The Office of Retirement Services administers retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard. ORS serves over 515,000 customers including approximately 250,000 active, and 265,000 retired members representing approximately one out of every fourteen Michigan adults, including customers living in approximately one out of every nine Michigan households.
Within these systems, ORS administers four defined benefit pension plans, two defined contribution pension plans, and one defined benefit plus a defined contribution plan with combined net assets of nearly $60.9 billion. ORS is responsible for the 16th largest public pension system in the US and the 48th largest pension system in the world. In fiscal year 2014, ORS paid out over $6.9 billion in pension and health benefits.
ORS is a division of Michigan's Department of Technology, Management and Budget.
Public Pension Standards Award
ORS was awarded the 2016 Public Pension Coordinating Council Standards Awards from the Public Pension Coordinating Council Standards Program (PPCC) for both funding and administration. ORS has received this award every year since 2004. The PPCC standards reflect expectations for public retirement system management and administration, and serves as a benchmark for all defined benefit public plans to be measured.
Truven Advantage Award
For the fourth time, ORS has earned a Truven Advantage Award. The Truven award recognizes hospitals, health plans, government agencies, and employers that use data analytics to improve quality of care and business results. ORS was recognized for its partnership with Truven in developing a new process for improving the accuracy of invoices and claims for the Michigan Public School Employees’ Retirement System healthcare plans.
Government Finance Officers Association Award – The Government Finance Officers Association
(GFOA) of the United States and Canada awarded the retirement system with the Certificate of Achievement for Excellence in Financial Reporting for our fiscal year 2015 Comprehensive Annual Financial Report (CAFR). This marks the 25th consecutive year ORS has received this prestigious award.