ORS and Voya Financial® data validation

Michigan Office of Retirement Services sent this bulletin at 06/19/2015 03:11 PM EDT

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June 19, 2015

ORS and Voya Financial^® data validation

For the 2015 technology enhancements ORS and Voya Financial^® reviewed deferral percentages for your qualified participants (any MPSERS employee with a DC and/or PHF component to their retirement plan). Your June 23, 2015 ING Feedback File may be larger than usual as it will include any current, former, terminated and retired qualified participants from your reporting unit who had their deferral percentage reviewed and validated. This feedback file reflects their most recent deferral percentage on file at Voya. Voya has notified all of the employees from this feedback who are in active status at Voya of the validated deferral percentage amount and were instructed to contact Voya directly if they want to change their current deferral percentage.

Take Action - Update your records

Compare your records to the June 23 ING feedback file and update them as needed. As we move toward the new technology enhancements, it is critical that your deferral percentage data matches those on Voya’s files.

If an employee asks you to withhold an amount different than the percentage listed in the feedback file, refer them to Voya where they can make a change. As a reminder, your employees can change their deferral percentages only through Voya. A reporting unit can only change deferral percentages based on information provided on the ING Feedback file.

For your convenience

In addition, within the next week or two ORS will send a complete list of current and past qualified participants through the Data Exchange Gateway (DEG) site for your reporting unit. The purpose of this list is to ensure each reporting unit has a complete list of deferral percentages expected, once the technology enhancements are implemented this fall. A separate communication will be sent when this list is available on the DEG site.

State of Michigan | Department of Technology, Management & Budget | Office of Retirement Services
P.O. Box 30171 | Lansing, MI 48909-7671 | www.michigan.gov/psru

Please do not reply to this email. This mailbox is not monitored and you will not receive a response. For assistance, contact ORS_Web_Reporting@michigan.gov.

The retirement plan information that appears in this email is intended to summarize basic provisions of Public Act 300 of 1980, as amended. Current laws, rates, and factors are subject to change. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern.