@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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By law, we must keep your defined benefit (DB) pension contributions and Retiree Healthcare Fund contributions separate in order to pay for your pension and, if you qualify, healthcare benefits. Your contributions are always paid out first.
Because we keep detailed account balances and provide them to plan members, they often think that they'll get this amount over and above their pension when they retire. This is not the case. It's only when you leave the system before you're eligible for a pension or if you die while receiving a benefit with contributions still on file, that your DB pension contributions could be refunded. When your payments begin, payments are first made from the DB pension contributions you paid into the system during your career. Once your DB pension contributions have been depleted (usually within two years after retirement) there would be no money left to refund. Your pension is a lifetime benefit and will continue being paid from the pension system after your DB pension contributions are exhausted.
As your employer forwards your DB pension contributions to the Michigan Office of Retirement Services (ORS), we credit your account. At the close of each school fiscal year, we also credit you with interest on your DB pension contributions on account for a full year. The interest rate on these contributions varies because it is statutorily determined each year based on the rate of investment return. Here's a history of the DB Plan interest rates.
If you purchased service credit or have any post-tax contributions (from before 1974), we'll keep track of those contributions separately. These funds will also earn interest after they've been on account for a full year. The interest rate of these funds is the same as the DB pension interest rate. Interest is posted at the end of each school fiscal year.
Some additional notes about how your contributions affect your pension:
Your public school employment must be terminated for at least six months before you can apply for a refund in miAccount. If your public school employment has been terminated for less than six months, you must complete a paper Refund Application (R0311C). A paper application is required because your school district must certify you have ended all employment with the reporting unit before ORS can issue a refund.
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