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SPECIALIZED RETIREMENT BENEFITS SERVICES FOR MICHIGAN EMPLOYEES

Our team at Financial Strategies Group is 100% committed to the things that matter to our clients. Since every employer retirement plan is a little different we strive to become experts in the plans our clients participate in. Below is a list of a few of the employer's whose retirement benefits we know very well. If you don't see your employer listed, don't worry! Please contact us - we would love to spend some time researching the options available to you.

Employees of:

STATE OF MICHIGAN EMPLOYEES Photo
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STATE OF MICHIGAN EMPLOYEES

STATE OF MICHIGAN EMPLOYEES

We have many clients who are current and retired employees of the State of Michigan (SOM). Our experience working with SOM employees makes us uniquely equipped to handle their needs. A few examples of how we can help SOM employees are below:

  • Help with understanding the differences between their 401k and 457 and help determining if you should utilize the 401k, 457, or a combination of the two.
  • Provide information and guidance on the investment options offered by ING along with practical strategies to make the most of these options.
  • At retirement or termination of employment you are eligible to rollover your 401k and/or 457 assets to an IRA (Individual Retirement account). There are multiple benefits for doing this including access to a wider array of investments and increased flexibility but there are also disadvantages. We can help you determine if the benefits of rolling over your 401k/457 outweigh the disadvantages.
  • When you reach 59 ½ years old you are eligible to do an in-service rollover (tax free transfer while employed) from your 401k to an IRA (funds in the 457 are not eligible for this while employee is working). There can be significant benefits to doing this but there can also be disadvantages. We can help you determine if an in-service rollover makes sense for you.
  • Help you determine if you should elect spousal benefits for your pension and if a pension maximization strategy makes sense for you.
  • Provide guidance on when and how you should claim your social security benefits.

We have a clear understanding of what benefits you will receive when you retire. From your pension to your insurance benefits we know what you can expect. The knowledge and experience we have gained working with SOM employees who have transitioned into retirement allows us to help you determine if you are financially able to retire and live the lifestyle you want to live.

Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.

LANSING BOARD OF WATER AND LIGHT Photo
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LANSING BOARD OF WATER AND LIGHT

LANSING BOARD OF WATER AND LIGHT

We have many clients who are current and retired employees of Lansing Board of Water and Light (BWL). Our experience working with BWL employees makes us uniquely equipped to handle their needs. A few examples of how we can help BWL employees are below:

Help with understanding the differences between their 401k and 457 and help them determine whether you should utilize the 401k, 457, or a combination of the two.

Provide information and guidance on the investment options offered by ING along with practical strategies to (ADD – help) make the most of these options.

At retirement or termination of employment a BWL employee is eligible to rollover their 401k and/or 457 assets to an IRA (Individual Retirement account). There are multiple benefits for doing this including access to a wider array of investments and increased flexibility but there are also disadvantages. We can help you determine if the benefits of rolling over your 401k/457 outweigh the disadvantages.

When a BWL turns 55 years old they are eligible to do an in-service rollover (tax free transfer while employed) from their 401k to an IRA (funds in the 457 are not eligible for this while employee is working). There can be significant benefits to doing this but there can also be disadvantages. We can help you determine if an in-service rollover makes sense for you.

We have a clear understanding of what benefits you will receive when you retire. From your retirement to your insurance benefits we know what you can expect. The knowledge and experience we have gained working with BWL employees who have transitioned into retirement allows us to help you determine if you are financially able to retire and live the lifestyle you want to live.

Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.

MICHIGAN STATE UNIVERSITY Photo
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MICHIGAN STATE UNIVERSITY

MICHIGAN STATE UNIVERSITY

With our office located in the heart of Spartan Country, we have a vast amount of experience working with Michigan State University (MSU) faculty. Our experience in working with MSU faculty has given us unique insights and knowledge into the retirement plans available at MSU. Some of the planning questions and considerations that we can help with are:

  • Which plan sponsor should I use Fidelity or TIAA-CREF? What are the pros and cons of each plan sponsor?
  • What is the difference between the 403(b) and 457 deferred compensation plan? Which plan is right for me?
  • What should I do with my retirement plan when I retire or separate service? Should I take advantage of the fixed annuity account currently available to me?
  • MSU employees are eligible to move their retirement assets from the 403(b) plan into an Individual Retirement Account at age 59 1/2. This strategy has many advantages and disadvantages and should be explored thoroughly.
  • Consideration of a Roth IRA and the benefits of tax diversifying retirement income.

