For the LifeSecure Indiv. endobj Judges Retirement System:Defined Benefit (DB) Plan. Telephone: 781-796-9228 DC plan participants invest in the State of Michigan 401(k) and 457 Plans. information to the health, prescription drug, dental, and vision insurance carriers. The first 3% participant contribution is matched by the state with another 3%. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. Use this tool to determine which IRA may be right for you. When to contact us Before You Leave Review your retirement account. A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. Voya 401(k) Savings Plan 776991 Make a photocopy if you wish to retain a copy for your records. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 234 of 1992, as amended. Governmental Accounting Standards Board (GASB). If you have other after-tax funds at your disposal, use them before your 401(k). Box 30171 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. If Voya is unable to assist you, please contact the Michigan Office of Retirement Services. In addition, the State matches dollar for dollar the first 3 percent of contributions each pay period. This amount is a post-tax deduction and should be reported along with any salary deferrals the judge has. ;Q-[}~@kp0A)G5.m"/iUzp{,Sz8X;F:X-^9A `'qQe?N If you die while in deferred status, a monthly survivor pension will be payable to your eligible beneficiary, if any, the month after you would have turned age 60. Of course, you know the people in your life better than anyone. 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. 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. % Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. Review your retirement account. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Instead, the program offers additional financial protection with premiums payable through the convenience of pension deduction. It can be tempting in a desperate moment to pay the fees and penalties of a 401(k) hardship withdrawal in order to avoid high interest rates. 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. Link to the Retirement Act for State Employees. Consider the following points before you request a refund. 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. 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. <> Physical Security Specialists make an average of $110,850 / year in Maryland, or $56.85 / hr. We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 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. nav list. we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. 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. H|TQo0~W- ccTUjNkHIiIlFY0}? 5S^4pq]5M^Gi-. 104 0 obj <> endobj |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q| @cWD~95Zo'niF"393?6;}o O} the provisions of the law govern. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 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. 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. If you have not designated a beneficiary, the monthly benefit is paid to your surviving spouse. Judges and elected officials first hired on or after March 31, 1997, are in the Defined Contribution (DC) plan. 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. It's very important that you know, and understand, your vesting status. Quarterly Education Schedule Listing of all education offerings for the . We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 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. this morning, we're following fast moving developments out of brazil where police have arrested hundreds who attacked the presidential palace and congress. 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. 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%. Find Claims forms as well as Administrative forms. ?{&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 Keep ORS informed of your mailing address so we can send important communications. Your account balance in a lump sum (less required tax withholding) to you. ET Monday through Friday 877-886-5050 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. Manager: State Street Category: Retirement date fund Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2045. 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. stream Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 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. Stunt the growth of your retirement funds and impact your ability to retire. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. To make the best choices for your funds and your family, talk to a Voya financial advisor today. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 552 732] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Current laws, rates, and factors are subject to change. 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. Were newly hired by the State of Michigan on or after March 31, 1997. Voya also offers services like investment counseling and round-the-clock customer service. What should I do? Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. 4 0 obj Manager: Voya Investment . The plans are offered through the State of Michigan 401 (k) and 457 Plans. The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. For details about how your pension will be calculated and the different payment options see the Ready to Retire section of this website You can also make use of our online pension estimator or watch apre-retirement online presentation. %%EOF If the funds are wired, the State of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)may be faxed. The annual comprehensive financial reports contain a wealth of interesting figures and statistics about the State Employees' Retirement System. 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. Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. Once you terminate or switch to the DC plan, it is too late. Posted 11:47:40 PM. 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 MVFA/1!,)JkA|oNO+e2gS*~) WZ? %PDF-1.5 % 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. %PDF-1.7 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. Because the plans are optiona, State of Michigan Retirement System Board Members. Remove funds from your 401(k) and be subject to penalties and fees. Attn: State of Michigan Plan Administration Telephone Numbers: Can you work a bit longer in order to vest? You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. 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. 6f1FD&Vbw+u1cD of the State or Commonwealth of . 2 0 obj All Judges Retirement System participants pay 100 percent of the premium. You can change the beneficiary at any time while you are in deferred status, using the same form. Get the free DROP Early Termination Form - State of Michigan Description . 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're not vested when you leave state employment, you're not eligible for a future pension. Account Number: 1R1A4684-0187 Elected the DB Classified plan under Public Act (PA) 264 of 2011. Maximum Deferral rates change annually. Make sure you understand how your termination could affect your future retirement plans. Lansing, MI 48909. PO Box 30171 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. Fax: 517-284-4416, Office of Retirement Services . 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 . 4 0 obj Ask about a payment plan for your medical bills. Forms and Publications for State Police Human Resource staff, Defined Contribution New Hire Information, Defined Contribution Transfer Information. 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