@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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Inactive member: A person who stopped working for a Michigan public school before becoming vested (has fewer than 10 years of service credit) and is not eligible to draw a pension.
Deferred member:A person who stopped working for a Michigan public school after becoming vested with 10 years of service credit, but before reaching the age requirement to draw a pension.
PA 300 of 2012, grants Michigan public school employees who are in the Basic, MIP, or Pension Plus plans a retiree healthcare election; Basic and MIP members also have a pension election. Members must meet all of the following criteria to be eligible to make the election(s):
*A professional services leave (PSL) is defined as a leave of absence that is renewed annually by your employer so that you can accept a position with a reporting unit employee organization to which you belong and that also represents your employer in employment matters, such as a union.
All members eligible for an election will see their options when they log in to miAccount. If you do not see an election option when you log in to miAccount, you are not eligible to make an election. Eligibility is based on information public school employers reported to ORS.
If you are on any other type of leave of absence on September 3, 2012, and did not earn any service credit in the 12 months ending September 3, 2012, you do not qualify to make any election.
If you are on layoff status now and did not earn service credit in the 12 months ending September 3, 2012, you do not qualify to make an election. If you are on layoff status now but did earn service credit in the 12 months ending September 3, 2012, check with your employer to see if you are considered an "active" employee or not. If your employer considers a person on "layoff" status as not an active employee, then you do not qualify to make an election.
If you are an inactive or deferred member, you are not eligible to make an election.
However, provisions of the law might still affect you.
Under the new legislation, if you are an inactive (nonvested) or deferred member who made the 3 percent contributions to the Retiree Healthcare Fund but do not qualify for any premium subsidy benefit, you can request a refund of your contributions when you reach age 60. The refunds would be issued in equal monthly installments over a 60-month (5 year) period as a supplemental retirement allowance. Contact ORS for instructions on requesting your refund.
If you are a deferred member who qualifies for the premium subsidy benefit (Basic, MIP-Fixed and MIP-Graded with 21-29 years of service) or a graded premium subsidy benefit (MIP Plus or Pension Plus with over 10 years of service), note that the legislation sets the maximum subsidy allowed at 80 percent beginning January 1, 2013 (90 percent for those Medicare eligible and enrolled in the insurances on that date). Click here to learn more about the subsidy benefits.
If you are an inactive (nonvested) or deferred member who returns to public school employment on or after September 4, 2012, you will contribute 3 percent of compensation to the Retiree Healthcare Fund and retain the premium subsidy benefit (Basic, MIP-Fixed and MIP-Graded) or graded premium subsidy benefit (MIP Plus or Pension Plus). If you are a nonvested member who subsequently leaves public school employment and does not qualify for any premium subsidy benefit, you can request a refund of your 3 percent contributions when you reach age 60, as noted above.
If you are a deferred or inactive (nonvested) member in the Basic or MIP plans, who returns to public school employment on or after September 4, 2012, your pension formula will change. The pension formula for your years of service as of the day before the transition date** will include your Final Average Compensation (FAC) at retirement and a 1.5 percent pension factor. The pension formula for any service thereafter would include your Final Average Compensation (FAC) at retirement and a 1.25 percent pension factor.
**Your transition date is defined as the first day of the pay period that begins on or after December 1, 2012.
If you are a deferred member who does not return to public school employment, there is no change to your pension formula.
There is no change to the pension formula for Pension Plus participants.
Take this opportunity to log into miAccount to review and update your contact information, designate your beneficiaries, and run pension estimates.