ORSSCHOOLS - Retirement At A Glance

ORS Public School Employees Retirement System

Michigan.gov, Official Web Site for the State of Michigan

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>	Membership

>	MIP or Basic

>	Contributions

>	Leaving School Employment

>	Qualifying for Your Pension

>	Estimating Your Pension

>	Earning Service Credit

>	Adding to Your Service Credit

>	Disability Benefits

>	Your Insurance Benefits

>	Beneficiary/Death Benefits

>	Retirement At A Glance

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Retirement At A Glance

This handy guide tells you when you'll be eligible for your pension and how it will be calculated.

Retirement At A Glance
RETIREMENT TYPE	AGE & SERVICE REQUIREMENTS	STRAIGHT LIFE FORMULA
Full Retirement - MIP	Age 46 with 30 years of service. Age 60 with 10 years of service. Age 60 and working with 5 years of service.	FAC X 1.5% X YOS
Full Retirement - Basic	Age 60 with 10 years of service. Age 55 with 30 years of service.	FAC X 1.5% X YOS
Early Reduced (MIP and Basic)	Age 55 and working with at least 15 years but less than 30 years of service.	Straight life pension MINUS 1/2% for each month before age 60.
Duty Disability Duty Death	No age or service requirements.	FAC X 1.5% X YOS
Nonduty Disability MIP and Basic	Any age; 10 years of credited service.	FAC X 1.5% X YOS
Nonduty Death - MIP	If under age 60, 10 years of credited service. If at least age 60, 5 years of credited service.	FAC X 1.5% X YOS
Nonduty Death - Basic	If under age 60, 15 years of credited service. If at least age 60, 10 years of credited service.	FAC X 1.5% X YOS

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.