State of Michigan Office of Retirement Services

Plan name State of Michigan Office of Retirement Services
LocationLansing, Mich.
Asset size ($MM)>$1 billion
Participants20,000+
IndustryGovernment/Public works – county, state and federal
Participation rate96%
Average deferral rate7%
# of funds offered20
Investment reviewYes
True-up matchNo
Match vesting period4 years
EligibilityImmediately upon hire
Default deferral rate5%
Default investmentTarget-date Fund (all types)
Automatic escalationYes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time
Systematic withdrawalsYes
Fee equalizationYes – a policy is in place
Match Rate100% of first 6% of salary
% receiving full matchAll or nearly all participants (90% or more)
Maximum employer contribution5%
Financial Education
Saving/Budgeting
Yes
Investing strategies
Yes
College saving
Credit/Debt management
Yes
Tax/Estate planning
Yes
Retiree health costs/savings options​
Yes
RecordkeeperVoya Financial
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