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Eligibility/Vesting

When can I retire?




With the Pension Component of the Pension Plus 2 plan, you are eligible to receive a monthly pension when you reach the regular retirement age, currently set at age 60, and you have the equivalent of 10 years of full-time public school employment. You are vested for your pension when you have the equivalent of 10 years of full-time public school employment.

Note: The current age for receiving benefits is 60. As Americans live and work longer, this may increase by one year for every year that life expectancy grows. If the retirement age increases to 61, members within 5 years of retirement age will be unaffected.

 

The earliest you could begin withdrawing funds from your retirement investment account is 45 days after your termination from Michigan public school employment. If you take distributions from your 401(k) prior to age 59½, an early withdrawal penalty may apply.

Your contributions to your retirement investment account and any earnings on those contributions are always yours, regardless of your years of service. You become 100 percent vested in your employer’s contributions and any earnings on those contributions after 4 years of service.

  Your Contributions Employer Contributions
Years of Service Percent Vested Percent Vested
Before 1 Year 100% 0%
After 1 Year 100% 0%
After 2 Years 100% 50%
After 3 Years 100% 75%
After 4 Years 100% 100%

 

 

 

 
 
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Pension Plus 2