Your Final Average Compensation
You qualify for a full retirement at any age with 25 years of service.
If you leave state police employment with ten or more years of service, but fewer than 25 years of service, you will qualify for a deferred retirement at age 50.
You may qualify for a disability pension if you become permanently disabled while a member of this retirement system. The retirement system offers two types of disability pensions, duty and nonduty.
Your spouse or children may qualify for a nonduty or duty preretirement survivor pension if you die before retiring.
When your retirement application is processed, we forward your insurance enrollment information to your chosen health, dental, and vision insurance carriers. You should receive insurance identification cards a few weeks after your pension begins.
As a retiree, your state-sponsored life insurance continues for you and your dependents at no charge to you. Your coverage is 25 percent of the coverage you carried when you left work; your dependents' policies are capped at $1,000 each.
The state of Michigan now offers individual Long-Term Care Insurance (LTC) through LifeSecure. To view LTC plan details, visit the Employee Benefits Division of the Michigan Civil Service Commission under Retiree Eligibility. If you previously enrolled in a state-sponsored LTC plan with Prudential or MetLife, you
Power of Attorney and Advance Directives Resources
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You know how important it is to have a plan for your retirement years, and we don't just mean what kind of fish you're going to catch or what project you're going to take on. Everyone, regardless of age, should know how much money will be needed in retirement, and have a plan for reaching that goal. Here are a few items you may not have considered.
You know that your final average compensation (FAC) affects your pension amount. Your FAC is the average of your final two years of compensation.
Increasing your FAC will increase your pension amount. The best way to do that, of course, is to accept that pay raise or promotion you deserve. Another is to work overtime or save up your annual leave.
Taking your annual leave as a payout, rather than using it before you retire, might boost your FAC and thereby your pension amount. The most common types of leave payouts that can count in your FAC include up to 240 hours of annual leave paid at retirement, compensatory (comp) time paid at retirement, and longevity earned during the FAC period.
See details on what counts and does not count in your FAC.
Don't overlook your deferred compensation 401(k) and 457 plans as a way to boost your income in retirement. Remind yourself of the tax advantages when you contribute to your account through biweekly payroll deductions. And refresh your knowledge of all the higher limits and additional incentives the law permits for savers age 50 and older.
If you'd like more information or wish to increase your deferred compensation contributions, contact Voya Financial soon. Most transactions can be handled via Voya's fully interactive website, or you can call 800-748-6128 during normal office hours. You might also want to review Voya's Payout Guide so you know the different ways you can have your account paid out to you when the time comes.