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.
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.