endstream endobj 108 0 obj <>stream 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%. A refund forfeits all rights to any future pension and insurance benefits for you and your beneficiary. 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. Get the free DROP Early Termination Form - State of Michigan Description . (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 4 0 obj @y6$}wwaQQE&>#;|-RT;4A<07k%-u(q?{! endstream endobj startxref By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. You're a participant in the Defined Contribution (DC) plan if you: State Employees' Retirement System Defined Contribution plan website. An IRA can be an effective retirement tool. Manager: Voya Investment Management Co. LLC Category: Small Cap Growth Objective: Seeks capital appreciation. This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. endobj 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. What should I do? Voyasends account statements to participants each quarter. The Employee Benefits Division of the Civil Service negotiates health insurance contracts for both active and retired state employees. Braintree, MA 02184. 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. Attn: State of Michigan Plan Administration 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. 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. 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. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Current laws, rates, and factors are subject to change. D. All beneficiaries are individuals and are identifiable from the terms of the Trust. 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. P.O. Voya Attn: Constellis 401 (k) and Retirement Plan Administration P.O. Log in to your account at https://myhealthaccount.voya.com or call: 833-232-4673 Individual Life Insurance Policy Owner Customer Service Hours: 9 a.m. to 7 p.m. Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. Voya also offers services like investment counseling and round-the-clock customer service. Consider the following points before you request a refund. H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. Supplemental Salary: Only the statutory judicial salary may be included in the State's DC plan. 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. 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 This will ensure that your survivors contact ORS if you die before reaching pension eligibility age. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. PO Box 30171 Forms Library for Employers. 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. % 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? Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. 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 The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended. -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . 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. 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. . DC plan participants invest in the State of Michigan 401(k) and 457 Plans. New DC (elected or appointed after March 31, 1997) 80% subsidy. 6 or more years of service 80% subsidy. The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account. 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. Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. The fund emphasizes fixed income investment over stocks. 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. 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. 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. nav list. This amount is a post-tax deduction and should be reported along with any salary deferrals the judge has. These offerings do not replace your state-sponsored benefit plans. Your coverage is 25 percent of the coverage you carried when you left work; your dependents' policies are capped at $1,000 each. What should I do? Participants may contribute any percentage to any plan up to the annual IRS contribution limits. Forgot Your Password? ET Monday through Friday 877-886-5050 401K Plan: Participants in the 401K Plan who are employed by the State of Michigan and certain other State-related entities (excluding "Reporting Units" and the "EAA;" as such terms are defined in the Plan), may take out loans from the 401K Plan. Governmental Accounting Standards Board (GASB). Participants can make contributions to any combination of the pre-tax 401(k) or Roth 401(k) Plans, receiving a match on the first 3 percent. Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. PO Box 30171 800-Number: 800-381-5111 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. myOrangeMoney Retirement Calculator 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. 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. Voya 401(k) Savings Plan 776991 Make a photocopy if you wish to retain a copy for your records. Ropes & Gray LLP Offices You may be able to pay for housing, health care, food, education and more, if you do. Quarterly Education Schedule Listing of all education offerings for the . 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. CN1926917_1223 How close are you to meeting the vesting requirements? ?{&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 The message board is your secure link to an ORS customer service representative. Voya also offers services like investment counseling and round-the-clock customer service. 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. Contact your care provider, and see if you can arrange a reasonable payment schedule. Find Claims forms as well as Administrative forms. PO Box 30171 If this would cause more drama than relief, move to another option. Manager: Voya Investment . If the funds are wired, the State of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)may be faxed. By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. Welcome to the forms page. The first 3% participant contribution is matched by the state with another 3%. 63/{Eov?? But there are ways to uncover emergency funds without dipping into your retirement savings. The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. 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 CDL A Flatbed Truck Driver - Home Every WeekendJob Description$74,091 to $96,404 annual payHomeSee this and similar jobs on LinkedIn. 123 0 obj <>stream Your Retirement Plan Session Timeout. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. The judge must send such a request in writing to: Office of Retirement Services A copy of the report must either be faxed or mailed to the Office of Retirement Services. 768 0 obj <>stream Loans:Probate judges are allowed to take out loans from their State DC account. Rarely is it advisable to take a refund of your personal contributions once you are vested. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. As a deferred member, you will be eligible for your pension when you reach age 60. 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. The judge may initiate the loan via the Voya Voice Response telephone system or by logging in at http://stateofmi.voya.com. Page 2 of 4 Order #148534 02/05/2016 TM: BENEMAINT 3. . Note:No local action is necessary for district and circuit court judges because deferrals are deducted from their State base salary. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. All Judges Retirement System participants pay 100 percent of the premium. %PDF-1.5 % Elected the DB 30 plan under Public Act (PA) 264 of 2011 and you have reached 30 years of service. stream 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. <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> But there are a few things you should consider: To find out how much credit you have, log in to miAccount and click Service Credit. 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