ORS State Employees DB - Payment Options

ORS State Employees Defined Benefit Plan

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

Michigan.gov Home	ORS Home \| Defined Benefit Plan Home \| Site Map \| Contact ORS \| Glossary


>	Membership

>	Retirement at a Glance

>	Pension Eligibility

>	Pension Formula

	Final Average Compensation (FAC)

	Covered Employees & Conservation Officers

	Payment Options


>	Earning Service Credit

>	Adding to Your Service Credit

>	Your Member Statement

>	Beneficiary/Death Benefits

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Payment Options

More Information:

We recommend the following resources for help in estimating your pension.

Online calculator:
This handy online calculator lets you key in your age, wage, and service information, and quickly estimates your future monthly pension. Click here to estimate your pension now.

Preretirement Orientation Seminars:
If you're within three to five years of retirement you may wish to attend a preretirement seminar sponsored by the Civil Service Commission. Experienced ORS representatives will fully explain the plan and the process before fielding questions from the audience.

You Have a Choice of Payment Options.


Full Retirement Straight Life		Early Reduced
The pension formula (FAC times 1.5% times YOS) calculates your straight life benefit. If you elect the straight life pension, you receive the maximum monthly benefit payable throughout your lifetime.		If you qualify for the early reduced retirement, we first calculate your straight life benefit. Then we apply the one-half percent per month and fraction of a month reduction to arrive at your actual monthly pension.
> More		> More

Survivor Options		Equated Plan
You may choose a survivor option, which pays you less but continues monthly pension payments and health, dental, and vision insurance coverage to your beneficiary if you die.		You could also choose the equated plan if you want your income to remain relatively level both before and after your social security payments begin.
> More		> More

You can combine the choices. For example, you can take an early reduced retirement with a survivor option. You can also take an equated plan with a survivor option.

All calculations begin by figuring your straight life amount. Your straight life amount is then adjusted, depending on which plan or option you are choosing.

Consider your options carefully.

You must choose your payment option when you apply for your pension. After your retirement effective date, you will not be able to change your election or your designated survivor beneficiary for any reason.

Read carefully, ask questions, estimate under various scenarios, talk with your family - but do it before you sign your application papers.

The retirement plan information that appears on this website is intended to summarize basic provisions of Public Act 240 of 1943, 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.