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401(k)/457 Plans Investment Changes
Effective June 30, 2008, ten new SsgA Target Retirement Asset Allocation funds will replace the three existing asset allocation funds in the state of Michigan 401(k) and 457 plans. The default investment fund will change to the new SsgA Target Retirement Asset Allocation funds for participants who have never elected an investment option. The investment fees for the new funds will be 25 basis points, a 50 percent reduction from the current asset allocation funds.
All plan participants were notified of these changes by mail in May 2008. Click on New Investment Options
or visit the CitiStreet
website for a full description of these changes.
Published on June 19, 2008
| Where are you?
In an effort to keep our records up-to-date and accurate, we are trying to contact inactive members who may not have a current address on file. If you previously worked for the state of Michigan and are not eligible to receive a pension, you may still have contributions on deposit because of that work and it is important that we have up-to-date contact information for you. See if your name is on our list of people we are attempting to contact.
Published on June 11, 2008
| March 2008 Connections is Published
The Office of Retirement Services is pleased to announce the publication of the
March 2008 issue of
Connections, our semiannual retiree newsletter.
Articles in this issue include:
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ORS Launches miAccount
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Returning to Work?
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Message From the Director
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Ask an Expert
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ORS Implements Member IDs
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When to Contact ORS
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Financial Summary for Fiscal Year 2007
Please share your comments and suggestions with us so we can make Connections more valuable by sending an email to: ORSCustomerService@michigan.gov.
Published on March 14, 2008
| Reviewing Your Member Statement
Beginning the week of February 18, 2008, Member Statements were mailed to all active members of
the State Employees Retirement System. Your Member Statement shows your account
activity for the fiscal year ending September 30, 2007, including service credit
earned and any purchased, and contributions and interest.
Click here for more information about your Member Statement.
Published on February 4, 2008
| 2007 CAFR is Published
The 2007 Comprehensive Annual Financial Report (CAFR) for the State Employees Retirement System has been published.
Click
here to view the online version. For a printed copy please contact us.
Published on January 17, 2008
| Southeast Michigan Office Reopens
ORS is reopening its Detroit, Michigan office on January 7,
2008. We will welcome walk-in customers Monday through Thursday from 9:30 to
11:30AM - at the Cadillac Place, 3068 West Grand Boulevard, Suite 4-700. Please
phone (313) 456-4010 before visiting.
Published on January 4, 2008
| 2002 Early Out Sick Leave Payments Ending
In October approximately 2000 of the 2002 Early Out retirees received the
last installment of their sick leave payout.
Also, The November 1 payment will be the final installment for approximately
2,500 additional 2002 Early Out retirees.
There are a few remaining 2002 Early Out retirees who will continue to
receive installments through February 2009 because of extended retirement dates.
More
information about 2002 Early Out Sick Leave Payments
Published on November 1, 2007
| Public Act 95 of 2007
Public Act 95 of 2007 requires that retirees of the State Employees
Retirement System returning to work for the state of Michigan on or after
October 1, 2007, must forfeit their pensions for the duration of their
reemployment.
For more information click here or refer to
PA 95 on
the Michigan Legislature website.
Published on October 24, 2007
| 2007-2008 Insurance Rates
Retiree insurance rates for 2007-2008 are available on the Employee Benefits Civil Service website. The new insurance rates are effective October 1, 2007.
Visit the Civil Service website and then look under 2007-2008 Insurance
Rates. Other information that may be of interest to you on the Civil Service website are the newsletters and bulletins and the Retirees' State Health Plan book.
Published on September 5, 2007
| Temporary Layoff Information
Section 38.1c of the
State Employees Retirement Act defines a "designated temporary layoff" as a
layoff "that does not exceed one month and has a fixed, predetermined, and
announced recall date." If temporary layoffs are implemented in your department,
it will have the following effect on your Defined Benefit plan pension.
Accumulation of Service Credit: You will earn
service credit for temporary layoff hours as if you have worked those hours.
Pension Calculation: Your pension is calculated based on the average
of your highest three consecutive years of earnings with the state. This is
called your
final average compensation, or FAC.
Section 38.1e(1) of the Retirement Act states that an employee's FAC includes
"the value of the hours not worked calculated at the member's hourly rate or
rates of pay in effect immediately before the applicable final average
compensation period."
For example, if your three-year FAC period included three temporary layoff
days, the Office of Retirement Services would go back and pick up three days
immediately prior to the three-year FAC period to provide you with a full three
years of compensation to calculate your FAC amount.
Visit the Department
of Civil Service website for a further explanation of any layoff provisions.
Published on May 2, 2007
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