Michigan Public School Employees

What's New

    • Default retirement option legislative update

      Public Act (PA) 250 of 2023 became law Nov. 30, 2023. It changes the default retirement option for employees who first work at a Michigan public school on or after July 1, 2024. For more information about the changes, see PA 250 of 2023 (previously House Bill 5021 of 2023) or read the legislative summary.

    • Working after retirement legislative update

      Public Act (PA) 147 of 2023 was signed into law Oct. 10, 2023. The law changes working after retirement rules for public school retirees through Oct. 10, 2028. Under the new law, public school retirees may return to work at a reporting unit after retirement with no impact on their pension or premium subsidy benefit if they have a bona fide termination and they either earn less than $15,100 in a calendar year from their public school employment or they've been retired six consecutive months. It also changes the rules for retired superintendents who return to work at a reporting unit after retirement. For more information about the changes, see PA 147 of 2023 (previously House Bill 4752 of 2023).

    • Fund Structure Changes Announced

      T. Rowe Price Mid-Cap Value
      The T. Rowe Price Mid-Cap Value fund structure was modified from a mutual fund to a separate account on Sept. 15, 2023. The performance information reflects the mutual fund returns through Sept. 14, 2023, and the separate account performance for Sept. 15-30, 2023.

      Dodge & Cox Portfolio
      The Dodge & Cox Stock Portfolio fund structure was modified from a separate account to a mutual fund on Sept. 15, 2023. The performance information reflects the separate account returns through Sept. 14, 2023, and the mutual fund account performance for Sept. 15-30, 2023.

    • 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 November 1, 2021, the cost of investing in the Plan’s target retirement date funds will decrease from .07 percent to .055 percent resulting in a lower net fund fee.

    • Oakmark Equity and Income Fund Closure Announced

      Effective June 12, 2020, the Oakmark Equity and Income Fund will close and 60% of fund assets will be transferred to the State Street S&P 500 Index Fund and 40% will be transferred to the State Street Bond Market Index Fund. The Oakmark Equity and Income Fund will no longer be offered as a fund option in the State of Michigan 401(k) and 457 Plans. For more information on any of the fund options, visit Plan Investments / Plan Information. If you have questions about any of the changes described above, please call the Plan Information Line at 800-748-6128. Customer Service Associates are available Monday through Friday, from 8:00 a.m. to 8:00 p.m. ET, excluding New York Stock Exchange holidays.

    • Expanded timeframe for rolling funds into the State of Michigan 401(k) and 457 Plans (the Plans) Announced

      The window for rolling funds from other retirement accounts into the Plans after separating from service has been expanded to allow you to consolidate assets. In the past, you had only 12 months from the date you terminated employment to roll assets into the Plans. Effective January 1, 2020, if you maintain a Plan account balance after separation and would like to roll funds from retirement accounts outside the Plans into it, you may do so with no deadline.

      Current Plan roll-in rules are summarized below:

        - Active participants currently employed by the State of Michigan or a Michigan public school can roll funds from outside retirement accounts into a 401(k) Plan account or 457 Plan account whether or not they have money in one or more Plan accounts.

        - Participants who have separated from service and are within 12 months of their termination date can roll funds from outside retirement accounts into a Plan account whether or not they still have a balance in one or more Plan accounts.

        - Participants who are more than 12 months past their termination date but have maintained over $1,000 in either their 401(k) Plan account or 457 Plan account can roll funds from outside retirement accounts into the Plan.

        Note: If you’ve separated from service, your account(s) will be subject to the annual small balance sweep process that affects all Plan accounts with a balance of less than $1,000. Fees and/or market fluctuation could cause account balances to fall below the threshold so make sure you plan accordingly.

      After terminating employment, you can keep funds in your Plan accounts as long as you like. If you choose to make a move, review Compare Account Features and Choose Financial Planner with Care for aspects to consider before rolling assets out of the Plans.

      If you have questions about the roll-in process described above, please call the Plan Information Line at 800-748-6128. Customer Service Associates are available Monday through Friday, from 8:00 a.m. to 8:00 p.m. ET, excluding New York Stock Exchange holidays.

      What does this mean to you?
      On March 27, 2020, the State Street Target Retirement 2015 Fund will be “retired” and no longer offered as a separate fund option in the State of Michigan 401(k) and 457 Plans. The fund will transition into the State Street Target Retirement Income Fund.

      If you are invested in the 2015 fund, there is nothing you need to do. The transition to the Income Fund will happen automatically after 4:00 p.m. Eastern Time (ET) on March 27, 2020. If you want to move money in or out of the 2015 Fund, you must complete your transactions before 4:00 p.m. ET on March 27, 2020. Your account statements will show you invested in the Income Fund after this effective date.

      The Income Fund has the lowest exposure to stocks compared to the other Target Retirement funds and seeks to protect investors’ principal while providing potential income. The fund does not change its investment mix over time like the other Target Retirement funds. It may be appropriate for someone who wants the most conservative Target Retirement option or who is already retired.

      Also effective on March 27, 2020, a new target retirement date fund, the State Street Target Retirement 2065, will be added. The fund may be appropriate for those who expect to retire around the year 2065. Participants born on or after January 1, 1998 who are automatically enrolled in the Plans and do not independently make an investment election will be invested in the fund automatically.

      For more information on the State Street Target Income Funds or any of the fund options, visit Plan Investments / Plan Information. If you have questions about any of the changes described above, please call the Plan Information Line at 800-748-6128. Customer Service Associates are available Monday through Friday, from 8:00 a.m. to 8:00 p.m. ET, excluding New York Stock Exchange holidays.

    • 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.


    • Free Education for Public School Employees
      To learn about the 401(k), 457 Plans and their investment options, please review the Education 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 2 and Pension Plus Public Schools Newsletter
      Access the latest and past editions of the newsletters for Pension Plus 2 and Pension Plus on the Pension Plus Public Schools website.


    • Voya Retirement Advisors
      The state of Michigan provides access to 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 800-748-6128. To schedule a 1-on-1 virtual appointment, visit the State of Michigan Plans Education Hub or call the Lansing office at 517-284-4422. Read the Voya Retirement Advisors Fact Sheet.

      To use Voya Retirement Advisors now, log in to your account and click theMore Resources button, then Get Investment Advice.

    • Stable Value Fund Price Correction June 2023
      It was recently determined that a value adjustment was required on the Stable Value Fund (Fund) within the State of Michigan 401(k) and 457 Plans due to incorrect pricing reported on the Fund from the custodial bank for the period of January 1, 2020, through June of 2023. Account corrections took place in June 2023 and will show as Other under Account History if your account was affected. If you have any questions, please contact Voya at 800-748-6128.