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What are the retirement plan options for employees new to Michigan public schools who first work on or after February 1, 2018?
These employees will have two retirement plan options: a modified DC plan and a new hybrid plan called Pension Plus 2. Pension Plus 2, like the existing Pension Plus plan, has both a pension component and a savings component. No changes were made to retiree healthcare benefits, so all new employees will have the Personal Healthcare Fund (PHF) retiree healthcare plan.