@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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Prepare for retirement by using miAccount. A pension estimate - your most important pension planning tool - can be run from miAccount using the numbers your employer reports to the Michigan Office of Retirement Services (ORS). Log in and run your estimate today. |
2 to 5 years to retirement |
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Log in to miAccount and review your service credit totals for accuracy, and consider whether any credit for refunded service, military service credit, or other service credit is available. |
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Name a beneficiary in miAccount. |
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Use the Estimate Pension function in miAccount to estimate your retirement pension and explore the various payment options. |
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Get an estimate of your retirement benefits from the Social Security Administration website based on your planned retirement effective date. |
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Watch a Planning Your Retirement online presentation. |
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Check out the E-Learning Modules section on our website. |
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Review your current living expenses and project what these will be at retirement. Will your income from all sources cover your projected expenses? |
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Anticipate new or recurring expenses (car, home repairs, healthcare costs), and perhaps take care of some of these before you retire. |
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Evaluate your other investments. When will these funds be available? What are the withdrawal options: lump sum or recurring payments? If you're in the Defined Contribution (DC) Plan or have the Personal Healthcare Fund, Voya Financial can provide you with payout options and tax information. |
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Consider your tax situation. How much will you be required to pay in income taxes? Are there any special tax breaks on retirement income where you live? |
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Time your retirement to fit your goals. Consider these items:
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Begin studying the pension payment options available. |
18 months to retirement |
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Research medical insurance for your family and verify your post-retirement eligibility.
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Will you need individual disability coverage or long-term care insurance? Ask your insurance provider if there is an offset provision for other income received. |
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Evaluate your life insurance needs in comparison to your coverage and consider any conversion rights. |
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Review your estate plan and make sure your will, trust, and powers of attorney are up to date. Understand how your assets pass to others under state law. |
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If you're purchasing service credit, plan it so your purchase will be paid in full while you are still an active (working) member of the retirement system. |
12 months to retirement |
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Get another estimate from the Social Security Administration website. |
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Review our website to be aware of any updates or changes to retirement information. |
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Check the ORS website for the most current version of Planning Your Retirement (R0613C) workbook. |
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If you divorced while an active or deferred member and the court ordered a portion of your pension be paid to an alternate payee, you must have an Eligible Domestic Relations Order (EDRO) on file with ORS before your retirement effective date. You can download a fillable Eligible Domestic Relations Orders: Background and Instructions (R0911X) form. This publication will help you create an accurate and complete EDRO that can be administered under the retirement statute. It is the preferred document to file with ORS. |
6 months to retirement |
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Review your personal account details using miAccount. |
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Read through the health, dental, prescription drug, and vision plan information to learn what benefits are available to you and your dependents in retirement. |
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If you have any questions after you've reviewed our materials, ask an ORS representative by using the secure miAccount Message Board. |
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If you plan to work after you retire, make sure you understand how post-retirement earnings affect your pension and Social Security benefits. |
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Gather any proofs and supporting documents needed to apply as described in the How to Apply section. Do not mail in original documents because they will not be returned. |
3 months to retirement |
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Will you or your spouse be eligible for Medicare at the time of your retirement? You must contact Medicare to enroll in Part A and Part B three months before your retirement effective date. |
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Carefully review the pension payment options. Decide which fits your needs and that of your family before you apply in miAccount and send in your signed documents. |
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Review the insurance carrier options ORS offers and decide on a plan. |
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Notify your personnel office of your intention to retire. |
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Verify all service credit purchases are paid before terminating employment. |
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Apply for retirement online with miAccount. Mail in your insurance enrollment, photocopies of your proofs of age, and any other required proofs. Do not mail in original documents because they will not be returned. |
Retired at last! |
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ORS will send After Retirement (R0614C) along with your award letter. It explains what happens next and things that you should report. |
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Watch for your pension payments on the 25th of each month. |
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Enjoy reading Connections, a quarterly newsletter we send to our retirees so we stay connected. |
| If you divorced while an active or deferred member and the court ordered a portion of your pension be paid to an alternate payee, you must have an Eligible Domestic Relations Order (EDRO) on file with ORS before your retirement effective date. You can download a fillable Eligible Domestic Relations Orders: Background and Instructions (R0911X) form. This publication will help you create an accurate and complete EDRO that can be administered under the retirement statute. It is the preferred document to file with ORS. |
