State of Michigan Office of Retirement Services
| 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 | |
| True-up match | |
| 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 | |
| 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 | |
Investing strategies | |
College saving | |
Credit/Debt management | |
Tax/Estate planning | |
Retiree health costs/savings options |
| Recordkeeper | Voya Financial |
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