The Michigan State Police Retirement System is a defined benefit plan qualified under section 401(a) of the Internal Revenue Service Code, operating under the provisions of Michigan's Public Act 182 of 1986, as amended (Michigan Compiled Laws 38.1601 et seq.). Any changes to the Act require passage by the Michigan Legislature.
The plan is administered by the Office of Retirement Services (ORS) with the oversight of a 9-member board.
The plan is funded by contributions from the Michigan State Police and by investment earnings on these contributions. All contributions are a funding source for the pension and do not result in benefits in addition to the pension. At the time of retirement, contributions are transferred to the pension reserve fund, from which monthly pensions are paid.
Each year, an actuary determines how much the Michigan Department of State Police needs to contribute to fund its portion of members' benefits. These contributions are not refundable to you or your employer.
As of September 30, 2006, the system covered 1,678 active customers, and 2,711 retirees and beneficiaries. The net assets of the State Police Retirement System, valued at $1.2 billion as of September 30, 2006, are invested by the Michigan Department of Treasury, Bureau of Investments. In fiscal year 2006, the system paid retirement pensions totaling $82.3 million.
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