News & Events Digest: October 2024

Treasury: New Internship Program Helps Michiganders, Provides Students with Public-Sector Experience

Students pursuing a college degree now have an opportunity to gain valuable experience in state government.

This month, Treasury officially launched its new paid student internship program. The goal is to offer college students a semester-long opportunity to gain direct experience within their chosen area of study, making a positive difference for the state of Michigan and its residents.

“The Treasury internship program provides an opportunity for students to obtain public-sector experience within their chosen field of study,” State Treasurer Rachael Eubanks said. “Our department is looking for students from a broad range of fields, like social sciences, business and law, marketing and communications and STEM. If you’re trying to determine your path in life, consider making a difference by serving the public. Internships open the door to a fulfilling career.”

The internship program at Treasury will offer paid, typically hybrid opportunities and are designed to provide undergraduate and graduate students with work experience and direct exposure to career opportunities in public service.

Internships at Treasury will give students an opportunity for:

Professional development: Offering opportunities to expand skills and knowledge within an intern’s area of study.
Real-world experience: Providing practical, hands-on experience through project assignments and daily tasks.
Networking and mentorship: Fostering connections with industry professionals and peers.
Career readiness: Preparing interns for future careers through training, mentorship and professional development opportunities.

Applications are now being accepted until November 7, 2024. The first cohort of Treasury interns is anticipated to begin January 2025.

To learn more about the Treasury internship program, go to www.michigan.gov/treasurycareers.

Gov. Gretchen Whitmer Encourages Michiganders to Help Their Neighbors by Becoming a Free Tax Preparation Volunteer

Governor Gretchen Whitmer recently announced a unique opportunity for Michigan residents to contribute to their communities during the upcoming 2025 tax filing season: participation in the Volunteer Income Tax Assistance (VITA) program.

The VITA program provides free tax preparation services to low- to moderate-income individuals, persons with disabilities, senior citizens, and limited English-speaking taxpayers who need assistance with preparing their tax returns.

“More Michiganders than ever are getting tax cuts and returns thanks to our work to lower costs for seniors and working families,” said Governor Whitmer. “We rolled back the retirement tax, saving 500,000 households more than $1,000 a year, and quintupled the Working Families Tax Credit, delivering $3,150 refunds to over 700,000 working families. I encourage Michiganders to volunteer with VITA programs to help hardworking Michiganders access the tax refunds they deserve. We’ll keep working hard to put money back in Michiganders’ pockets, where it belongs.”

During the 2024 filing season, VITA programs collectively saved Michigan residents approximately $16.7 million in tax preparation fees and provided $58 million back into the pockets of Michiganders, according to a Community Economic Development Association (CEDAM) analysis of Internal Revenue Service data.

“Becoming a voluntary income tax preparer can make a difference in your community,” State Treasurer Rachael Eubanks said. “Helping individuals prepare and file their tax returns opens the door to tax credits and other benefits that would otherwise be left behind. VITA is a high-impact program that is very meaningful and rewarding. It’s Michiganders helping their fellow neighbors. Please consider becoming a volunteer today.”

VITA volunteers are community members trained to help their neighbors file their taxes for free and claim every tax credit available to them. Their service directly aids individuals and families in securing financial stability, weathering unexpected financial challenges, and enhancing overall economic well-being.

Learn more about becoming a VITA volunteer on Treasury's website.

State Treasurer Rachael Eubanks and podcast guest Kelly Frump, director of Treasury Human Resources, discuss careers at Treasury.

Your Career Starts Here!

Michigan Education Trust Earns Certificate of Achievement for Excellence in Financial Reporting

The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the Michigan Education Trust (MET) for its Annual Comprehensive Financial Report (AFCR) for the fiscal year that ended on Sept. 30, 2023.

"This award is a testament to the hard work of our MET accountants," said Robin Lott, who oversees Treasury’s Office of Postsecondary Financial Planning. "Our staff puts in a lot of time and effort into the annual audit, building the report and managing daily operations to ensure fiscal integrity. Michiganders can be assured that MET employees are working hard to encourage families to take advantage of the opportunity to motivate and position students for successful careers by saving for higher education tuition."

The AFCR was judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the ACFR.

The MET ACFR was completed in January 2024. GFOA awarded the Certificate of Achievement this fall after a thorough review.

