@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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The Michigan Office of Retirement Services (ORS) offers two Defined Benefit (DB) pension retirement plans within the Michigan Public School Employees' Retirement System for members who first worked in the Michigan Public School Employees' Retirement System before July 1, 2010. In addition to a pension benefit, members in these plans also have access to retiree healthcare plans and death and disability benefits.
Note: If you first began working for a Michigan public school July 1, 2010, or later, you're a member of either the Pension Plus Plan, Pension Plus 2 Plan, or the Defined Contribution (DC) Plan.
You're in the Member Investment Plan (MIP) if you elected MIP during enrollment periods, or if you first worked within the retirement system on or after Jan. 1, 1990, but before July 1, 2010. There are five benefit structures in the MIP: MIP Fixed, MIP Graded, MIP Plus, MIP 7%, and MIP DC Converted. For details, see Member Investment Plan (MIP) At A Glance – an overview of the MIP features. If you're unsure of your benefit structure, log in to miAccount to find out.
You're in the Basic Plan if you began public school employment before Jan. 1, 1990, and did not elect the MIP during the MIP enrollment periods. There are three benefit structures in the Basic Plan: Basic, Basic 4%, and Basic DC Converted. For details, see Basic Plan At a Glance – an overview of the Basic Plan features. If you're unsure of your benefit structure, log in to miAccount to find out.
The Michigan Public School Employees' Retirement System's DB Plan is qualified under section 401(a) of the Internal Revenue Service Code operating under the provisions of Michigan's Public Act (PA) 300 of 1980, as amended (Michigan Compiled Laws 38.1301 et seq.).
The plan is administered by ORS with the oversight of a 12-member board.
Until 1974, both employers and employees contributed to the pension fund. It was then a contributory plan. By 1977 the system was funded entirely through employer contributions a noncontributory plan known as the Basic Plan.
The MIP was introduced in late 1986. Those who were Basic Plan members at the time could choose the MIP, which took effect Jan. 1, 1987. Basic Plan members again had the opportunity to select the MIP in fall 1991.
The MIP and Basic plans were closed to new members starting July 1, 2010. PA 300 of 2012 added provisions for MIP and Basic members to increase, maintain, or stop their contributions to the pension fund. Those who stopped their contributions to the pension fund switched to the DC Plan.
The Michigan Public School Employees' Retirement System collects and compiles employee wage, contribution, and service information from 541 K-12 districts, 36 public school academy/charter schools, seven universities, 28 community colleges, 56 intermediate school districts, and 10 libraries.
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