Your Retirement Plan A Member Handbook for Michigan’s Public School

Your Retirement Plan A Member Handbook for Michigan’s Public School Employees Public School Employees Retirement System State of Michigan October 2009 About the Office of Retirement Services The Office of Retirement Ser vices (ORS) is a division of the State of Michigan’s Department of Management and Budget. ORS administers retirement programs for more than half million Michigan state and public school employees, judges, and state police. About This Publication The intent of this publication is to summarize basic plan provisions under Michigan’s Public Act 300 of 1980, as amended. Current laws, rates, and factors are subject to change. Should there be discrepancies between this publication and the actual law, the provisions of the law govern. This publication can be made

available in alternative formats to meet the needs of our customers with visual or physical limitations. Please contact ORS if you require this service. Total Copies Printed: 10,000 Total Cost: $9,773.31 Cost per Copy: $0.98 October 2009 R0611C Your Retirement Plan A Member Handbook for members of the Michigan Public School Employees Retirement System Office of Retirement Ser vices Department of Management and Budget State of Michigan Contents I. About This Publication 6 II. Plan Membership 7 The Basic Plan and the Member Investment Plan 7 Who Is a Member? 7 III. Contributing to the Plan 10 Your Personal Contributions 11 Monitor Your Account 13 If You Leave Public School Employment 14 IV. The Basics of Your Plan 15 How You Earn Service Credit 15 Qualifying for Your Pension 17 V. Adding to Your Service Credit 21 Why Boost Your Service Credit? 21 Considering a Purchase? 22 Types of Service Credit 24 The Cost of Service Credit 25 How to Purchase 26 Contents VI. Additional Benefits for You and Your Dependents 28 If You Become Disabled 28 Insurance in Retirement 29 Upon Your Death 30 VII. Reaching Your Retirement Goals 34 What You Need To Do 34 Have a Plan and Follow it 35 Stay in Touch with ORS 36 VIII. We’re Here to Help 37 Other ORS Publications 38 Appendix A: Retirement At A Glance 39 Appendix B: MIP–Basic Plan Comparison 40 Appendix C: Calculating Actuarial Cost 41 Index 44 I. About This Publication Because it is so essential to plan for your retirement early in life, this handbook aims to give you enough general information about your pension so that—between your pension, social security, and personal savings—your retirement is all you hope it will be. Besides some general histor y about the system and its administration, this book explains how and when you will qualify for a pension and how your pension will be calculated. It includes guidelines on how to enhance your retirement by purchasing ser vice credit. You’ll also find information you’ll need if you leave public school employment, as well as an over view of the plan’s disability protection, insurance, and sur vivor benefits. Take charge of your retirement! Your pension is one of your most valuable assets—it is important that you monitor its value throughout your career so you can plan for additional sources of income in retirement. Manage your plan with miAccount, our...

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