Extend the 457 Plan to Your DB Members—
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If you're ready to begin offering the Deferred Compensation Option to your employees, click the link below to get your reporting unit signed up.
You now have the option to extend the State of Michigan 401(k) and 457 Plans to your employees in the Basic Plan and Member Investment Plan (MIP) with the Premium Subsidy benefit. The Deferred Compensation Option is a competitive, easy-to-manage benefit you can offer your employees at no additional cost to your schools.
- ORS does the heavy lifting. You will not be responsible for contract and plan administration, recordkeeping, and other plan sponsor-related functions.
- Easy to manage. Your reporting unit is already reporting contributions to the State of Michigan 401(k) and 457 Plans on behalf of your employees in the Pension Plus Plan, the Defined Contribution (DC) Plan, and the Personal Healthcare Fund.
- No additional cost. You can extend the Plans to your employees who don’t already have access at no additional cost to your schools.
- Competitive. Your employees can invest in the 457 Plan, which offers a wide range of low-cost investment options. They’ll also have access to the Advisor Service and other retirement planning resources.
- Enhancement. The Deferred Compensation Option is an opportunity for your employees to supplement the pension and healthcare benefits they’re already earning.
Check out the resources below to learn more about the State of Michigan 401(k) and 457 Plans and the Deferred Compensation Option. Your reporting unit can sign up now using the link above. If you have additional questions, call ORS Employer Reporting at 517-636-0166 or email at ORS_Web_Reporting@michigan.gov.
Use this list of questions and answers to find out what you and your reporting unit need to know about the Deferred Compensation Option.
This flyer gives employers and decision makers a high-level overview of the Deferred Compensation Option. It answers: What does the Deferred Compensation Option offer? What's in it for my schools? What's in it for my eligible employees?
This member resource gives an overview of the Deferred Compensation Option, and can be found on the State of Michigan 401(k) and 457 Plans website.
After a reporting unit signs up, this welcome letter is mailed to that RU's employees in the Basic Plan and MIP with the Premium Subsidy benefit.
This page lists the investment funds available through the State of Michigan 401(k) and 457 Plans. You'll find details on each fund including fund fact sheets.
Follow this link for historical performance information for funds available through the State of Michigan 401(k) and 457 Plans.
The investment commentary provides an overview of the investment options available.
Here you'll find information about the State of Michigan 401(k) and 457 Plans' fund fees.
Here you'll find information about the State of Michigan 401(k) and 457 Plans' administrative fees.
Use these Reporting Instruction Manual (RIM) articles to learn how to report Deferred Compensation Option contributions.
6.01.11: Deferred Compensation Option for DB Members
7.21.06: View DC Feedback File
7.21.01: How to Report DC Contributions on a Detail 4 Record
You may also refer to Chapter 6: Member Benefit Plans and Contributions for specific instructions for reporting wages and Deferred Compensation Option contributions by benefit plan type.