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In this issue:

• From Anthony's Desk
• How do I learn about my retirement plan?
• Pay increase starts Oct. 1
• New topics added to video series

From Anthony's Desk

Welcome to your fall 2024 issue of the Proactive newsletter. 

We talk a lot about retirement readiness at the Michigan Office of Retirement Services (ORS). That’s because we want you to be successful today and in retirement tomorrow.  

Our purpose as your trusted partner is to empower you. That’s why we provide information, tools, and services when needed as you navigate your retirement journey. That’s why we strive to serve you in different ways and provide you with more improved experiences. 

Your interactions with us matter and are why we continue working to improve those. Here’s three ways we’re enhancing your engagement experiences with us: 

• Our ORS YouTube channel offerings are now color-coded to more easily find what you care about or need. These include Ask Our Experts, 1½- to 2½-minute segments on varied topics tailored to your career stage and retirement plan; and Retirement 101, a new series launched in July that explains terms and approaches. 
• We have partnered with eMichigan on user studies to further improve our 10 websites and make them more accessible for you. Those improvements will be rolling out during the next few months.
• Our How do I … ? email outreach campaign seeks to deepen your understanding of your retirement plan and retiree healthcare benefits. Launched in August, the effort runs through January 2025.  

We are here to help you balance current needs with future hopes because we know saving for retirement isn’t easy. We want you to reach your goals and achieve a life in retirement that’s safe and secure.  

Our commitment: We have your back every step of the way along your retirement journey. 

Anthony Estell, executive director
Michigan Office of Retirement Services

How do I learn about my retirement plan?

A six-month campaign called How Do I … ? is underway. Running from August 2024 through January 2025, the campaign from the Michigan Office of Retirement Services and Voya Financial will inform our customers about their retirement benefits.   

Topics for this campaign come from questions we received from participants during the National Retirement Security Month event in October 2023. 

 “How do I learn about my retirement plan?,” the first email in the series, was sent in August and includes the name of your retirement plan and your retiree healthcare benefit along with links to resources.   

Other topics will include: 

• How do I update my beneficiary? 
• How do I prioritize saving for retirement? 
• How do I make the most of my retirement plan?  
• How do I know if I’m on track for retirement? 
• How do I understand my healthcare in retirement? 
• How do I sign up for a Voya webinar or one-on- one appointment with Voya about State of Michigan 401(k) and 457? 

Watch for more information from ORS by email, in Proactive, and via our social media channels — Facebook, YouTube,  Instagram, and X. 

A quick reminder: National Retirement Security Month events begin in October and run all month. Please be sure to keep your email updated with HR Self-Service so you’ll receive emails from ORS and Voya.

Pay increase starts Oct. 1

The little things can make the largest impact. That's true when it comes to retirement savings.  

Putting just 1% more into your State of Michigan 401(k) and 457 Plans can make a noticeable difference in your lifestyle in retirement.  

A 5% pay increase for classified state employees (all union positions except Michigan State Police Troopers Association) and all non-union positions goes into effect Oct. 1, 2024. What are you doing with your pay bump? 

At the Michigan Office of Retirement Services, we know all about planning today for a secure tomorrow. If this raise applies to you and you’re in the Defined Contribution plan, consider investing all or part of it in your 401(k) or 457 account.

The benefits of saving a little more now can pay off big later. While 1% is a small portion of your annual earnings, after 20 or 30 years it can mean a huge difference in your account balance when you retire.  

The longer you give your money a chance to grow, the better. That works no matter how old you are or how far off retirement is.

New topics added to video series

In the year since we debuted our first Ask Our Experts video on the ORS YouTube channel, we have covered more than a dozen topics our members and retirees regularly ask about.  

Each video is approximately two minutes long, making them a quick and easy way to learn about different facets of our retirement systems.  

In this month’s featured video, Alexis from our Customer Service team talks defined contribution savings tools.

Some of our previous topics include:

• Clarifying Medicare Benefits. 
• 2024 State Tax Withholding Update. 
• Avoiding Phishing and Spam Emails. 
• Saving Early Means More Money. 
• Retirement Process for Defined Contribution Plan Members.