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Basic Plans at a Glance

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Michigan Office of Retirement Services

Basic Plans at a Glance

Here's an overview of the Basic benefit structures. If you're unsure of your benefit structure or retiree healthcare plan, you can find out by logging in to miAccount. Click on any of the subjects for more details.

Basic Plans at a Glance

Basic

Membership:

  • Members who did not elect the Member Investment Plan (MIP) during the MIP enrollment periods or did not work after Dec. 31, 1986.

Vesting:

  • 10 years.

Pension Factor:

  • 1.5% up to Feb. 1, 2013.
  • 1.25% after Feb. 1, 2013.

DB Pension Contributions:

  • None.

Eligibility:

  • 55 with 30.
  • 60 with 10.
  • 55 with 15 (with stipulations).

Final Average Compensation Period:

  • 60 months.

Retiree Healthcare:

  • Premium subsidy benefit or
  • Personal Healthcare Fund.

Nonduty Death Benefit Eligibility:

  • 15 years if member younger than age 60 at time of death.
  • 10 years if member 60 or older at time of death.

Basic 4%

Membership:

  • Members who did not elect the MIP during the MIP enrollment periods or did not work after Dec. 31, 1986, and chose the 4% contribution rate beginning Feb. 1, 2013*.

Vesting:

  • 10 years.

Pension Factor:

  • 1.5% or
  • 1.5% up to 30 years and 1.25% after 30 years.

DB Pension Contributions:

  • 4%.

Eligibility:

  • 55 with 30.
  • 60 with 10.
  • 55 with 15 (with stipulations).

Final Average Compensation Period:

  • 60 months.

Retiree Healthcare:

  • Premium subsidy benefit or
  • Personal Healthcare Fund.

Nonduty Death Benefit Eligibility:

  • 15 years if member younger than age 60 at time of death.
  • 10 years if member 60 or older at time of death.

*The date your plan changes took effect was based on your transition date. The exact date depends on your school district's payroll cycle.

Basic DC Converted

Membership:

  • Members who did not elect the MIP during the MIP enrollment periods or did not work after Dec. 31, 1986, and chose to convert to the Defined Contribution (DC) Plan Feb. 1, 2013*.

Vesting:

  • Defined Benefit (DB): 10 years.
  • DC: 4 years.

Pension Factor:

  • 1.5%.

DB Pension Contributions:

  • None.

Eligibility:

  • 55 with 30.
  • 60 with 10.
  • 55 with 15 (with stipulations).

Final Average Compensation Period:

  • 60 months.

Retiree Healthcare:

  • Premium subsidy benefit or
  • Personal Healthcare Fund.

Nonduty Death Benefit Eligibility:

  • 15 years if member younger than age 60 at time of death.
  • 10 years if member 60 or older at time of death.

*The date your plan changes took effect was based on your transition date. The exact date depends on your school district's payroll cycle.