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Ways to Purchase Service Credit |
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You can buy service credit in two ways:
Direct Payment
Send a check or money order payable to
State of Michigan. Include your name and Member ID on the remittance. Send it with a copy of your
Member Billing Statement to:
Office of Retirement Services
Finance Division
P.O. Box 30673
Lansing, MI 48909-8173
Plan-to-Plan Transfer
You may transfer pretax monies to purchase service credit from the following qualified plans: 401(a), 401(k), 403(b), 457, as well as conduit IRAs (Individual Retirement Accounts) from
any of these sources. The 401(k) and 457 plans administered by ING are qualified plans.
Money from a traditional IRA cannot be transferred.
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Remember
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Sending ORS your plan-to-plan transfer certification form only alerts us of your intent. It is your responsibility to see that the funds are sent by your plan administrator.
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To purchase service credit by transferring funds from a qualified plan, use
the
Qualified Plan-to-Plan Transfer Certification (R0158X) form.
This form includes detailed instructions on how to initiate a plan-to-plan
transfer.
Allow ample time for your plan administrator to transfer the funds. Some financial institutions take several weeks, or even months.
This can result in an additional cost to you if the payment arrives after the
due date. Remember that we cannot accept any payment for service credit after
you terminate your state police employment.
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