Get Ready for Fiscal Year 2017-2018
Michigan Office of Retirement Services sent this bulletin at 09/12/2017 03:44 PM EDT
September 12, 2017
Action is required for upcoming changes related to employer contribution rates and PA 92 of 2017. For information and FAQs related to PA 92, please see 2017 Reform on the Employer Information website.
Mandatory 4% employer contributions for employees with the DC plan.
Employees first hired on or after September 4, 2012, who elected the DC plan, will now receive a mandatory 4% employer contribution. For DTL4 records with a record begin date on or after 10/01/2017, begin reporting employees using the updated DC Contributions section of the Employer Contribution Rates table (effective October 1, 2017 through January 31, 2018).
TDP Agreements
The September 29 deadline for TDP Agreements is quickly approaching. Review any new TDP agreements as soon as you receive them. Fax the signed, completed TDP agreements to ORS by 5:00 p.m. EDT, September 29, 2017. To avoid the last-minute rush, fax completed agreements to 517-322-1116 as soon as you have reviewed and signed them. ORS will not process TDP agreements received after that time. RIM Chapter 10 covers TDP agreements.
Fiscal Year 2017-18 Employer Contribution Rates
The updated FY 2017-18 Employer Contribution Rates due on members' wages paid between October 1, 2017, and January 31, 2018 go into effect on October 1. For DTL2 records with a record end date on or after 10/01/2017, use the updated DB contribution rates. For DTL4 records with a record begin date on or after 10/01/2017, use the updated DC contribution rates, as described above.
These rates apply to K-12 school districts, intermediate school districts, community colleges, district libraries, charter schools and public school academies.
For a description of what each of the elements of the contribution rates entail, please see Employer Contribution Rates: Terms, Definitions and Descriptions, also found on the Contribution Rates page on the Employer Information website.
If you have any questions, please contact ORS_Web_Reporting@michigan.gov or 517-636-0166.