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401(k) Retirement Plan Overview

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Michigan Office of Retirement Services

401(k) Retirement Plan Overview

401(k) Retirement Plan Overview

In 1997, the State of Michigan adopted the 401(k) Defined Contribution (DC) 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) DC 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 its website.

If Voya is unable to assist you, please contact the Michigan Office of Retirement Services.