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What to Expect After You Apply
Here is what happens from the time you send ORS your completed retirement application to when you begin receiving regular monthly pension payments. Remember, these dates are approximate and represent the minimum time required to complete each process.
When we receive your application, we review it to make sure all required information and documentation were submitted. If anything is missing or incomplete, we’ll contact you with an explanation of what is needed, and your application may be delayed.
Benefit summary and preliminary estimate
When you submit your retirement application through miAccount., a summary of your selections is immediately available to you including your retirement effective date and tax exemptions requested. It will also give you a preliminary pension estimate.
Final salary confirmation
After your termination date, we will verify your last day worked and your final salary. Your payroll record does not reflect this information until you terminate employment and receive your final paycheck. This step ensures all your wages are reported along with any final payouts.
Once we have your final wage and service information, we will verify your pension eligibility and put you on the retirement payroll. You'll get an award letter that tells you how much your pension payment is and when you can expect it. This letter details how your pension was calculated as well as any deductions reflected in the payment amount. Keep the information in a safe place so you have and easy-to-find record of your pension benefits.
First pension payment
Your first pension payment should arrive in the month of your retirement effective date, provided you meet all eligibility requirements and all required retirement forms and proofs are on file with ORS. If that first payment is delayed while we gather final salary information, you will be paid retroactive to your retirement effective date.
Ongoing pension payments
Pensions are paid on the 25th of each month for the month they are due. If the 25th falls on a weekend or holiday, watch for your payment on the preceding business day. December payments are issued about one week early.
Your pension statements
Your statements are available at any time in miAccount. You will also be mailed a statement periodically.
If you disagree with a decision
If you disagree with a determination made by ORS concerning your retirement benefits, you may request a review by writing to ORS stating the basis for your disagreement and providing all information which you believe supports your position. Your request will be thoroughly reviewed and you will be notified in writing of the outcome.
Any overpayment must be recovered
The retirement law requires ORS to correct any payment errors. As a result, any person who receives a benefit payment in error will be required to repay the benefit.
Voya Financial® will send you information about payout options from your retirement investment account(s). You can also contact Voya® at (800) 748-6128 or stateofmi.voya.com to request the Payout Guide.
Once you're retired, there is no active link between human resources data and Voya. Therefore, if you update your address, phone, or email with ORS, you will also need to contact Voya to report changes that affect your retirement investment accounts.