401(k) Retirement Plan Overview
In 1997, the State of Michigan adopted the 401(k) Defined Contribution Plan. Participants in this plan receive a 4% gross pay contribution by the State of Michigan. In addition, participants can contribute their own money to the plan. The first 3% participant contribution is matched by the state with another 3%.
The State of Michigan has a contract with Voya Financial® to provide record keeping and custody services for the 401(k) Defined Contribution Plan. Voya® sends account statements to participants each quarter. Questions about the plan in general or the participant's specific account questions can be answered by calling the Voya toll-free number 800-748-6128, or by visiting their website at https://stateofmi.voyaplans.com/eportal/welcome.do.