Matching contributions for employees who converted to the Defined Contribution plan in 2012

Michigan Office of Retirement Services sent this bulletin at 05/23/2018 05:24 PM EDT

Michigan Office of Retirement Services - Message for Public School Employers

May 23, 2018

On Tuesday, May 22, House Bill 5093 passed both the House and Senate. This bill would amend the Public School Employees Retirement Act to provide for matching employer contributions for MIP DC Converted and Basic DC Converted. This is for employees who, in 2012, chose to freeze their defined benefit pension contributions and enroll in the defined contribution plan going forward. The bill is now going to the Governor.

The Employer Reporting Information website will have updates as they become available.

State of Michigan | Department of Technology, Management & Budget | Office of Retirement Services
P.O. Box 30171 | Lansing, MI 48909-7671 | www.michigan.gov/psru

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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.