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Be sure to stay informed by periodically reviewing this website (or Public Act 240 of 1943) while you're in deferred status, so you know what you can expect and when. The Michigan Office of Retirement Services administers two different retirement plans for State of Michigan employees: a Defined Benefit plan and a Defined Contribution plan. <>
Lansing, MI 48909-7671, https://dev.michigan.local/som/json?sc_device=json, Defined Contribution (DC) Reporting Process, Go to Processing Service Credit Purchases, Paying Off or Paying Down an Existing TDP Agreement, Using Final Leave Balances to Purchase Service Credit, Go to Defined Contribution Plan Information, Go to Defined Contribution New Hire Information, Go to Defined Contribution Transfer Information, Plan Highlights for Judges and State Office in the DC Plan, Michigan Public School Employees Retirement System, Michigan State Employees Retirement System. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Maximum Deferral rates change annually. Under the State DC plan, there is a required minimum 4% employer contribution of the judge's gross salary for retirement purposes and up to an additional 3% match for a total of 7%. If you are an unclassified legislative employee, executive branch employee, or Department of Community Health employee involved in a facility closing, you are vested with 5 years of service credit. endobj
401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. Attn: State of Michigan Plan Administration If participant dies (in or out of office) contact EBD. Rarely is it advisable to take a refund of your personal contributions once you are vested. Were employed by the State of Michigan on or after April 1, 2012, when the retirement system again became contributory. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Box 30171 Other compensation such as any salary paid as part of the State Demonstration Project, other county paid salary for services as a judge or payments made in lieu of benefits cannot be included. If you return to State of Michigan employment on or after Jan. 1, 2014, you will not be eligible for pension or insurance benefits under the DB plan. The State of Michigan contributes an amount equal to 4 percent of pay into an account established for participants in the State of Michigan 401(k) Plan. The State of Michigan originally adopted the Michigan State Employees Deferred Compensation Plan II on September 13, 1985, effective October 1, 1985. If the probate judge in your county receives a portion of his or her salary from different units of government, it will be necessary for you to coordinate with the other county(ies) and only one county submits the necessary salary deferrals. The Plan has been amended and restated since the Plan's original adoption and retitled as the "State of Michigan 401K Plan." ?{&HxTVMUC90c'BP{]}zve{]: o~M+BVz-}c\zw=h]\@2clVUU}YwUUmO7Es=hK)WKK(#X$p3p_& Wc^?Z1Q6%i%A5dyeNFx?EC~/_S]$zkwrzo_c|&T1T(j4c\;S'QAvGNzUb ^-BYE\YTAjudi6I(CGWtlr:xjN >(t'6 endobj
Probate judges are automatically sent a letter upon taking office giving them the opportunity to opt out of the State's DC plan; this decision is irrevocable. xYn8}7S!kwR@a
] l>8$J!eJ';8|8\x%3F2$[L~oe'z2+}copO.gtx0bv3fub4bhRvp All loans are made strictly in accordance with the provisions . this morning, we're following fast moving developments out of brazil where police have arrested hundreds who attacked the presidential palace and congress. By electing to participate in the State's DC plan, the Judge will forfeit all right to participate in the Local Retirement System. Its Employee Health Management Division assists employees with work-related illnesses and injuries. You can name your spouse, child or adopted child, parent, sibling, or grandchild as the beneficiary for your pension. 0
their beneficiaries. Ropes & Gray LLP Offices If you have no surviving spouse or children under age 18, no continuing monthly benefit will be payable unless the Michigan Office of Retirement Services (ORS) has a valid beneficiary designation on file. Find Claims forms as well as Administrative forms. In order to protect your personal information, we automatically log you out of your account after a certain period of inactivity. Can you work a bit longer in order to vest? Withholding Certificate for Michigan Pension or Annuity Payments MI W-4P, Qualified Domestic Relations Order (QDRO) Sample Language, Special Tax Notice Regarding Savings Plan Payments, TD Ameritrade Account Agreement Form for Self-Directed Brokerage Accounts (SDBA) for Plan Participants, 457 Traditional Catch-Up Contribution Program, 401(k) Coronavirus-Related Repayment Form. Voya Retirement Plan - employer paid cash balance retirement plan (4%) Tuition reimbursement up to $5,250/year; Paid time off - including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day. You can change the beneficiary at any time while you are in deferred status, using the same form. You might want to take a look at the section of this website called Service Credit - Earning and Purchasing. