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Michigan Public School Employees
MPSERS Legislative Update – 6/11/18
Public Act (PA) 169 of 2018 provides for matching employer contributions of up to 3 percent of pay into your 401(k) account for those MIP and Basic members who elected to convert to the Defined Contribution (DC) Plan in 2012. This is in addition to the 4 percent mandatory employer contribution that you’re already receiving into your 401(k) account. Starting the first pay period that begins on or after September 1, 2018, converted DC participants will be automatically enrolled at the following contribution rates to receive an employer match on 100% of your contributions, up to 3 percent of your pay:
3 percent if you have Subsidized retiree insurances (unless you’re already contributing 3 percent or more)
5 percent if you have the Personal Healthcare Fund (unless you’re already contributing 5 percent or more)
For more information about the changes, review
PA 169 of 2018
MPSERS Legislative Update – February 1, 2018
Public Act 92 of 2017 enhances the Defined Contribution (DC) plan for participants hired on or after Sept. 4, 2012. Starting the first pay period on or after Feb. 1, your employer will match 100 percent of your contributions toward your retirement savings, up to 3 percent of your wages. This is in addition to the 4 percent mandatory contribution from your employer. For more information about the changes, you can read our
or you can review
PA 92 of 2017 (previously SB 0401)
Paycheck Deductions for January 25, 2018
Due to a processing delay, the changes you made through Voya Financial® to your contribution rate and loans for the State of Michigan 401(k) and 457 Plans were not processed correctly for the January 25, 2018 payroll. Specifically:
- Contribution Rate Changes:
Contribution rate changes made between Wednesday, December 27, 2017, and Thursday, January 11, 2018, at 4:00 p.m. will be delayed one pay period and will first be reflected in the February 8, 2018 paycheck.
- Loan Payments:
- If you had an additional loan payment deducted from your January 25, 2018 paycheck for a loan that was paid off in the previous pay period, Voya® will send you a refund for the additional deduction.
- If your first loan payment or a revised loan payment amount was supposed to be deducted on January 25, 2018, it will be delayed one pay period and will be deducted from the February 8, 2018 paycheck instead. If you’d like to remain on your current payment schedule, please mail a certified check, cashier’s check or money order for your loan payment amount to the address below for the missed payment on January 25, 2018. Make sure to include your loan number, social security number and name on the check.
Attn: State of Michigan Plan Administration
P.O. Box 55497
Boston, MA 02205-5497
Please contact Voya directly if you’d like to discuss additional options or have questions regarding your loan(s).
We apologize for any inconvenience and confusion this may cause. If you have any questions, please do not hesitate to contact a Voya Customer Service Representative at 1-800-748-6128. Customer Service Representatives are available Monday through Friday, 8:00 a.m. to 8:00 p.m. Eastern Time, excluding stock market holidays.
MPSERS Legislative Update – October 1 Changes Going Into Effect
Public Act 92 of 2017, which was signed into law on July 13, enhances the Defined Contribution (DC) plan for DC participants hired on or after September 4, 2012. Starting the first pay period on or after October 1, all DC participants described above will receive an employer contribution of 4% of wages in their retirement investment account in addition to the employer match already being received. This mandatory contribution is automatic and will not affect take-home pay. For more information about the changes, please read our
PA 92 of 2017 (previously SB 0401)
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.
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 a Michigan public school employer, 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 Michigan public school within the 180-day window, they will keep their non-vested assets. If they do not secure employment with a Michigan public school within 180 days of termination, the non-vested assets will be forfeited.
MPSERS Legislative Update
Public Act 92 of 2017, which was signed into law on July 13, changes the retirement plan options for members who first work on or after February 1, 2018. It also enhances the Defined Contribution (DC) plan with a mandatory 4% employer contribution for all DC plan participants hired since September 4, 2012. For more information about the changes, you can read our
, or you can review
PA 92 of 2017 (previously SB 0401)
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
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.
Court of Appeals rules on PA 75
On June 7, 2016 the Michigan Court of Appeals ruled on PA 75 and the 3% healthcare contributions that are being held in escrow for public school retirees. The court remanded the ruling back to the trial court, and we are waiting on an order from the trial court to proceed. For updates, please stay tuned to our website and
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
Update your 401(k) and 457 Plans beneficiary information today
You can set up or change your beneficiary designations for your 401(k) and 457 Plan accounts online. Just log in and visit the Personal Information section, where you can access your Beneficiary Information and verify that your records are current or make changes.
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 Public School Employees
To learn about the 401(k), 457 Plans and their investment options, please review the
Free Webinars for Public School Employees
for upcoming opportunities.
Bi-Annual 401(k)/457 Newsletter
of the 401(k) and 457 Plan Newsletter. Past editions are available in the
section of this website.
Pension Plus Public Schools Newsletter
latest and past editions
of the Pension Plus Public Schools newsletter on the Pension Plus Public Schools website.
Pension Plus State Police Newsletter
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
or call the Lansing office at
Read the Voya Retirement Advisors
To use the Voya Retirement Advisors now, log on to this site and select
section in the menu bar at the top of the page.