The Office of Retirement Services administers retirement programs for Michigan’s state employees, public school employees, judges, state police, and National Guard members. ORS serves more than 550,000 customers (approximately 280,000 active and 278,000 retired), representing one of every 14 Michigan adults. ORS customers live in approximately one of every nine Michigan households.
Within these systems, ORS administers five defined benefit pension plans, four defined benefit retiree healthcare plans, and two defined contribution plans, managing combined net assets of nearly $74.1 billion. ORS is responsible for the 18th largest public pension system in the US and the 47th largest pension system in the world. In fiscal year 2016, ORS paid out more than $7.3 billion in pension and healthcare 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.