Frequently Asked Questions About Service Credit
Frequently Asked Questions about Insurance
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Employees in the Defined Benefit (DB) Plan can participate in the 401(k)/457 deferred compensation plan. In addition to the DB Plan, a deferred compensation plan allows members to contribute to a 401(k) plan, 457 plan, or both.
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 participants' specific account questions can be answered by calling the Voya toll-free number 800-748-6128 or by visiting its website.
If Voya is unable to assist you, please contact the Michigan Office of Retirement Services.
The 401(k) and 457 Plans documents are PDFs and require 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: