State of Michigan 401(k) and 457 Plans

What's New

  • Prudential High Yield Fund Accounting Change
    Prudential recently approved a reverse unit split to its Prudential High Yield Fund. A reverse unit split is a proportionate decrease in the number of units you own but not in the total value of your account holdings. Your account value will not be affected and you’ll maintain the same percentage of equity as before the split. This change was made by Prudential for internal record keeping purposes and does not impact the total value of participants’ investments. The reverse unit split will occur on October 2, 2017, after the stock market closes.

    Example:
    At the end of the day on Friday, September 29, a Participant has $3,500 invested in the Prudential High Yield Fund and has 100 units. Each unit is worth $35.

    On Monday, October 2 after the stock market closes, the same Participant will have only 10 units but will still have $3,500 invested in the Prudential High Yield Fund. Each unit will be worth $350.


  • Forfeiture Period Extended
    Effective June 1, 2017, when a participant leaves employment with the State of Michigan, any non-vested assets will remain in their account for 180 days from their termination date instead of being forfeited upon termination of employment. If a participant secures employment with another State employer within the 180-day window, they will keep their non-vested assets. If they do not secure employment with a State employer within 180 days of termination, the non-vested assets will be forfeited.


  • Online account access changes now in effect make your experience easier and implement the latest security standards. When you log in, you'll be prompted to change your password and recovery profile. For more information about these changes, please see our overview.


  • Target Date Retirement Fund Fee Decrease
    The State of Michigan continuously looks for ways to reduce the cost of investment options for Plan participants. On February 24, 2017, the cost of investing in the Plan’s target retirement date funds will decrease from .12 percent to .07 percent resulting in a lower net fund fee.


  • You now have the ability to assign a Registered Investment Advisor (RIA) to manage your self-directed brokerage account (SDBA) assets.

    If you wish to identify a fee-based financial advisor to manage your investments in your SDBA, you must complete a Limited Power of Attorney Form and remit to TD Ameritrade.


  • State Street Funds Name Change
    State Street has renamed all of their SSgA Funds by replacing "SSgA" with "State Street." If the fund was labeled with an "SSgA" prefix, it has been changed to "State Street." As an example, the "SSgA S&P 500 Index Fund" is now "State Street S&P 500 Index Fund." Only the names have changed - all other fund information, structure and investments remains the same.


  • Prudential High Yield Fund Added to Fund Line-Up
    The Prudential High Yield Fund will be added to the fund line-up and will be available for participant contributions on May 13, 2016. The Prudential High Yield Fund seeks to maximize current income by investing primarily in high-yield bonds. By adding it to the fund line-up, the State is offering you another option that you can use to diversify your portfolio.


  • Loan Policy Reminder
    Effective January 1, 2016, only one loan at a time may be taken from either the 401(k) Plan or 457 Plan by all Plan participants, regardless of hire date. If you currently have two or more loans outstanding, you DO NOT need to pay them off prior to January 1, 2016. You only need to continue making your loan payments. However, before you are eligible to take a new loan, you will need to pay off all outstanding loan balances, including defaulted loans. Please take a moment to review Taking a loan from your 401(k) or 457 Plan: WHAT YOU NEED TO KNOW! For more information on loans, please refer to the Loan Policy Statement.

A message for members of the State Police Retirement System in Pension Plus

Effective October 11, 2015, a policy change will be applied to your State of Michigan 401(k) and 457 Plan accounts. The change is intended to benefit you by ensuring that you receive the maximum match possible on your contributions to the Plans.

The policy change will adjust the allocation of the matching contributions to your retirement savings versus the Personal Healthcare Fund. The chart below explains it further.

Current Effective October 11, 2015
First 2 percent you contribute Your employer matches half that amount (up to 1 percent of pay) which is allocated to your retirement savings. Your employer matches that amount in full (up to 2 percent of pay) which is allocated to your Personal Healthcare Fund.
Next 2 percent you contribute Your employer matches that amount in full (up to 2 percent of pay) which is allocated to your Personal Healthcare Fund. Your employer then matches half that amount (up to 1 percent of pay) which is allocated to your retirement savings.
Any additional contributions you make Are not matched Are not matched
Your contribution to the pension component of your Pension Plus plan will not be affected.


  • Tutorial For New State Employees
    Got 10 minutes to learn more about your defined contribution plan and the resources available to help you?
    View the State of Michigan New Employee Orientation (not applicable for State Police, Judges or Legislators)


  • Free Seminars for State Employees
    To learn about the 401(k), 457 Plans and their investment options, please review the Seminar Schedule for upcoming opportunities.


  • Quarterly 401(k)/457 Newsletter
    Access the latest edition of the 401(k) and 457 Plan Newsletter. Past editions are available in the Publications section of this website.


  • Pension Plus State Police Newsletter
    Access the latest and past editions of the Pension Plus State Police newsletter on the Pension Plus State Police website.


  • Voya Retirement Advisors
    The State of Michigan now provides access to the Voya Retirement Advisors. This service provides you with advice — professional, unbiased investment planning, personalized reports and support — to create a savings and investment strategy based on your personal retirement goals. You decide the best way to access personalized retirement investment advice – either online or through the phone, or in person. You can get advice 24 hours a day, 7 days a week through this Website. If you would like to access the Voya Retirement Advisors over the phone, you can get advice Monday through Friday from 8:00 a.m. to 8:00 p.m. Eastern time through the Plan Information Line at 1-800-748-6128. To schedule an in person session, go to http://stateofmichiganplans.checkappointments.com or call the Lansing office at (517) 636-6071. Read the Voya Retirement Advisors Fact Sheet.

    To use the Voya Retirement Advisors now, log on to this site and select Get Advice from the Account section in the menu bar at the top of the page.