State of Michigan 401(k) and 457 Plans

Frequently Asked Questions

Question :
How quickly can I get my money when I make a request for a loan, hardship or final distribution?

Answer :
Generally, loan checks are mailed first class within three business days after execution of distribution transaction.

For hardship withdrawals, Financial Hardship Withdrawal prefilled forms can be completed online. You may access the prefilled form at the Loans & Withdrawals section, Request a Withdrawal. After the signed form is received and approved by Voya Financial®, a check will be mailed within three business days.

Separated participants can receive distributions no earlier than 45 days from their termination date. Final distribution checks are mailed first class within three business days of receiving your signed forms.