We have a clear understanding of what benefits you will receive when you retire. From your pension to your insurance benefits, we know what you can expect. The knowledge and experience we have gained working with MSU faculty who have transitioned into retirement allows us to help you determine if you are financially able to retire and live the lifestyle you want to live.

Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.

McLaren Lansing Photo
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McLaren Lansing

MCLAREN LANSING

We have many clients who are current and retired employees of McLaren Lansing. Our experience working with McLaren Lansing employees makes us uniquely equipped to handle their needs. A few examples of how we can help McLaren Lansing employees are below :

  • Help you determine if McLaren’s flexible spending account (FSA) and/or voluntary Life, disability, and Long Term Care insurance through Lincoln Financial make sense for you.
  • Provide information and guidance on your 403(b) and the investment options offered by Mass Mutual, along with practical strategies to make the most of these options.
  • At retirement or termination of employment, you are eligible to rollover your 403(b) to an IRA (Individual Retirement account). There are multiple benefits for doing this, including access to a wider array of investments and increased flexibility, but there are also disadvantages. We can help you determine if the benefits of rolling over your 403(b) outweigh the disadvantages.
  • When you reach 59 ½ years old, you are eligible to do an in-service rollover (tax free transfer while employed) from your 403(b) to an IRA. There can be significant benefits to doing this but there can also be disadvantages. We can help you determine if an in-service rollover makes sense for you.
  • If you have worked for the hospital long enough, you may be eligible for pension benefits. We can help you determine if a lump sum or spousal benefits make sense for you. Check out this article from our very own Brandon Carter on this subject Pension Lump Sum Guide.
  • Provide guidance on when and how you should claim your social security benefits.

We have a clear understanding of what benefits you will receive when you retire. From your 403(b) to your insurance benefits, we know what you can expect. The knowledge and experience we have gained working with McLaren Lansing employees who have transitioned into retirement allows us to help you determine if you are financially able to retire and live the lifestyle you want to live.

Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.

CHRYSLER Photo
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CHRYSLER

CHRYSLER

We have many clients who are current and retired employees of Chrysler. Our experience working with Chrysler employees makes us uniquely equipped to handle their needs. A few examples of how we can help Chrysler employees are below:

  • Provide information and guidance on your 401k, aka SESP or HEDPP, and the investment options offered by Merrill Lynch, along with practical strategies to make the most of these options.
  • At retirement or termination of employment, you are eligible to rollover your 401k to an IRA (Individual Retirement account). There are multiple benefits for doing this including access to a wider array of investments and increased flexibility, but there are also disadvantages. We can help you determine if the benefits of rolling over your 401k outweigh the disadvantages.
  • If you are a salaried employee, you may be eligible to do an in-service rollover (tax free transfer while employed) from your 401k to an IRA. There can be significant benefits to doing this but there can also be disadvantages. We can help you determine if an in-service rollover makes sense for you.
  • Help you understand the impact that the recent freezing of your pension benefits will have on your retirement.
  • Provide guidance on when and how you should claim your social security benefits.

We have a clear understanding of what benefits you will receive when you retire. From your Pension to your 401k to your insurance benefits, we know what you can expect. The knowledge and experience we have gained working with Chrysler employees who have transitioned into retirement allows us to help you determine if you are financially able to retire and live the lifestyle you want to live.

Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.

GENERAL MOTORS Photo
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GENERAL MOTORS

GENERAL MOTORS

We have many clients who are current and retired employees of General Motors. Our experience working with General Motors employees makes us uniquely equipped to handle their needs. A few examples of how we can help GM employees are below:

  • Provide information and guidance on your 401k, aka PSP or RSP, and the over 30 investment options offered by Fidelity, along with practical strategies to make the most of these options.
  • At retirement or termination of employment, you are eligible to rollover your 401k to an IRA (Individual Retirement account). There are multiple benefits for doing this, including access to a wider array of investments and increased flexibility, but there are also disadvantages. We can help you determine if the benefits of rolling over your 401k outweigh the disadvantages.
  • If you are a salaried employee, you may be eligible to do an in-service rollover (tax free transfer while employed) from your 401k to an IRA. There can be significant benefits to doing this but there can also be disadvantages. We can help you determine if an in-service rollover makes sense for you.
  • Depending on if you are hourly or salary and how long you have worked for GM, you may be eligible to receive a monthly pension or a lump sum payout. We can help you determine if a lump sum or spousal benefits make sense for you. Check out this article from our very own Brandon Carter on this subject, Pension Lump Sum Guide.
  • Help you understand how GM’s pension is integrated with Social Security and provide guidance on when and how you should claim your social security benefits.

