Deferred Compensation Options

 

401(k)/457 Deferred Compensation General Information

Employees in the Defined Benefit plan can participate in the 401(k)/457 Deferred Compensation plan. In addition to the Defined Benefit plan, a deferred compensation plan allows members to contribute to a 401(k) plan, 457 plan, or both.

401(k) Defined Contribution Plan

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 http://stateofmi.voya.com.

If Voya is unable to assist you, please contact ORS.

Plan Documents

The 401(k) and 457 Plan Documents are in the Portable Document Format (PDF) and require the Adobe Acrobat Reader. Download a free copy of the software. If you experience difficulty in viewing any of these documents, we recommend that you make sure you are using the latest version of the software.

Plan Documents: