Public School Retirement Plans

ORS administers three different retirement plans for public school employees: a Defined Benefit (DB) plan, a Pension Plus (hybrid) plan, and a Defined Contribution (DC) plan. ORS also administers two retiree healthcare plans: the Premium Subsidy benefit and the Personal Healthcare Fund. Access the retirement plan member descriptions and websites below.

Retirement Plan High-Level Descriptions
 

Retirement Plan Descriptions and Links

Defined Benefit (DB) Plan

You're a member in the Defined Benefit (DB) retirement plan if you:

  • First worked for a Michigan public school before July 1, 2010, and
  • You did not choose to switch to the DC retirement plan under the reform (P.A. 300) of 2012.

The DB plan has several benefit structures, including Basic, Basic 4%, Basic DC Converted, MIP (MIP Fixed, MIP Graded, and MIP Plus), MIP 7%, and MIP DC Converted.

 

MPSERS website thumbnail

Pension Plus Plan

You're a member in the Pension Plus retirement plan if you:
  • First worked for a Michigan public school between July 1, 2010, and you did not choose the DC plan under the reform (P.A. 300) of 2012.

The Pension Plus plan is a hybid plan that offers both Defined Benefit (DB) and Defined Contribution (DC) components.

Pension Plus website thumbnail

Defined Contribution (DC)

You're a participant in the Defined Contribution (DC) retirement plan if you:
  • First worked for a Michigan public school on or after September 4, 2012, and you chose the DC plan, or
  • Began your Michigan public school employment under the DB plan and chose to transfer to the DC plan under the reform (P.A. 300) of 2012.

Your benefits consist of 401(k) and 457 investment accounts and a Personal Healthcare Fund for retiree healthcare costs.

DC website thumbnail

If you first worked on or after September 4, 2012

As a new member of the Michigan Public School Employees Retirement System, you have a decision to make for your future retirement plan. You have 75 calendar days from your first payroll end date to decide which retirement plan best meets your needs:

The Pension Plus retirement plan, or
The Defined Contribution (DC) retirement plan

Check with your employer if you haven't already received the New Hire Retirement Plan Election (R0940C) form. This document includes the election form and details about each retirement plan to help you decide which plan is best for you. You can get full details about your plan options at www.pickmiplan.org.

If you do not meet the deadline, you will remain enrolled in the Pension Plus plan.

Once you submit your election form or the deadline passes, you will not be able to change your retirement plan.


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