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer. 3v5(y.dU$hfRF1)$d"GNiFp4Mx@3TLUts.nK%0M*#i:c.E Try Talent.com's salary tool and access the data you need. If your county has not submitted this form you may download a copy by clicking on the link above. If this is truly an emergency, you do have the choice to ask friends and family for help and put a plan in place to pay them back. Here are answers to questions you might have. Your survivor should contact us upon your death even if they are not eligible for a monthly survivor pension benefit. 2 517-284-4422 Voya works with the Michigan Office of Retirement Services and maintains the State of Michigan 401(k) and 457 Plans Our office does not sell investment products, we strictly provide education and information to participants in the Plans Plan Education Team Services Forms Library for Employers. 1 0 obj
If you're not vested when you leave state employment, you're not eligible for a future pension. Lansing, MI 48909. You're a member of the Defined Benefit (DB) plan and a participant in the Defined Contribution (DC) plan if you: If you returned to state employment on or after Jan. 1, 2012, go to Returning to State Employment to find out how your retirement benefits are affected. The first 3% participant contribution is matched by the state with another 3%. The fund emphasizes fixed income investment over stocks. endobj
Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. Account Number: 1R1A4684-0187 Dental and Vision. Be sure to apply three to six months before you reach age 60 your pension won't be any higher if you wait, and you could lose money because we can't pay retroactively. "a_Ff}e30bTPCf1ck0ras@? ."b]H>1{FikIv3LIt'tR7
(~?c6hM"2+R.,j!cb. 401(k) loans arent immediately taxable unless you leave your job, but are repaid with after-tax funds. MVFA/1!,)JkA|oNO+e2gS*~) WZ? Consider your savings or other bank accounts, Employee Stock Purchase Plans (ESPPs) or mutual funds. Auditor General (Plan 1): Age 60 with 4 years of service. Read the latest Connections, the newsletter we deliver four times a year to our retirees. A refund forfeits all rights to any future pension and insurance benefits for you and your beneficiary. Remove funds from your 401(k) and be subject to penalties and fees. Fax: 517-284-4416, Office of Retirement Services The State of Michigan has a contract with Voya Financialto provide record-keeping and custody services for the 401(k) DC plan. Voya will track contributions made on behalf of the DC Plan, but any contributions made from a different plan are the responsibility of the Judge to track. State of Michigan 401(k) and 457 Plans. AState of Michigan Defined Contribution 401(k) Probate Judge Contribution Report(R0437B)must accompany the contributions sent to Voya. It is up to the local unit of government to determine if a judge who elects not to participate in the State DC plan may participate in the local retirement plan. Strategy: The Fund invests in a combination of U.S. stocks, international stocks, bonds and cash, and allocates its assets among these funds according to a pre-determined asset allocation strategy. Please contact a customer service representative at 1-800-748-6128 to access your account. This position will be responsible for 403(b)/457 enrollment, retirement and investment strategies, and participant education and seminars. You may be able to pay for housing, health care, food, education and more, if you do. If this would cause more drama than relief, move to another option. The message board is your secure link to an ORS customer service representative. Please seek the advice of a tax attorney or tax advisor prior to making a tax-related insurance/investment decision. %%EOF
