Defined Contribution Plan Reform > General Information
Changes do not affect current retirees or members who switched to the Defined Contribution (DC) plan during the open enrollment window in 1998.
The election window is closed. Retirement reform changes take effect April 1, 2012.
Select your election option below to learn more information. If you're not sure which election you made, check the letter you received from ORS in mid-March, or log in to miAccount and check the Account Summary page. If you were hired after December 31, 2011, visit stateofmi.ingplans.com for information about your retirement plan. |
More information
Option 1: Graded Premium Subsidy. You'll retain the current retiree health insurance graded premium subsidy offered by the state upon your retirement.
Option 2: Personal Healthcare Fund. We'll establish a personal, portable fund for you which can be used for paying healthcare expenses in retirement. You'll receive up to a 2 percent matching employer contribution into your 401(k) account if you contribute 2 percent of your pay, and a lump-sum credit to a tax-deferred account when you terminate employment.
Questions?
We've answered most of your questions in our Frequently Asked Questions; click here to read the FAQs. |
Printer Friendly
Text Version
Twitter
Facebook
Yahoo
Google
Digg
Newsvine
StumbleUpon
Bookmark
Email Page