This page contains information, news, updates, and articles of interest for State of Michigan employees and retirees. Check this page for future updates to the State of Michigan 457 savings and other benefits programs.
For Your Interest
SOM Account Information/Management
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.
News and Articles
- ABC News Video: "Automotive workers seek advice on buyouts"
- Dow Jones Newswires
Adviser Fights Fear About GM With Fact
- Chicago Tribune
Consider financial future before accepting buyout
- Wall Street Journal
How to Value the Buyout Offer
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or call us toll-free at 866-444-6246.