We have a clear understanding of what benefits you will receive when you retire. From your Pension to your 401k to your insurance benefits, we know what you can expect. The knowledge and experience we have gained working with General Motors employees who have transitioned into retirement allows us to help you determine if you are financially able to retire and live the lifestyle you want to live.

Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.

CONSUMERS ENERGY Photo
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CONSUMERS ENERGY

CONSUMERS ENERGY

We have many clients who are current and retired employees of Consumers Energy. Our experience working with Consumers Energy employees makes us uniquely equipped to handle their needs. A few examples of how we can help Consumers employees are below:

We have a clear understanding of what benefits you will receive when you retire. From your Pension to your 401k to your insurance benefits, we know what you can expect. The knowledge and experience we have gained working with Consumers Energy employees who have transitioned into retirement allows us to help you determine if you are financially able to retire and live the lifestyle you want to live.

  • Provide information and guidance on your 401k and the investment options. Although your 401k plan is administered by Fidelity, other mutual fund companies are available as well (Vanguard, Janus funds, etc.). Our experience working with these investment options allow us to provide you with practical strategies to make the most out of your 401k.
  • At retirement or termination of employment, you are eligible to rollover your 401k to an IRA (Individual Retirement account). There are multiple benefits for doing this, including access to a wider array of investments and increased flexibility, but there are also disadvantages. We can help you determine if the benefits of rolling over your 401k outweigh the disadvantages.
  • You also may be eligible to do an in-service rollover (tax free transfer while employed) from your 401k to an IRA. There can be significant benefits to doing this but there can also be disadvantages. We can help you determine if an in-service rollover makes sense for you.
  • In additions, you may be eligible to receive a monthly pension or a lump sum payout. We can help you determine if a lump sum, single life or spousal benefits make sense for you. Check out this article from our very own Brandon Carter on this subject, Pension Lump Sum Guide.

Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.

FORD Photo
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FORD

FORD

We have many clients who are current and retired employees of Ford Motor Company. Our experience working with Ford employees makes us uniquely equipped to handle their needs. A few examples of how we can help Ford employees are below:

Provide information and guidance with regards to the Savings and Stock Investment plan for both hourly and salary workers. By providing information and clarity it is our goal to help clients get the most out of their retirement plan.

At retirement or termination of employment you are eligible to rollover your Retirement plan to an IRA (Individual Retirement Account). There are advantages and disadvantages of this strategy and it is our goal to fully explain the pros and cons of this strategy so that you can make an educated decision.

Many participants in the Ford Motor Company are eligible to do an in-service rollover (tax free transfer while employed) to an IRA. Similar to a separation of service rollover this strategy has pros and cons which we help clients fully understand before making a decision.

Increasingly employers such as Ford are periodically offering lump sum and buy out options on pension plans. This can be one of the most important financial decisions you can make that is why it is so important to work with a qualified financial advisor when deciding which pension option to choose. Here is a basic guide on pension lump sums that has been written by FSG advisor Brandon Carter.

Before rolling over the proceeds of your retirement plan to an Individual Retirement Account (IRA) or annuity, consider whether you would benefit from other possible options such as leaving the funds in your existing plan or transferring them into a new employer’s plan. You should consider the specific terms and rules that relate to each option including: the available investment options, applicable fees and expenses, the services offered, the withdrawal options, the potential flexibility around taking IRS required minimum distributions from the option, tax consequences of withdrawals and of removing shares of employer stock from your plan, possible protection from creditors and legal judgments and your unique situation. Neither New York Life Insurance Company nor its agents provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.

Please consult with your HR partner and/or plan administrator.

When considering rolling over the proceeds of your employer sponsored retirement plan to an IRA, you have the option, among others, of leaving the funds in your existing plan, if permitted, or rolling them into your new employer’s plan, if one is available and rollovers are permitted. Each choice offers advantages and disadvantages, depending on the desired investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment, and your unique financial needs and retirement plans. Neither Financial Strategies Group nor its advisers provide tax or legal advice. Consult your own tax and or legal advisors regarding your particular situation.

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