ProActive 2017 Spring Newsletter

Michigan Office of Retirement Services sent this bulletin at 05/25/2017 01:49 PM EDT
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Hello Friend

Your Plan:

ORS

http://www.Michigan.gov/ORS

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In this issue

Spring 2017 - Messages from your Retirement System
Director Kerrie Vanden Bosch

From Kerrie's Desk

Notes from ORS Director Kerrie Vanden Bosch

Welcome to our spring ProActive newsletter! We hope you enjoy our articles intended to provide you with helpful resources and food for thought.


At ORS, we strive to provide you with excellent service at a low cost. The services we provide help equip you with the power not only to be financially self-sufficient at retirement, but also to help support Michigan’s economy and make Michigan a great place to live.


Just like you’re on a budget, we’re on a budget, too. In 2015, our total pension administration cost was $57 per active member and retiree, which was $34 below the average cost of peer systems of similar size. Even though we serve close to 550,000 members—nearly the population of Wyoming—our service quality is not compromised.  Our active member satisfaction levels remain high: respondents gave us a satisfaction score of 84.4 percent on our last active member survey.


I am proud of the work we do to provide retirement planning and other services to members of our community who are serving as hard-working public school employees, police officers, state employees, military personnel, and judges. We appreciate the trust you place in ORS. We will continue to work hard on your behalf to ensure the continuity of your benefits and strive to provide a high level of service.
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Should You Stay or Should You Go?

Are you considering whether to change occupations and possibly leave your retirement system? Be sure you are knowledgeable of your current plan and where you stand before making your decision.

 

ORS and Voya Financial® have resources available to provide details and aid in your planning. Be sure to visit our websites to tap into these resources. Below are a few items for consideration.

  •  Use miAccount to review your retirement account with ORS. Make sure you understand how your termination could affect your future retirement benefits.
  •  Understand how being vested or not can affect your options.
  •  Be sure your beneficiary designations are on file with ORS and Voya® before you terminate employment.
  •  If you have contributions on deposit with Voya, be sure you understand your options for your 401(k) and/or 457 plan accounts.
  •  After you leave, keep your mailing address, email address and beneficiary information updated using miAccount.
  •   Be sure a loved one knows to contact ORS, and Voya if applicable, upon your death.
  •  If you have earned enough service for a pension benefit, attend a preretirement webinar or seminar a few years before you reach age 60.

ORS and Voya are your partners in planning, but ultimately, being knowledgeable of your options is your best tool for making the decision that’s right for you.
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Plan for Your Retirement Future!

A question that we receive on a regular basis is “Can I retire now?” Do you know when you will be able to retire? Do you have an idea as to how much money you will need for your golden years? Not sure? You may find some useful planning information from one or more of the websites below. 

  •   ORS miAccount – You can review your years of service, get pension estimates, submit a retirement application, or communicate electronically with ORS staff.
  •   Voya Financial (State of Michigan 401(k) and 457 Plans) – You can get account specific saving and investment advice to determine if you are on the right track to retiring on your terms.
  •   Social Security – Are you wondering when to start collecting your benefits? Read this. A variety of calculators are also available to aid in your planning. 

The Department of Labor offers many retirement publications. After clicking on this link, review the “Publications for Workers and Families” section.  “Taking The Mystery Out Of Retirement Planning” is a great resource!