New FAQ available; Revised Retirement Plan Election brochures and forms

Michigan Office of Retirement Services sent this bulletin at 08/08/2017 11:00 AM EDT

Michigan Office of Retirement Services - Message for Public School Employers

New FAQ available; Revised Retirement Plan Election brochures and forms

The new Frequently Asked Questions about PA 92 of 2017 is available on the 2017 Reform page of the Employer Information website (www.michigan.gov/psru).

In addition, the July 2017 revision of the Retirement Plan Election brochure and form is being printed and will be shipped to all reporting units this week. This revision reflects the changes to the Defined Contribution(DC) plan that were introduced with Public Act 92 of 2017.

Each reporting unit will receive approximately 5 percent of their total employees, with a minimum of 10 copies. For example, a district with 1000 employees will receive 50 copies of the new brochure and form. If you need more than this amount, you may order more using the Online Order Form page on the Employer Information website.

When you receive the revised form, destroy all copies of any previous version, to prevent new hires getting incorrect or incomplete information regarding their retirement options.

As you hire new employees, please check the Member Benefit Plans link on Employer Reporting to determine whether the new hire is eligible to elect a retirement plan. If so, please provide them the July 2017 revision of the brochure/form that you’ll receive soon. To ensure you are using the correct form, check the revision date found on the bottom left corner of the election form:

form revision date location

The pickmiplan.org website also explains the changes to the DC plan per PA 92 of 2017. Please refer any employees new to MPSERS to this website to review their options and compare plans before making their election.

If you have questions, contact Employer Reporting at ORS-WebReporting@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.