Introduction

If you are an employee or retiree of the State of Michigan, understanding how your 457 plan, and overall financial picture fit together can play an important role in your long-term planning, both before and in retirement. This page is designed to provide updates, educational resources, and insights specific to the State of Michigan 457 savings plans, along with broader retirement planning considerations.

Mainstay Capital Management has worked with State of Michigan employees and retirees, assisting with investment decisions within their retirement plans, evaluating pension options, and coordinating financial planning, tax strategy, and estate planning. Whether you are actively contributing, approaching retirement, or already in retirement, having a clear understanding of your State of Michigan benefits can help you make more informed decisions.

Below, you will find updates, plan changes, and resources related to the State of Michigan 457 plans, along with topics that may impact your financial decisions.

For Your Interest

SOM Account Information/Management

Plan Updates

State of Michigan Plan Option Changes – July 2017

Voya has announced changes that will impact the State of Michigan 401(k) and 457 Plans (the Plans). Effective July 31, 2017, three funds will be removed as investment options under the Plans and new funds will be added to the line-up.


Transfers out of the closing funds must be complete by market close on July 28th or balances will automatically transfer to an alternative fund in the plan.


Also effective July 31, 2017, the name of the RidgeWorth Ceredex Small Cap Equity Fund will become Virtus Ceredex Small-Cap Value Equity Fund. This is a name change only.


All of these fund changes are part of the core plan options under the Plans. Mainstay utilizes the Brokerage Link option available to State of Michigan plan participants. To discuss these changes to the State of Michigan 401(k) and 457 plan, do not hesitate to contact us toll-free at 1-866-444-6246.

State of Michigan Loan Provision Reminder – September 2015

As a reminder, effective January 1, 2015, the loan rules were amended to permit up to two outstanding loans total from the 401(k) and 457 plans at any one time, reduced from seven. The new loan provision, effective January 1, 2016, further revises the number of loans permitted at a time from two to one.

While it is possible there are times a loan from your 401(k) or 457 plan may be your only or best option, taking that loan can have a detrimental effect on your retirement savings. There are many factors that should be taken into consideration before looking to your retirement savings account as a revenue source.

If you are considering taking a loan from your SOM 401(k) or 457 and would like to discuss how this may impact your retirement plan or to explore other possible revenue sources, do not hesitate to contact us toll-free at 1-866-444-6246.

State of Michigan Loan Provision Update – January 2015

Effective January 1, 2015, loan rules for the 401(k) and 457 plans will be amended to allow for up to two outstanding loans total from the plans at one time. In addition, effective January 1, 2016, the number of loans permitted at one time will be reduced to one.

There are many factors to consider before utilizing your 401(k) or 457 plan for a loan. Contact one of our Certified Financial PlannersTM toll-free at 1-866-444-6246 to discuss your personal situation and the impact this loan could have on your long term retirement plans.

State of Michigan Fund Change Announcement – January 2014

The State of Michigan has announced investment option changes for the State of Michigan 401(k) and 457 plans.

Effective January 10, 2014 Jennison Large Cap Growth Fund will replace Rainier Large Cap Growth Fund and Vanguard Emerging Markets Index Fund will replace SSgA Emerging Markets fund. These new investment options will provide similar investment strategies and risks, but the overall expenses for the investment options will be lower.

All balances and future contributions will be automatically transferred to the new finds and balances in those new funds will be available to trade on January 13, 2014.

State of Michigan News and Articles

 

If you have any questions concerning our website or your State of Michigan 401(k)/457 account, please feel
free to contact us using the following e-mail link: This email address is being protected from spambots. You need JavaScript enabled to view it.
or call us toll-free at 866-444-6246.

Important Consumer Disclosures

Mainstay Capital Management, LLC is an investment advisor registered with the Securities and Exchange Commission. Due to various state regulations and filing requirements, Mainstay and its representatives may only provide investment advisory services in those states in which it is first appropriately registered or otherwise exempt or excluded from registration requirements. The purpose of this website is to provide the public with general information about the services offered by our investment management firm. Mainstay does not render personalized investment advice or services or effect, or attempt to effect any securities transactions, on this website. Our firm continuously monitors its filing requirements in all states, and will provide individualized advisory services only in accordance with various state regulations. Mainstay does not make any representations or warranties as to the accuracy, completeness, or relevance of any information prepared by any unaffiliated third party provider, whether linked to Mainstay's website or incorporated herein. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

 

Disclosure Information - Rankings and Awards

Barron's Magazine - Top 100 Independent Financial Advisors

According to Barron’s: The rankings are based on data provided by individual advisors and their firms. Advisor data is confirmed via regulatory databases, cross‐checks with securities firms and conversations with individual advisors. The formula Barron’s uses to rank advisors is proprietary. It has three major components: assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an advisor’s returns are dictated largely by the risk tolerance of clients. The quality of practice component includes an evaluation of each advisor’s regulatory record. The data is based on one fiscal year (7/1/22 - 6/30/23) and appeared in Barron’s on 9/18/23.


Schwab IMPACT Awards®

The Charles Schwab & Co., Inc.’s IMPACT Awards® program recognizes excellence in the business of independent financial advice. Nominees are evaluated and selected by a panel of prominent leaders from both the business world and the financial services industry. Mainstay Capital Management does use Charles Schwab to custody certain client assets, however there was no direct compensation provided to be nominated for this award. Mainstay Capital Management received this annual award on November 15, 2017.