Countdown to Retirement

You may want to refer to this list every few months to ensure you are on track for meeting your retirement goals.

24 months to retirement

• Log into miAccount to review your service credit totals for accuracy, and consider whether any credit for military service or other service is available.
• Use the Estimate Pension feature in miAccount to estimate your pension.
• Review your current living expenses and project what these will be at retirement. Will your income from all sources cover your projected expenses? Click on Ready to Retire for financial things to consider.
• Anticipate new or recurring expenses (car, medical, home repairs) and perhaps take care of some of these before you retire.
• Evaluate your other investments. When will these funds be available? ING can provide you with payout options and tax ramifications if you have state of Michigan 401(k) and/or 457 account(s).
• Will you be eligible to receive social security benefits from a spouse or previous employment? If so, request an estimate from the Social Security Administration.
• Consider your tax situation. How much will you be required to pay in income taxes? Are there any special tax breaks on retirement income where you live?
• Time your retirement to fit your goals. Consider these items:
  • The time from your last paycheck to your first retirement check.
  • The date of your first postretirement increase.
  • If you participate in a flexible benefits payment program, consider how your date of retirement will affect this account.

18 months to retirement

• Research medical insurance for your family and investigate the following:
  • State-sponsored plan.
  • Medicare.
  • Medicare supplement (if you or a dependent are over age 65).
  • Spouse's employment. Will you be able to continue coverage in the event of your spouse's retirement or death?
• Will you need individual disability coverage? Ask your insurance provider if there is an offset provision for other income received.
• Evaluate your life insurance needs in comparison to your coverage and consider any conversion rights.
• Review your estate plan and make sure your will, trust, and powers of attorney are up to date. Understand how your assets pass to others under Michigan law.

12 months to retirement

• If you are purchasing service credit, plan it so your purchase will be paid in full while you are an active (working) member of the retirement system.
• Put the finishing touches on your financial plans.
• Check the ORS website for the most recent version of Retirement Guidelines: A Member Handbook for Michigan State Police Enlisted Officers.

6 months to retirement

• Review the Apply for Retirement section in miAccount, or download or request a retirement application packet from ORS.
• Review your personal account details using miAccount.
• Read through the medical, dental, and vision plan information to learn what benefits are available to you and your dependents in retirement.
• If you have any questions after you've reviewed our materials, ask an ORS representative by using the secure Message Board in miAccount.
• If you divorced while an active or deferred member and the court ordered a portion of your pension be paid to an alternate payee, you must have an eligible domestic relations order (EDRO) on file with ORS before your retirement effective date. ORS has developed an online fillable EDRO form to allow members of the Michigan State Police Retirement System to create accurate and complete EDROs that can be administered under the retirement statutes. It is the preferred document to file with ORS. Background information and instructions are provided separately in Eligible Domestic Relations Orders: Background and Instructions (R0911X).
• Gather any proofs and supporting documents needed to apply as described in How to Apply. Do not mail in original documents, as they will not be returned.

3 months to retirement

• Review the health insurance plans offered and decide on a plan.
• Notify your human resource office of your intention to retire.
• Verify all service credit purchases are paid in full before terminating employment.
• Review the Deferred Retirement Option Plan (DROP) to determine if you wish to pursue that program.
• Apply for retirement online with miAccount or file your paper application (included in your application packet) with ORS. Include photocopies of your proofs and any other required proofs. Do not mail in original documents because they will not be returned.

Retired at last!

• ORS will send you an award letter. It details your pension and insurance benefits and explains what happens next.
• Watch for your pension payments on the 25th of each month.
• Enjoy reading Connections, a semiannual newsletter we send to our retirees so we stay connected.
• Relax and enjoy your retirement!