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Member Investment Plan at a Glance

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Michigan Office of Retirement Services

Member Investment Plan at a Glance

Here's an overview of the Member Investment Plan (MIP) 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.

MIP at a Glance

MIP

Membership:

  • MIP Fixed: Elected the MIP before Jan. 1, 1990, or were a Basic Plan participant who enrolled in the MIP by Jan. 1, 1993.
  • MIP Graded: First worked between Jan. 1, 1990, and June 30, 2008, or are a returning member who did not work between Jan. 1, 1987, and Dec. 31, 1989.
  • MIP Plus: First worked between July 1, 2008, and June 30, 2010.

Vesting:

  • 10 years.
  • 5 years if retiring under the 60 with 5 provision.

Pension Factor:

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

DB Pension Contributions:

  • 3%-6.4%.

Eligibility:

  • 46 with 30.
  • 60 with 10.
  • 60 with 5 (with stipulations).
  • 55 with 15 (with stipulations).

Final Average Compensation Period:

  • 36 months.

Retiree Healthcare:

  • Premium subsidy benefit or
  • Personal Healthcare Fund.

Nonduty Death Benefit Eligibility:

  • 10 years if member under age 60 at time of death.
  • 5 years if member 60 or older at time of death.

MIP 7%

Membership:

  • Members who elected MIP during enrollment periods.
  • or first worked on or after Jan. 1, 1990, but before July 1, 2010,
  • and chose higher contribution rate beginning Feb. 1, 2013.*

Vesting:

  • 10 years.
  • 5 years if retiring under the 60 with 5 provision.

Pension Factor:

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

DB Pension Contributions:

  • 7%.

Eligibility:

  • 46 with 30.
  • 60 with 10.
  • 60 with 5 (with stipulations).
  • 55 with 15 (with stipulations).

Final Average Compensation Period:

  • 36 months.

Retiree Healthcare:

  • Premium subsidy benefit or
  • Personal Healthcare Fund.

Nonduty Death Benefit Eligibility:

  • 10 years if member under age 60 at time of death.
  • 5 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.

MIP DC Converted

Membership:

  • Members who elected MIP during enrollment periods.
  • or first worked on or after Jan. 1, 1990, but before July 1, 2010,
  • and chose to convert to the Defined Contribution (DC) Plan on Feb. 1, 2013.*

Vesting:

  • Defined Benefit (DB): 10 years or 5 years if retiring under the 60 with 5 provision.
  • DC: 4 years.

Pension Factor:

  • 1.5%.

DB Pension Contributions:

  • None after Feb. 1, 2013.*

Eligibility:

  • 46 with 30.
  • 60 with 10.
  • 60 with 5 (with stipulations).
  • 55 with 15 (with stipulations).

Final Average Compensation Period:

  • 36 months.

Retiree Healthcare:

  • Premium subsidy benefit or
  • Personal Healthcare Fund.

Nonduty Death Benefit Eligibility:

  • 10 years if member under age 60 at time of death.
  • 5 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.