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In this issue:

• From Anthony's Desk
• PA 250 of 2023 reminder
• MI Money Matters provides free virtual financial tutors
• Rely on ORS, Voya for plan information
• Your questions answered

From Anthony's Desk

Our purpose at the Michigan Office of Retirement Services (ORS) is to empower you for a successful today and a secure tomorrow.

Our role is to be your trusted partner for your retirement goals and needs. Serving you responsibly is what we strive to achieve.

That’s why we are proud to share our recognition as 2024 Plan Sponsor of the Year in the Government Defined Contributions (with $1 billion or more in assets) category from PlanSponsor.

Awarded at the 2024 PlanSponsor National Conference on June 5, the honor centers on our eight-year-old Small Steps auto-escalation retirement savings program. The key achievement noted is plan participants who stayed in the program the past six years saw their average income replacement increase 33 percentage points.

This is our latest in a series of honors:

• ORS is one of eight organizations out of 1,764 to gain 2024 Best in Class 401(k) Plan honors from PlanSponsor.
• ORS earned the Public Pension Standards Award for funding and administration from the Public Pension Coordinating Council for the 21st consecutive year.
• For the 32nd consecutive year, ORS was awarded a Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association.
• ORS, with Voya Financial, received the 2023 Leadership Award for our Women & Retirement campaign from the National Association of Government Defined Contribution Administrators.

We want you to be able to retire with dignity and the benefits you’ve earned after a career of public service. What matters to us are the results for you: More of you are taking the actions today that can lead to a secure retirement in the future. One small step at a time.

Anthony Estell, executive director
Michigan Office of Retirement Services

PA 250 of 2023 reminder

Beginning July 1, 2024, the default retirement plan for new Michigan public school employees will be the Pension Plus 2 Plan. This is a result of Public Act 250 of 2023, which became law last November.

New employees can choose between two retirement plans:

• The Defined Contribution (DC) Plan, which is a savings plan only.  
• The Pension Plus 2 Plan, which pairs a pension with a savings plan. 

New employees have 75 calendar days from the last day of their first pay period to elect their retirement plan. If they don’t make their election within 75 days, they are placed in the default plan. New employees cannot change plans once they’ve made their election or the deadline passes.

For new employees whose first day of work was before July 1, 2024, the default plan remains the DC Plan.

For information on retirement plan options, check the PickMiPlan website. New employees will continue to make their retirement plan election in miAccount. They can also check their miAccount to see how many days they have left to make their election.

PA 250 of 2023 does not change the pension and retiree healthcare benefits of those already retired, nor does it change the benefits or requirements of existing retirement plans.

MI Money Matters provides free virtual financial tutors

MI Money Matters is a free financial education program from the Michigan Department of Treasury that can be personalized for every Michigander.

Reach your financial goals through MI Money Matters’ Enrich program with a:

• Five-minute financial check-up.
• Money personality quiz.
• Budget tool.
• Borrow smart tool.

The program’s interactive content provides each user with an individualized action plan and access to educational tools on saving, smart borrowing, and loan repayment.

Start your own financial action plan by enrolling today.

Rely on ORS, Voya for plan information

We often receive reports of unsolicited communications via mail, email, telephone, or in-person interactions about parties saying they are affiliated or endorsed by the Michigan Office of Retirement Services (ORS). ORS contracts with Voya Financial to administer and provide information on the State of Michigan 401(k) and 457 Plans (the Plans).

ORS does not have contracts with any other financial firm or party to provide information about your pension benefits and/or defined contribution plan savings.

All authorized ORS customer service representatives: 

• Have access to your ORS account information, with the same details you get through miAccount.
• Do not sell financial services, investments, healthcare, or insurance products.

To contact ORS, call 800-381-5111 from 8:30 a.m. to 5 p.m. Eastern time Monday through Friday (except holidays); or send a message via the miAccount Message Board. 

To contact Voya, call the Plans Information Line at 800-748-6128 from 8 a.m. to 8 p.m. Eastern time (except on New York Stock Exchange holidays) or use the live chat feature in your online Voya account. 

The Michigan-based Voya education team works exclusively with ORS and Plans participants. You can contact them at 517-284-4422. 

For more details on this topic regarding ORS and Voya, please visit our new plan communications page on the ORS website.

Your questions answered

Hear answers to commonly asked questions in about two minutes when you view the ORS video series, “Ask Our Experts.” In our video this quarter, Nicole gives guidance on “Avoiding Phishing and Spam Emails.” If you have an idea for an “Ask Our Experts” video you’d like to see, send it to ORS-Outreach@michigan.gov and we may feature your question in a future video.