hundreds who attacked the presidential palace and congress. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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. 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. The message board is your secure link to an ORS customer service representative. Alternatives to a 401(k) hardship withdrawal, Apply for government benefits in your state, Talk to a financial advisor to get started. The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. endobj Telephone Numbers: 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* 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. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Web:diane.shaw@us.voya.com. Voyasends account statements to participants each quarter. Paid volunteer time - 40 hours per . Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 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. hbbd``b` BH0 hfXKABK@i#w X Current laws, rates, and factors are subject to change. Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. If you're not vested, you won't qualify for a future pension unless you earn more service credit. See I'm VESTED. PO Box 30171 Can you work a bit longer in order to vest? Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. 1 0 obj Account Number: 1R1A4684-0187 117 0 obj <>/Filter/FlateDecode/ID[<085D698ED8F7194AB39A001FDAE49717>]/Index[104 20]/Info 103 0 R/Length 71/Prev 31692/Root 105 0 R/Size 124/Type/XRef/W[1 2 1]>>stream If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. Contact your plan administrator through its website or your statement to find out what it would take to access the money. the provisions of the law govern. 63/{Eov?? &$;9' !3[8_A]w3;{sM2U+t. 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"). The plans are offered through the State of Michigan 401 (k) and 457 Plans. Rarely is it advisable to take a refund of your personal contributions once you are vested. But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. Fax: 517-284-4416, Office of Retirement Services If you're leaving state employment but you're not yet eligible to retire, either because you don't have enough service credit or you're too young to qualify for a monthly pension, this information will help you understand how your retirement plan will be affected. Your Retirement Plan Session Timeout. 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. State of Michigan 401(k) and 457 Plans. If you're close to meeting the minimum age and service requirements for a pension benefit, be sure to review the pension eligibility requirements. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. The maximum allowed for 2014 is 93% of salary not to exceed $17,500. Use the links to jump to the sections below. Instructions for completing the form are located on the reverse side of the form. 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. Review your retirement account. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. Email: ORS_Web_Reporting@michigan.gov Current laws, rates, and factors are subject to change. %%EOF A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. To your surviving spouse your vesting status their State DC account retired State employees hardship, medical! `` b ` BH0 hfXKABK @ i # w X Current laws, rates, and factors subject! Access the money Edge to experience all features Michigan.gov has to offer to find out if you your... Actual law, the monthly benefit is paid through the State or Commonwealth.... ( k ) Defined Contribution 401 ( k ) and 457 plans because deferrals are deducted from their State salary. 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