Please click OK to re-enter your . Your account balance in a lump sum (less required tax withholding) to you. Other compensation such as any salary paid as part of the State Demonstration Project, other county paid salary for services as a judge or payments made in lieu of benefits cannot be included. All rights reserved. The judge may initiate the loan via the Voya Voice Response telephone system or by logging in at http://stateofmi.voya.com. PO Box 30171 The State of Michigan and its third-party administrator, Voya Financial, handle all other aspects of the State DC plan. Neither Voya Financial or its affiliated companies or representatives offer legal or tax advice. If you have been contributing to the state-sponsored 457 or 401 (k) plans, the 401 (k)/457 plan administrator will send you its Payout Guide once your termination is processed. If the county chooses not to participate, the probate judge will only receive the State mandatory employer contribution of 4% of salary. You just received an enormous medical bill, signed your child up for an essential therapy your insurance doesnt cover, or feel desperate to make your way out of debt. Elected Officials (Plan 1): Age 60 with two full terms in the office of Governor, Lieutenant Governor, Secretary of State, Attorney General. In order for the Supreme Court Finance Department to submit the appropriate State match in a timely fashion, the judge's salary deferral must be submitted to Voya no later than the 5th business day after each pay date. Single log-in. Instructions for completing the form are located on the reverse side of the form. Carefully weigh your personal contributions against the value of your future lifetime pension and insurance benefits. Voya will contact the local office regarding the amount and duration of the payments. What should I do? It also allows the opportunity to rollover prior employer qualified plans and IRAs to the 401 (k) Plan. Box 24747 Jacksonville, FL 32241. CN1926917_1223 ET Monday through Friday 877-886-5050 The web Browser you are currently using is unsupported, and some features of this site may not work as intended. If you're not vested, you won't qualify for a future pension unless you earn more service credit. The maximum allowed for 2014 is 93% of salary not to exceed $17,500. endstream
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Make sure you understand how your termination could affect your future retirement plans. Resolution of Acknowledgement:The county must complete aResolution of Acknowledgement form (R438B). Voya Financial Advisors Inc. has expanded the firm's wealth solutions sales team by hiring Rod Toppin as regional vice president for the Northeast, the New York-based company announced in an email. Forms and Publications for State Police Human Resource staff, Defined Contribution New Hire Information, Defined Contribution Transfer Information. Salary deferrals made by the probate judge to the State DC plan must be deducted and sent to Voya by the local unit of government. In addition, participants can contribute their own money to the plan. If you are vested for your pension when you leave state employment, you will be a deferred member from the time you terminate until you begin drawing your pension. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. This is an explanation of the rules for taking a loan from an account under the State of Michigan 401K and 457 Plans (the "Plans"). Welcome to the QDRO Center. %PDF-1.7
Elected the DB Classified plan under Public Act (PA) 264 of 2011. 401(k) InfoCenter 403(b) Regulations Enter a keyword in the search field above and your results will be displayed as you type. Plan administrative services are. Voya is a leading provider of pension plans and was selected by the state to administer the 401(k) Defined Contribution plan and the 457 Deferred Compensation plan. Voya Financial) for both Plans, pursuant to which the TPA is responsible for the day-to-day administration of the loan program, subject to . It works like a credit card with low interest rates, allowing you to access the funds you need and repay it when you can. A non-profit organization for current and future retirees of the State of Michigan. we'll have the latest on the unrest there and how these riots were inspired by the january 6th insurrection. endobj
Back to Login But there are still things you need to know. Log in to your account at https://myhealthaccount.voya.com or call: 833-232-4673 Individual Life Insurance Policy Owner Customer Service Hours: 9 a.m. to 7 p.m. Email: ORS_Web_Reporting@michigan.gov <>
