The MyMichigan Settlement IRA Rollover Form lets eligible former 403(b) plan participants request a direct rollover instead of receiving their settlement payment by check. The settlement is not final: final approval is scheduled for November 18, 2026, and payments depend on final approval surviving any appeal, according to the MyMichigan Settlement Administrator's current notice. This article explains who may qualify, what the form requires, and why the rollover choice can affect withholding and taxes.
Official resource:
- Read the official guidance from Irs — Use this primary source to verify the official guidance.
Table of Contents
- Is the MyMichigan settlement final?
- Who may be eligible?
- What does the IRA rollover form do?
- What happens if the form is late or incomplete?
- Which rollover choice fits the tax treatment?
- Frequently Asked Questions
Is the MyMichigan settlement final?
No. The court has granted preliminary approval, but final approval is scheduled for November 18, 2026. The settlement administrator states that payments depend on final approval and the outcome of any appeal. MyMichigan Settlement Administrator The proposed settlement would create a $1.9 million fund.
That figure is not the amount each participant will receive. Court-approved fees, costs, expenses, and representative awards come out first, and the remaining amount is divided under a court-approved allocation plan. Your eventual payment may therefore differ from another participant's payment. The rollover form does not guarantee a particular amount or establish eligibility by itself.
Who may be eligible?
The settlement class generally includes plan participants who used GoalMaker or directed any account assets to the Guaranteed Income fund from March 18, 2019, through preliminary approval. Beneficiaries and alternate payees of record may also be included, while committee members are excluded.
Former participants should check their settlement communications and records rather than assume that leaving MyMichigan automatically qualifies them. The settlement administrator's notice controls the class definition. The rollover option described here is aimed at former participants who are not classified as "Current Participants." Those individuals may receive a check automatically unless they elect a direct rollover.
What does the IRA rollover form do?
The form tells the administrator to send the settlement directly to an eligible retirement account instead of paying you personally. It permits rollovers to a traditional IRA, Roth IRA, 401(a) or 401(k) plan, 403(b) plan, or governmental 457(b) plan.
You must provide enough information for the receiving institution to accept the funds: The current form allows online completion, email submission, or mailing to Atticus Administration in St. Paul, Minnesota. A completed and signed form must be postmarked by November 18, 2026, according to the current MyMichigan rollover form.
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- Your identifying information and date of birth
- Your signature and Substitute Form W-9
- The receiving trustee's name, address, account number, and phone number
What happens if the form is late or incomplete?
Incomplete rollover details can cause the administrator to issue a check instead. The same result may occur if the receiving institution rejects the transfer or the form arrives late. Before submitting, confirm the receiving account's exact registration details with the IRA custodian or employer plan.
A mismatch in the payee name, account number, or trustee information can prevent the direct rollover. If the administrator cannot complete the requested rollover, its FAQ says it will attempt to send a check. That payment is subject to automatic withholding and tax reporting. MyMichigan Settlement Administrator FAQ.
Which rollover choice fits the tax treatment?
A direct rollover generally avoids current withholding. By contrast, a retirement-plan payment made to you is generally subject to mandatory 20% federal withholding under IRS rules. If you later roll over the full distribution within 60 days, you generally must replace the withheld amount using other funds.
Internal Revenue Service guidance The form specifically identifies a Roth IRA rollover as subject to ordinary income tax. That makes the destination account an important decision, not merely an administrative detail. Before choosing an account, verify that it can accept the payment and consider whether its tax treatment matches your situation. If you are uncertain, consult a qualified tax professional or the receiving plan's administrator before submitting the form.
Frequently Asked Questions
Will I automatically receive a settlement check?
If you are a former participant who is not a "Current Participant," you may receive a check automatically unless you elect a direct rollover.
Does completing the rollover form guarantee a tax-free payment?
No. A direct rollover generally avoids current withholding, but the form identifies Roth IRA rollovers as subject to ordinary income tax.
What is the most important deadline?
The completed, signed form must be postmarked by November 18, 2026.
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