The Judges Retirement System is a statewide, public employee retirement plan administered by the Office of Retirement Services. It was created under Public Act 234 of 1992, as amended (Michigan Compiled Laws 38.2101 et seq.), consolidating the former Judges and Probate Judges Retirement Systems into one retirement system.
The system has two plans, the Defined Benefit plan and the 401(k) Defined Contribution plan. Anyone newly elected or appointed on or after March 31, 1997, is enrolled in the 401(k) Defined Contribution plan.
The System was established by the state to provide retirement benefits to judges in the judicial branch of state government. The System also includes the Governor, Lieutenant Governor, Secretary of State, Attorney General, Legislative Auditor General, and the Constitutional Court Administrator.
As of September 30, 2002, the Defined Benefit plan covered 367 active customers, and 535 retirees and beneficiaries. The 401(k) Defined Contribution plan covered 112 active customers and 44 non-active and retired customers.
The net assets of the Defined Benefit plan, valued at $234.8 million as of September 30, 2002, are invested by the Michigan Department of Treasury, Bureau of Investments. In fiscal year 2002, the System paid Defined Benefit plan retirement pensions totaling $15.8 million.
While the System enrolls retirees and beneficiaries for health, dental, and vision benefits for both Defined Benefit plan and 401(k) Defined Contribution plan customers, the Department of Civil Service administers the health benefits program.
The Judges Retirement System is housed administratively within the State of Michigan, Department of Management and Budget, Office of Retirement Services (ORS). ORS's main office is located near Dimondale, just outside of Lansing. It also has an outreach office in Detroit.