457 Plan for DB Members

State of Michigan 457 Plan for Basic and MIP Members

Starting in May 2022, the State of Michigan 457 Plan will be available to your employees who are in the Basic plan and Member Investment Plan (MIP) with the Premium Subsidy benefit. The 457 Plan is a deferred compensation option - a competitive, easy-to-manage benefit for your employees at no additional cost to your reporting unit.

• 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, Pension Plus 2 Plan, the Defined Contribution (DC) Plan, and those with the Personal Healthcare Fund healthcare option.
• No additional cost. Employees will have access to the plans at no additional cost to your reporting unit.
• 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 457 Plan 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 457 Plan. If you have additional questions, call ORS Employer Reporting at 800-381-5111 or email ORS_Web_Reporting@michigan.gov.

• Q and A - Use this list of questions and answers to find out what you and your reporting unit need to know about the 457 Plan.
• State of Michigan 457 Plan Highlights – for employers - This flyer gives employers a high-level overview of the 457 Plan and explains what's in it for eligible employees.
• Retiring is easy. Retiring ready takes planning - This flyer is intended for your eligible employees. Please print it and post it where employees can view it (coming soon).
• Reporting Instruction Manual - Use these Reporting Instruction Manual (RIM) articles to learn how to report 457 Plan contributions.

6.03.05: State of Michigan 457 Plan for DB members
7.04.01: View DC Feedback File
7.02.04: Reporting DC wages and contributions on a DTL4 record

Member Communications

• State of Michigan 457 Plan is now available to you (email or letter from ORS). This communication explains the plan and lets employees know to expect communications from Voya.
• Voya letter to members with PIN – Eligible members receive this communication after a reporting unit submits a DTL4 record for the first time.
• Voya will also send eligible members an email and a postcard.
• State of Michigan 457 and 401(k) Plan Highlights - This member resource gives an overview of the 457 Plan and can be found on StateOfMi.Voya.com (update coming soon).

Last updated: 05/17/2022