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`'qQe?N If you take a deferred retirement, be sure to file your pension application 3-6 months before your 60th birthday or you could lose money. The web Browser you are currently using is unsupported, and some features of this site may not work as intended. A copy of the report must either be faxed or mailed to the Office of Retirement Services. Loans:Probate judges are allowed to take out loans from their State DC account. Your Retirement Plan Session Timeout. 401K Plan: Participants in the 401K Plan who are employed by the State of Michigan and certain other State-related entities (excluding "Reporting Units" and the "EAA;" as such terms are defined in the Plan), may take out loans from the 401K Plan. Please give Voya 24 hours notice prior to the wiring of any funds. Braintree, MA 02184. -Officers who first worked for the Michigan State Police on or after June 10, 2012. Enrolling and Savings State of Michigan New Employee Orientation Online Tutorial (State Employees only, not applicable to State Police) 2022 IRS Contribution Limits Key Features of Plans If you earn sufficient service credit for vesting, you will be eligible for a pension based on your final average compensation and years of service in the DB plan. <>
nav list. If you're leaving state employment but you're not yet eligible to retire, either because you don't have enough service credit or you're too young to qualify for a monthly pension, this information will help you understand how your retirement plan will be affected. Manager: State Street Category: Target Retirement date fund Objective: Provide moderate capital appreciation and some stability of principal for investors planning to retire in approximately the year 2065. Telephone Numbers: DC Transfer Life insurance cards were sent to the Employee Benefits Division (EBD). 401(k) Savings plan - with generous company matching contributions (up to 6%) Voya Retirement Plan - employer paid cash balance retirement plan (4%) Tuition reimbursement up to $5,250/year; Paid time off - including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day. Make sure you understand how your termination could affect your future retirement plans. If you die while in deferred status, a monthly survivor pension will be payable to your eligible beneficiary, if any, the month after you would have turned age 60. CDL A Flatbed Truck Driver - Home Every WeekendJob Description$74,091 to $96,404 annual payHomeSee this and similar jobs on LinkedIn. State of Michigan Retirement System lessened its position in Voya Financial, Inc. (NYSE:VOYA - Get Rating) by 5.0% during the third quarter, according to the company in its most recent Form 13F . This will ensure that your survivors contact ORS if you die before reaching pension eligibility age. If you are vested, you'll want to take steps before you leave and while your pension is deferred to protect your pension rights for yourself, and possibly your eligible survivor. (8:30 a.m. to 5:00 p.m.), Lansing Area: 517-284-4400 Please select a timeframeJuly - SeptemberOctober - December 2022 Voya Services Company. )i{q(?)}|~4l&/e5i`/Wl|
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s;;^x%ysgolP_XUi+yT/24\Gbd>pDdQBcIpl"c9IQ,=v[4UQ*C5 *v75~]/|s=\fU:D9Hs~^T9&p*@((/91+a76DG If you have any questions regarding thesubmission of fundsto Voya, the following personnel at Voya will be able to assist you: Diane Shaw Strategy: The fund invests in a combination of U.S. stocks, International stocks, bonds and cash. Were employed by the State of Michigan before July 1974, when the retirement system was contributory. If you have contributions on account, you can request a refund (or transfer your personal contributions and interest to another qualified retirement plan) using miAccount at any time after you terminate your state employment. If you previously enrolled in a state-sponsored LTCI plan with LifeSecure, Prudential or MetLife, you can call the vendor directly. If you have been contributing to the state-sponsored 457 or 401(k) plans, the 401(k)/457 plan administrator will send you its Payout Guide once your termination is processed. Fax: 517-284-4416, Address: Elected the DB 30 plan under PA 264 of 2011 and you have not yet reached 30 years of service. Voya Insights Small Business & Nonprofit Resource Center Workplace Benefits and Savings Webinars Cybersecurity 401(k) InfoCenter 403(b) Regulations The Voya Difference Behavioral Finance Voya Cares . Voya also offers services like investment counseling and round-the-clock customer service. e; 9;,QKdVi$3M{$!ZO(||lrMqYZUAcQQ3C.,Qxy"qwzSIET. Please bear in mind, however, that the laws governing retirement provisions may change by the time you are old enough to qualify for your pension. 30 Braintree Hill Office Park Yes. Strategy: The Fund invests in a combination of U.S. stocks, international stocks, bonds and cash, and allocates its assets among these funds according to a pre-determined asset allocation . &$;9' !3[8_A]w3;{sM2U+t. Bank Name: State Street Bank, Boston, MA Elected Officials, Supreme Court, and Appellate Court Judges (Plans 1 and 2): DC Transfer 80% subsidy; 100% once enrolled in Medicare. . Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. Current laws, rates, and factors are subject to change. the provisions of the law govern. <>/Metadata 996 0 R/ViewerPreferences 997 0 R>>
