Reform Alert # 38 – Open Service Credit Billings May Expire Early Based on Member Election

Michigan Office of Retirement Services sent this bulletin at 12/20/2012 03:07 PM EST

MPSERS reform

December 20, 2012

Reform Alert # 38 – Open Service Credit Billings May Expire Early Based on Member Election

Depending on the retirement plan your employees elect during the MPSERS 2012 Reform, an open billing statement may expire earlier than the June 30, 2013, expiration date printed on the statement. If your employees’ election choice reduces their pension factor to 1.25% (Option 3 or Option 2, once they reach attainment or 30 years of service), their billing statement will expire on January 31, 2013, or when they reach 30 years of service, whichever comes first. If your employees elect the Defined Contribution Plan (Option 4), their billing statements will expire on January 31, 2013.

As soon as they are available, the new actuarial rates will be posted to the member website at www.michigan.gov/orsschools under Service Credit – Earning and Purchasing - Calculating Actuarial Cost.

Members with current open Member Billing Statements will be sent a letter informing them of these changes.

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.