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 DC area to work plan sponsor relationships. State Employee Retirees Association (SERA). 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. PO Box 30171 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. 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"). 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* The operation of the State Employees' Retirement System is controlled by the State Employees' Retirement Act, Public Act 240 of 1943, as amended. Because the plans are optiona, State of Michigan Retirement System Board Members. Telephone Numbers: Group health, dental, and vision insurances are available to retirees. This amount is a post-tax deduction and should be reported along with any salary deferrals the judge has. 401 (k) loan While the funds you borrow will reduce both your paychecks and the balance you have invested in the market for retirement until they're paid off, a 401 (k) loan has no effect on your credit rating. Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. Rarely is it advisable to take a refund of your personal contributions once you are vested. Find out if you or your loved ones qualify for government benefits. The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. Voya Small Cap Growth Strategy. -Judicial employees who were hired before March 31, 1997. Paid volunteer time - 40 hours per . If you're not vested when you leave state employment, you're not eligible for a future pension. Link to the Retirement Act for State Employees. 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. P.O. Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. Phone: 800-381-5111 or 517-284-4400 As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 234 of 1992, as amended. Lansing, MI 48909. In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) plan. Ask your 401(k) and/or life insurance provider about a loan. Posted 11:47:49 PM. 768 0 obj <>stream Get the free DROP Early Termination Form - State of Michigan Description . 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E 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. 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. H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. 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. 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. 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. % State Police Retirement System:Pension Plus Plan. But you will participate in a Personal Healthcare Fund that can be used to pay for healthcare expenses in retirement. There may be after-tax funds available in your 401(k). A copy of the report must either be faxed or mailed to the Office of Retirement Services. this morning, we're following fast moving developments out of brazil where police have arrested hundreds who attacked the presidential palace and congress. 401(k) Savings plan - with generous company matching contributions (up to 6%) . 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 . The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. The annual comprehensive financial reports contain a wealth of interesting figures and statistics about the State Employees' Retirement System. Current laws, rates, and factors are subject to change. This will ensure that your survivors contact ORS if you die before reaching pension eligibility age. 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 . In addition, participants can contribute their own money to the plan. Use this tool to determine which IRA may be right for you. e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. Single log-in. information to the health, prescription drug, dental, and vision insurance carriers. hbbd``b` BH0 hfXKABK@i#w X Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. 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 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. 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. 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. Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. 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 Physical Security Specialists make an average of $110,850 / year in Maryland, or $56.85 / hr. Find Claims forms as well as Administrative forms. Employer Reporting: 517-636-0166 You should receive insurance identification cards and materials a few weeks after your pension begins. % Any insurance products, annuities and funding agreements that you may have purchased are sold as securities and are issued by Voya Retirement Insurance and Annuity Company ("VRIAC") One Orange Way, Windsor CT 06095-4774. You're a member of the Defined Benefit (DB) plan and a participant in the Defined Contribution (DC) plan if you: If you returned to state employment on or after Jan. 1, 2012, go to Returning to State Employment to find out how your retirement benefits are affected. Most are able and willing to complete this process with you. More details about the State of Michigan 401(k) and 457 Plans can be found in the Plan Highlights for Judges and State Office in the DC Plan. endobj An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. 2 0 obj Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. What should I do? If you're close to meeting the minimum age and service requirements for a pension benefit, be sure to review the pension eligibility requirements. 1 0 obj Judges Retirement System:Defined Benefit (DB) Plan. All rights reserved. that believe the lies. The plans are offered through the State of Michigan 401 (k) and 457 Plans. The judge may initiate the loan via the Voya Voice Response telephone system or by logging in at http://stateofmi.voya.com. Web:diane.shaw@us.voya.com. Try Again 800-Number: 800-381-5111 PO Box 30171 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. Voya also offers services like investment counseling and round-the-clock customer service. . <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> It is up to the local unit of government to determine if a judge who elects not to participate in the State DC plan may participate in the local retirement plan. 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. Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. State of Michigan 401(k) and 457 Plans. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. 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. (You retain the DB insurance subsidy.). 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. The index measures key performance indicators across culture and leadership, enterprise-wide access, employment practices, community engagement and supplier diversity. 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. Supplemental Salary:Only the statutory judicial salary may be included in the State's DC plan. A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. 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. Fax: 517-284-4416, Office of Retirement Services 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. ?{&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 By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. About the State Employees' Retirement System. Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. Please give Voya 24 hours notice prior to the wiring of any funds. Products and services offered through the Voya family of companies. Paid volunteer time - 40 hours per . Get Form eSign Fax Email Add Annotation . Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. -Officers who first worked for the Michigan State Police on or after June 10, 2012. 0. Be sure your record is correct. PO Box 30171 If you're not vested, you won't qualify for a future pension unless you earn more service credit. A non-profit organization for current and future retirees of the State of Michigan. Keep ORS informed of your mailing address so we can send important communications. 1 0 obj 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A `'qQe?N This state office oversees contract negotiations with bargaining units for the state workforce. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. Contact your care provider, and see if you can arrange a reasonable payment schedule. You would also become eligible for the retiree health insurance premium subsidy and death and disability benefits offered by the state. Current laws, rates, and factors are subject to change. If you previously enrolled in a state-sponsored LTCI plan with LifeSecure, Prudential or MetLife, you can call the vendor directly. %%EOF These offerings do not replace your state-sponsored benefit plans. 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' Retirement System Board Members, dental, and see if you can arrange a payment... Voya also offers Services like investment counseling and round-the-clock Customer service Start a claim Hours! With LifeSecure, Prudential or MetLife, you wo n't qualify for benefits! 30 plan under PA 264 of 2011 and you have not designated a beneficiary, the State of.... Deferrals the judge may irrevocably elect not to become or to discontinue participation as a DC participant. The Finance Department of the State employees, International stocks, bonds and cash loan via the Voya of...
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