2024 Best in Class 401(k) Plans | Winner
State of Michigan 401(k) Plan
| Plan name | State of Michigan 401(k) Plan |
| Location | Lansing, MI |
| Asset size ($MM) | More than $1 billion |
| Participants | 20,000 or more |
| Industry | Automotive - Manufacturing/Parts |
| Participation rate | 97% |
| Average deferral rate | 9% |
| # of funds offered | 19 |
| Investment review | Annually |
| True-up match | No |
| Match vesting period | 4 years |
| Eligibility | Immediately upon hire |
| Default deferral rate | 4.6 – 5% |
| Default investment | Target-date Fund (all types) |
| Automatic escalation | Exactly 1% |
| Systematic withdrawals | NR |
| Fee equalization | No – and we have no plans to research this in the short-term |
| Match Rate | Simple Traditional Match - i.e., 100% of first 3% of employee contribution or similar |
| % receiving full match | All or nearly all participants (90% or more) |
| Maximum employer contribution | 5% |
| Financial Education | |
Saving/Budgeting | Yes |
Investing strategies | Yes |
College saving | No |
Credit/Debt management | Yes |
Tax/Estate planning | No |
Retiree health costs/savings options​ | Yes |
| Recordkeeper | Voya Financial |
| Footnotes | |
| NR | Not Reported |
| Yes | yes |
| No | no |
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