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Historical Fund Graph
State of Michigan 401(k) and 457 Plans
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:
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.
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
. 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.
Target Date Fund Changes Announced
Effective March 27, 2020, the State Street Retirement 2015 Fund will transition into the State Street Target Retirement Income Fund and the State Street Retirement 2065 Fund will be added.
What does this mean to you?
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
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.
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 Education for State Employees
To learn about the 401(k), 457 Plans and their investment options, please review the
for upcoming opportunities.
Quarterly 401(k)/457 Newsletter
of the 401(k) and 457 Plan Newsletter. Past editions are available in the
section of this 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 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
To use Voya Retirement Advisors now, log in to your account and click the
More 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.