As a deferred member, you will be eligible for your pension when you reach age 60. But you may continue to earn credit toward vesting for your DB benefits as long as you left your personal contributions on account with the retirement system. Please scroll down to view all available forms. Voyasends account statements to participants each quarter. 3 0 obj
We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. 5172844416DROP Account Distribution RequestFor State Police Deferred Retirement Option Plan (DROP) Fill & Sign Online, Print, Email, Fax, or Download Get Form Form Popularity . Fixed annuities are issued by VRIAC. To view Long-Term Care Insurance (LTC) plan details, visit the Employee Benefits Division of the Michigan Civil Service Commission under Retiree Eligibility. These offerings do not replace your state-sponsored benefit plans. 4 0 obj
When you leave state service, your human resources office will have you complete a Deferred Service Retirement Beneficiary Designation (R0134G)form. endstream
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Voya Financial Advisors, Inc., a leading independent broker-dealer in the defined contribution & defined benefit business, is currently seeking a Financial Professional to join our team in the greater Columbus area to work plan sponsor relationships. Of course, you know the people in your life better than anyone. Began your state employment under the Defined Benefit (DB) plan and chose to transfer to the DC plan under Public Act 487 of 1996. Routing Number: 011000028 800-Number: 800-381-5111 About the State Employees' Retirement System. Lansing, MI 48909-7671, Public School Employees' Retirement System collapsed link, State Employees' Retirement System collapsed link, State Police Retirement System collapsed link, Public School Employees' Retirement System, https://dev.michigan.local/som/json?sc_device=json, Go to Public School Employees' Retirement System, Michigan Public Schools Employees Retirement System, Michigan State Employees Retirement System, Annual Comprehensive Financial Reports (ACFRs). State Employee Retirees Association (SERA). 401 (k) after-tax funds What should I do?
An additional $17,500 may be contributed to the Plan I/457 if the judge is allowed to participate in this plan. Get Form eSign Fax Email Add Annotation . Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. |koI]H>&}uo^z1afO7so=@'"pgI|HhAF[T~1y8iL&0>89snvLI/ (q|
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But remember, additional service can be credited only while you are an active, contributing member of the DB plan. Check the "voya state of michigan" Portal here to get the information that you are looking for and Just click on the result pages. Quarterly Education Schedule Listing of all education offerings for the . Welcome to the forms page. Your coverage is 25 percent of the coverage you carried when you left work; your dependents' policies are capped at $1,000 each. Find the required forms and documents based on your state of residence for your Voya Employee Benefits insurance policies. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern. Provide proof of hardship, like medical insurance documents, in a complex process. Your insurance premiums may be covered, in part, by the retirement system. By completing and submitting this form, the county acknowledges its designation as a participating "employer" in the State DC plan. Lansing, MI 48909-7671, https://dev.michigan.local/som/json?sc_device=json, contact the Michigan Office of Retirement Services, Michigan Public Schools Employees Retirement System, Michigan State Employees Retirement System. hb```H !74>0Z ` FP(r=$/{L!$0"` u~
We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. endstream
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The State Employees' Retirement System is a statewide public employee retirement plan administered by the Michigan Office of Retirement Services. hbbd``b` BH0 hfXKABK@i#w X Monday through Friday, 8:00 a.m. to 5:00 p.m. For details about how your pension will be calculated and the different payment options see the Ready to Retire section of this website You can also make use of our online pension estimator or watch apre-retirement online presentation. See I'm VESTED. Manager: State Street Category: Target Retirement Income fund Objective: Provide current income from fixed income securities while maintaining some exposure to equity investments for capital appreciation. Customer Contact Center: 517-322-5103, Office of Retirement Services <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 14 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
