Updated Fiscal Year 2017-18 MPSERS Contribution Rates

Michigan Office of Retirement Services sent this bulletin at 11/17/2017 08:55 AM EST

Michigan Office of Retirement Services - Message for Public School Employers

The updated FY 2017-18 MPSERS Contribution Rates due on members' wages paid between February 1, 2018 and September 30, 2018, go into effect on February 1, 2018. These rates apply to K-12 school districts, intermediate school districts, community colleges, district libraries, charter schools, and public school academies.

Updates include:

Member rates are now included for DB (Defined Benefit) and DC (Defined Contribution)
Active rates and retiree rates are all on one page
Pension Plus 2 rates added
Employee DC matching changes for employees who are DC PHF
UAAL Rate Stabilization table is now on a separate page (page 2 of the link above)

More details will be provided later about the Pension Plus 2 plan and the modified DC plan.

For DTL2 records with a record end date on or after 02/01/2018, use the updated DB contribution rates. For DTL4 records with a record begin date on or after 02/01/2018, use the updated DC contribution rates.

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 questions, contact ORS Employer Reporting at 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.