The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

MET is Michigan’s Section 529 prepaid tuition program that locks future tuition at any of the state’s public universities and colleges at today’s rates. The total contract price is eligible for a state tax deduction and earnings are tax-exempt if used for qualified higher education expenses.

MET funds can be used to pay out-of-state and Michigan private college and university tuition or MET credits can be transferred to other eligible family members.

To learn more about MET, go to www.SETwithMET.com.

Your 2024 Tax & Wage Webinar Series REPLAY

Thank you for your interest in Treasury’s Tax and Wage Webinar Series. We are pleased to offer replays of these sessions until November 15, 2024. Access recordings and slide decks on the Treasury Outreach Events webpage under Tax and Wage Webinar Series Replays.

Session Recaps:

1. Federal and State Wage and Hour Part I: Representatives from the U.S. Department of Labor and Michigan Department of Labor and Economic Opportunity (LEO) discuss the coverage of Michigan Statutes, the Fair Labor Standards Act (FLSA), minimum wage, overtime, wages, youth employment, and recordkeeping.

2. Federal and State Wage and Hour Part II: The U.S. Department of Labor Wage and Hour Division covers the PUMP Act and Family Medical Leave Act (FMLA) while the State of Michigan Wage and Hour Division covers Fringe Benefits, Paid Medical Leave Act (PMLA), Earned Sick Time Act (ESTA), Human Trafficking Notification, Prevailing Wages on State Projects, as well as recent Adopt and Amend rulings.

3. LARA, MIOSHA, WDCA: Learn how to have a new business recognized and the associated licensing from the Michigan Department of Licensing and Regulatory Affairs (LARA). Additionally, learn about regulations and resources from the Michigan Occupational Safety and Health Administration (MIOSHA) and Michigan Workers’ Disability Compensation Agency (WDCA) — both part of LEO.

4. Treasury and Unemployment Insurance Agency: Discuss the joint registration application for business taxes with the Michigan Department of Treasury and the Michigan Unemployment Insurance Agency (UIA).

5. Unemployment Tax and Regulations: Discuss guidance for employers on unemployment insurance liability, tax rate determinations, calculations, and more with the UIA.

6. Unemployment’s Web Service — MiWAM: Learn about navigating, reporting, and paying unemployment tax with the UIA via a live demonstration of the Michigan Web Account Manager (MiWAM) web service.

7. Withholding Rules — Tax, File, Pay: Discuss income and withholding tax laws and withholding tax filing and payment rules with Treasury.

8. Treasury Web Services and MTO Live Demo: Learn about web services you can use to communicate with Treasury about withholding tax. This session features a live demonstration of Michigan Treasury Online (MTO) where you can file and pay withholding tax and submit other employer documents.

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Michigan Infrastructure Council Seeks Nominations for Water Asset Management Council Representative

The Michigan Infrastructure Council (MIC) is seeking nominations for a key representative to join the Water Asset Management Council (WAMC), an entity within the Michigan Department of Environment, Great Lakes, and Energy (EGLE). The WAMC helps communities enhance drinking water, wastewater and stormwater asset management programs.

Nominations are due by November 15, 2024.

WAMC recognizes that effective water management requires a collaborative and community-centered approach. Through close collaboration with state and local governments, utilities and residents, the WAMC promotes community engagement to build a more sustainable and equitable water system in Michigan that reduces infrastructure costs, protects public health and safeguards natural resources.

“Water is one of Michigan’s most valuable resources and managing it responsibly is essential to our future,” said Water Asset Management Council chairperson Sue McCormick. “This position on the WAMC gives individuals the opportunity to influence water infrastructure strategies that not only improve system reliability but also enhance environmental stewardship. Strong leadership on this council will help ensure that all communities, particularly those that are underserved, have access to clean, safe and sustainable water systems.”

Learn more about joining the WAMC.

MI Money Matters: Retirement Planning

Planning for retirement might take a little more effort these days due to the rising cost of living, increased life expectancy, and fewer pension plans. It’s never too late to start thinking about retirement -- saving earlier in life can make a huge difference in your future.

The first and most effective step you can take when saving for retirement is getting in the habit of moving money into a retirement account every single time you’re paid. Even small amounts are worth investing in your future.

A financial plan, at any age, can provide direction and set clear goals for your future.

For more information on what MI Money Matters offers to Michiganders from teens to retirement, go to www.michigan.gov/mimoneymatters.

WATCH: MI Money Matters: Retirement Planning

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