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News & Updates

MEMBERSHIP

You're in the Pension Plus retirement plan for Michigan public school members if you:

First worked for a Michigan public school between July 1, 2010, and September 3, 2012.
   
First worked for a Michigan public school on or after September 4, 2012, and you did not choose the Defined Contribution (DC) retirement plan.
   

MPSERS Legislative Update

Public Act 92 of 2017, which was signed into law on July 13, does not affect employees who became members in the Pension Plus plan before February 1, 2018. The new law does make changes to the retirement plan options for members who first work on or after February 1, 2018. For more information about the changes, you can read our Legislative Summary, or you can review PA 92 of 2017 (previously SB 0401).

On June 20, the House passed Senate Bill 401, in the exact same form passed by the Senate.  The bill was delivered to the Governor’s desk, and he is expected to sign it. The bill passed by both the House and Senate is available here: http://www.legislature.mi.gov/documents/2017-2018/billengrossed/Senate/pdf/2017-SEBH-0401.pdf.

Published on June 16, 2017
The governor and legislative leaders came to an agreement on changes to the public school employees’ retirement plan. Those changes are going through the normal legislative process. On June 15, both the House and the Senate passed identical MPSERS reform bills (HB4647 and SB401). The next step is for the House or the Senate to pass one of the two and advance it to the governor for signature. There is a 5-day waiting period before the next vote can happen.

The bill passed by the House is available here:
http://www.legislature.mi.gov/documents/2017-2018/billengrossed/House/pdf/2017-HEBH-4647.pdf

The bill introduced by the Senate is here:
http://www.legislature.mi.gov/documents/2017-2018/billintroduced/Senate/pdf/2017-SIB-0401.pdf

Court of Appeals rules on PA 75

On June 7, 2016 the Michigan Court of Appeals ruled on PA 75 and the 3% healthcare contributions that are being held in escrow for public school retirees. The court remanded the ruling back to the trial court, and we are waiting on an order from the trial court to proceed. For updates, please stay tuned to our website and Facebook.

Fund Name Change

Effective May 1, 2014, as part of ING U.S. becoming Voya Financial®, the ING Small Cap Growth Equity Fund name will change to Voya Small Cap Growth Equity Fund. Even though you will see a new fund name, nothing will change with respect to your account(s), and no action is required on your part.

Come join the conversation with the Office of Retirement Services (ORS) on Facebook!

We'll be sharing helpful information about retirement planning, links to free resources provided by ORS, and news updates — all to help you prepare for retirement. Plus, we'll be having a bit of fun. We want to connect and keep you informed.

Setting a retirement goal: Getting started

Voya® recently presented an online webcast covering your retirement income needs, sources of potential retirement income, and strategies for building a strong financial foundation. Click here to check it out.

 
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