The retirement plan information that appears on ORS websites is intended to summarize basic provisions of Public Acts 300 of 1980, 240 of 1942, 182 of 1986, and 234 of 1992, as amended. State of Michigan 401(k) and 457 Plans Forgot UserId Your logon attempt has failed. <>>>
ET Monday through Friday 877-886-5050 Claims Customer Service Start a claim and check a claim status Hours: 9 a.m. to 5 p.m. 800-Number: 800-381-5111 Your untaxed contributions and interest as a transfer to your qualified retirement plan administrator, and previously taxed contributions sent to you. Contact your care provider, and see if you can arrange a reasonable payment schedule. 104 0 obj
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Web:diane.shaw@us.voya.com. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended. The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 234 of 1992, as amended. An amount of your untaxed contributions and interest (specified by you) as a transfer to your qualified retirement plan administrator, and the remaining balance paid directly to you (less required tax withholding). %
We are an innovative retirement organization driven to empower our customers for a successful today and a secure tomorrow. Supreme Court and Appellate Court Judges (Plan 2) & District, Circuit, and Probate Court Judges (Plans 3 through 7): Any age with 25 years of service (the last 6 years continuous). Are you aware that certain types of service credit like public school and university employment, workers' compensation, and some military service may count toward your vesting requirement? Lansing, MI 48909-7671, ORS - State Employees' Defined Benefit Plan, Defined Benefit Plan Overview collapsed link, Service Credit - Earning and Purchasing collapsed link, Online Presentations and E-Learning Modules collapsed link, Power of Attorney and Advance Directive Resources, Online Presentations and E-Learning Modules, https://dev.michigan.local/som/json?sc_device=json, Covered Employees and Conservation Officers, Go to Service Credit - Earning and Purchasing, Act 88 - Reciprocal Retirement Act of 1961, Unpaid Service Creditor Contributions Bill(s), Go to Power of Attorney and Advance Directive Resources, Go to Health, Dental, and Vision Insurance, Go to Benefits for Life for State Retirees, Go to Online Presentations and E-Learning Modules, view a pre-retirement online presentation, Michigan Public School Employees Retirement System, Michigan State Employees Retirement System, Annual Comprehensive Financial Reports (ACFRs). 117 0 obj
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This board provides oversight of the Defined Benefit plan in the State Employees' Retirement System. Participants can make contributions to any combination of the pre-tax 401(k) or Roth 401(k) Plans, receiving a match on the first 3 percent. But if the need is short-term, it might make sense to use and pay off a credit card instead of touching your retirement account. Physical Security Specialists make an average of $110,850 / year in Maryland, or $56.85 / hr. Account Name: State of Michigan Defined Contribution Plan, Voya Financial Remember to keep your beneficiary information current, especially if you are unmarried and have no children under 18. Judges and elected officials first hired on or after March 31, 1997, are in the Defined Contribution (DC) plan. Once you terminate or switch to the DC plan, it is too late. -Judicial employees who are members of the Defined Benefit Contribution plan unless they elected to . %PDF-1.6
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A judge may irrevocably elect not to become or to discontinue participation as a DC plan participant. Employer Reporting: 517-636-0166 401 (k) loans aren't immediately taxable unless you leave your job, but are repaid with after-tax funds. 6f1FD&Vbw+u1cD The web Browser you are currently using is unsupported, and some features of this site may not work as intended. If you are going through a divorce, and as a result must divide your Defined Benefit or Defined Contribution Plan, you must submit an acceptable Qualified Domestic Relations Order ("QDRO") before the Plan can divide your benefit or account. The Finance Department of the Supreme Court will be responsible for makingemployerpayments to the probate judge's State DC account.
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