Reform Alert # 33 – Senate Bill 1360 Passes, Headed To Governor for Signature

Michigan Office of Retirement Services sent this bulletin at 12/11/2012 05:33 PM EST

MPSERS reform

December 11, 2012

Reform Alert # 33 – Senate Bill 1360 Passes, Headed To Governor for Signature

This Reform Alert has important information for retirement reporting and human resource staff.

The Michigan legislature has recently passed SB1360 that reforms the Michigan Public School Employees' Retirement System (MPSERS). If the legislation is signed by the Governor and becomes law, it is scheduled to take effect immediately. This legislation would close the pension and retiree healthcare reform election window at 5:00 p.m. EDT, on Wednesday, January 9, 2013, and changes the transition date to February 1, 2013.

What does this mean for your employees?

If your employees have made their election choices, they can review or change their election by logging in to miAccount. Changes are permissible as long as the election window remains open.

If they have not made their election choices, they should log into miAccount and complete the following steps:

- Educate themselves to understand their choices;

- Use the tools and calculators to help make their decision, and;

- Make their election(s) before the window closes.

Trouble logging in? Use the buttons on the right hand of the login page, or view our Getting Started in miAccount tutorial.

What can employers do for their employees?

ORS will be contacting you to advise you of your employees who have not yet logged into miAccount. Please, take action and personally encourage your employees to make their elections with a personal call or email to remind them to log in, get informed, and make their election before the window closes.

What must employers do?

Validate your active employees NOW. To ensure we can provide you with an accurate Election Choice file after the window closes it is imperative that you notify ORS immediately when an employee terminates. Please refer to Reform Alert #12 – New Procedure for Validating Active Employees for instructions.

If you have any questions, please contact ORS_Web_Reporting@michigan.gov.

State of Michigan | Department of Technology, Management & Budget | Office of Retirement Services
P.O. Box 30171 | Lansing, MI 48909-7671 | www.michigan.gov/psru

Please do not reply to this email. This mailbox is not monitored and you will not receive a response. For assistance, contact ORS_Web_Reporting@michigan.gov.

The retirement plan information that appears in this email is intended to summarize basic provisions of Public Act 300 of 1980, as amended. Current laws, rates, and factors are subject to change. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern.