STATE OF MICHIGAN PENSION PLUS 2 PLAN HIGHLIGHTS

Michigan Public School Employees' Retirement System

Saving Today, Planning for Tomorrow

Welcome to the new State of Michigan Pension Plus 2 website. Please note our site has moved, and you will need to update any bookmarks. If you have any questions, please contact Voya at 517-284-4422.

The Pension Plus 2 retirement plan pairs a guaranteed retirement income with a flexible retirement savings account. It also provides death and disability benefits and the Personal Healthcare Fund which can be used to save for retiree healthcare expenses.

  • The Pension Component: This piece of your plan guarantees you a lifetime pension once you meet age and service requirements.
  • The Savings Component: You’re enrolled in a tax-deferred retirement savings account so you can enhance your savings for retirement.

Updates

Working after retirement legislative update

Public Act (PA) 147 of 2023 was signed into law Oct. 10, 2023. The law changes working after retirement rules for public school retirees through Oct. 10, 2028. Under the new law, public school retirees may return to work at a reporting unit after retirement with no impact on their pension or premium subsidy benefit if they have a bona fide termination and they either earn less than $15,100 in a calendar year from their public school employment or they've been retired six consecutive months. It also changes the rules for retired superintendents who return to work at a reporting unit after retirement. For more information about the changes, see PA 147 of 2023 (previously House Bill 4752 of 2023).

Public Act 250 of 2023

Public Act (PA) 250 of 2023, which was signed into law Nov. 30, 2023, changes the default retirement option for employees who first work at a Michigan public school on or after July 1, 2024. For more information about the changes, see PA 250 of 2023 (previously House Bill 5021 of 2023) or read the legislative summary.

Your Pension Plus 2 Partners

You are the most important player in your Pension Plus 2 retirement plan. Your employer, ORS, and Voya are here to help you reach your retirement goals, but it is up to you to contribute toward your retirement plan and manage it throughout your career.

Besides equipping you with one of the best retirement plans around, your employer contributes to your Pension Plus 2 plan and reports your wages, service, and pension contributions to the Michigan Office of Retirement Services (ORS).

MORS LogoThe Michigan Office of Retirement Services (ORS) administers retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard members. ORS serves over 598,000 active and retired customers representing approximately one out of every eight Michigan households. Within these systems, ORS administers multiple retirement plans ranging from full Defined Benefit pension to full Defined Contribution, as well as three hybrid plans. ORS is responsible for the 21st largest public pension system in the U.S. and the 49th largest pension system in the world with net assets of $96.2 billion. Combined Defined Benefit and Defined Contribution assets are $108.8 billion. ORS is a division of Michigan's Department of Technology, Management and Budget and works with Voya Financial to administer the State of Michigan 401(k) and 457 Plans (the Plans).

Voya LogoVoya Financial (NYSE: VOYA) is the company that takes care of the daily servicing of the State of Michigan 401(k) and 457 Plans, providing you with plan information, saving and investing education, transaction processing, statements and more. Voya serves the financial needs of millions of individual and institutional customers in the United States. Voya is grounded in a clear mission to make a secure financial future possible – one person, one family, and one institution at a time. Voya also provides valuable online tools and resources to help you plan and set goals for your retirement. For more information, visit Voya.com.

Information from registered Plan Service Representatives is for educational purposes only and is not legal, tax or investment advice. Local Plan Service Representatives are registered representatives of Voya Financial Advisors, Inc., member SIPC. Plan administrative services are provided by Voya Institutional Plan Services, LLC (VIPS). VIPS is a member of the Voya® family of companies and is not affiliated with the Michigan Office of Retirement Services.