2022 Best in Class 401(k) Plans | Winner
State of Michigan Office of Retirement Services
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Plan name | State of Michigan Office of Retirement Services |
Location | Lansing, Mich. |
Asset size ($MM) | >$1 billion |
Participants | 20,000+ |
Industry | Government/Public works – county, state and federal |
Participation rate | 96% |
Average deferral rate | 7% |
# of funds offered | 20 |
Investment review | Yes |
True-up match | No |
Match vesting period | 4 years |
Eligibility | Immediately upon hire |
Default deferral rate | 5% |
Default investment | Target-date Fund (all types) |
Automatic escalation | Yes - participants are defaulted into auto escalation at time of enrollment unless they opt out; all other participants can opt in at any time |
Systematic withdrawals | Yes |
Fee equalization | Yes – a policy is in place |
Match Rate | 100% of first 6% of salary |
% 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 | |
Credit/Debt management | Yes |
Tax/Estate planning | Yes |
Retiree health costs/savings options​ | Yes |
Recordkeeper | Voya Financial |