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Supreme Court Rules on PA 75 and 3% Healthcare Contributions
The Supreme Court has ruled that PA 75 of 2010, which was in effect from July 2010 until September 2012 and mandated that members contribute 3% of their compensation to the Retiree Healthcare Fund, is unconstitutional and that member contributions (which are currently being held in escrow) shall be refunded to members. ORS is working to implement the Supreme Court’s decision and return contributions to the school districts where the contributions were withheld. These refunds will be issued to members through the school districts. Additional information will be provided to members and school districts regarding the timing and amounts of forthcoming refunds as soon as it becomes available. FAQs about PA 75 and 3% Healthcare Contributions are available here.
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 bill passed by the House is available here:
The bill introduced by the Senate is here:
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.