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Member Investment Plan (MIP) – At A Glance

Here is an overview of the MIP benefit structures. If you're unsure of your benefit structure or retiree healthcare plan, you can find out by logging in to miAccount. Click on any of the subjects for more details:

MIP- At A Glance

  MIP MIP 7% MIP DC Converted
Membership

MIP Fixed: Elected the MIP before January 1, 1990, OR were a Basic Plan participant who enrolled in the MIP by January 1, 1993

MIP Graded: First worked between January 1, 1990, and June 30, 2008, OR are a returning member who did not work between January 1, 1987, and December 31, 1989

MIP Plus: First worked between July 1, 2008, and June 30, 2010

Members who elected MIP during enrollment periods

or first worked on or after January 1, 1990, but before July 1, 2010

and chose higher contribution rate beginning February 1, 2013*

Members who elected MIP during enrollment periods

or first worked on or after January 1, 1990, but before July 1, 2010

and chose to convert to DC plan on February 1, 2013*

Vesting

10 years

5 years if retiring under the 60 with 5 provision.

DB: 10 years or 5 years if retiring under the 60 with 5 provision

DC: 4 years

Pension Factor

1.5% up to 2/1/2013 and
1.25% after 2/1/2013

1.5%

or

1.5% up to 30 years and
1.25% after 30 years

1.5%
DB Pension Contributions 3 - 6.4% 7% None after February 1, 2013*
Eligibility

46 with 30

60 with 10

60 with 5 (with stipulations)

55 with 15 (with stipulations)

FAC period

36 months

Retiree Healthcare

Premium Subsidy or

Personal Healthcare Fund (PHF)

Nonduty death benefit eligibility

10 years if member under age 60 at time of death

5 years if member 60 or older at time of death


*The date your plan changes took effect was based on your transition date. The exact date depends on your school district's payroll cycle.

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The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 300 of 1980, as amended.
Current laws, rates, and factors are subject to change. Should there be discrepancies between the information reflected here and the actual law,
the provisions of the law govern.



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