State of Michigan 401(k) Plan

Plan name State of Michigan 401(k) Plan
LocationLansing, MI
Asset size ($MM)More than $1 billion
Participants20,000 or more
IndustryGovernment/Public Works - County, State and Federal
Participation rate97%
Average deferral rate9%
# of funds offered19
Investment reviewAnnually
True-up matchNo
Match vesting period4 years
EligibilityImmediately upon hire
Default deferral rate4.6 – 5%
Default investmentTarget-date Fund (all types)
Automatic escalationExactly 1%
Systematic withdrawalsNR
Fee equalizationNo – and we have no plans to research this in the short-term
Match RateSimple Traditional Match - i.e., 100% of first 3% of employee contribution or similar
% receiving full matchAll or nearly all participants (90% or more)
Maximum employer contribution5%
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
RecordkeeperVoya Financial
Footnotes
NRNot Reported
Yes yes
No no
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