2017 Automatic Increase Campaign

Michigan Office of Retirement Services sent this bulletin at 07/18/2016 09:17 AM EDT

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07/18/2016

At the end of this year, we’ll be launching an automatic increase campaign. Some employees who are Qualified Participants will receive communications from Voya Financial® regarding their contributions rates. The campaign is for employees who aren’t contributing at least 10 percent to their State of Michigan 457 Plan. Unless the employee opts out, their contribution rate will be increased by 1 percent effective on January 1, 2017.

The automatic increase will be mentioned in the second quarter 2016 newsletter and eligible participants will receive three mailers with details about the increase.

Employees who do not opt out of the increase will be included on the DC Feedback file you receive in early January, along with employees who make regular contribution changes. Please begin using the new contribution percent amount for the pay period listed in the Effective Report End Date column on the View DC Feedback screen.

Changes will be reflected on the first available pay date in January, 2017.

If you have any questions related to reporting, email Employer Reporting at ORS_Web_Reporting@michigan.gov.

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.