@media screen and (max-width: 550px){ .splitCol.col_3.NONE{ display: inline-block; clear:both !important; } } Sometimes mistakes happen in the rush to submit documents before your retirement effective date, which require time and attention to resolve. The time needed to correct errors could delay your first pension check or insurance e
Your eligible dependents may receive health, dental, and vision insurance. Your spouse is an eligible dependent to be covered. If he or she is also a public school retiree, you will be covered together under one contract.
Effective July 1, 2013, Prudential will no longer accept new applications for long-term care. For questions about your long-term care insurance through Prudential, call (800) 732-0416, or visit the Prudential website. For questions about your long-term care insurance through MetLife, call
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Here's what happens from the time you apply for retirement in miAccount and submit all required documents to when you begin receiving regular monthly pension payments. You can check the status of your application by logging in to miAccount and clicking Click Here to Check Status of Retirement Application. This link is in the Name/Account status box in miAccount.
When you submit your retirement application in miAccount, a summary of your selections is immediately available to you in miAccount. This summary will include your retirement effective date, pension option, beneficiary, insurance choices, direct deposit instructions, and requested tax withholdings. It'll also give you a preliminary pension estimate which won't include your final salary, final payouts, or any recently purchased service credit.
After you submit your application to the Michigan Office of Retirement Services (ORS), we review it to make sure it has all the required information and documentation. If anything is missing or incomplete, we'll contact you by email and letter with an explanation of what we still need; this could delay processing your application.
About 45 days before your retirement effective date, we'll request your last day worked and final payroll information from your employer(s). Your employer provides details of your wages along with any pay received in addition to your base contract such as retroactive contract settlements, longevity, overtime pay, etc.
ORS can't make a final eligibility determination until every employer you worked for during your final average compensation period has submitted your final payroll details.
In order to provide your first pension payment on time, we may not wait for your final payroll details from your employer to calculate your pension — we would use the payroll information already reported. If this situation applies to you, we'll send you an initial benefit award letter detailing your initial pension calculation and insurance information.
If your first payment is delayed while we gather final salary information, you'll be paid retroactive to your retirement effective date.
Pensions are paid on the 25th of each month for the month they're due. If the 25th falls on a weekend or holiday, watch for your payment on the business day before. (December payments are issued about one week early.)
Your statements are available at any time in miAccount.
You can obtain your federal Form 1099-R using miAccount. This pension income statement reports the payments made to you during the previous year and any taxes withheld. You'll need it to file your income tax return. Each January, ORS will also send you a Form 1099-R.
When we process your retirement application, we forward your insurance enrollment information to the health, prescription drug, dental, and vision insurance carriers. Each insurance carrier will mail identification cards and materials directly to you. If you need health services before your cards arrive, contact the insurance carrier directly to get your policy number or to verify coverage.
If you're in the Defined Contribution retirement plan or the Personal Healthcare Fund and you would like to learn more about your options for your accounts, contact Voya Financial at 800-748-6128 or visit its website.
Once you're retired, there is no active link between your former human resources office and Voya. Therefore, you'll need to report any changes to your address, phone, email, and dependent information with ORS and also with Voya.
If you disagree with a determination made by ORS concerning your retirement benefits, you may request a review by writing to ORS, stating the basis for your disagreement and providing all information you believe supports your position. Your request will be thoroughly reviewed, and you'll be notified in writing of the outcome.
Section 415(b) of the IRS code, which limits the amount of a pension that is payable from a defined benefit plan, affects a small group of retirees who earned a very high pension. If you're in this group, ORS will let you know how the pension amount that exceeds the IRS limit will be paid to you.
The retirement law requires ORS to correct any payment errors. As a result, any person who receives a payment in error will be required to repay it. This also applies if you're underpaid — if your payroll office reports a wage correction that results in an underpayment of benefits to you, you'll be reimbursed.
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