Tax-Deferred Payment Notices Sent to Members

Michigan Office of Retirement Services sent this bulletin at 08/03/2018 08:15 AM EDT

Michigan Office of Retirement Services - Message for Public School Employers

ORS has sent letters to members who have entered into Tax-Deferred Payment (TDP) agreements and:

could have interest charges that exceed their annual payment amount; or
their scheduled deduction amount isn’t enough to pay off their agreement within the recommended 15 years.

The letter encourages members to increase their current TDP deduction amount by completing and submitting the Supplemental Tax-Deferred Payment Agreement (R0654C) form. Members can also use the TDP calculator on the MPSERS website to find a payment that fits their budget and pays off the agreement before they terminate or retire.

No action is required on your part. We're notifying you in case members contact you for information.

Here is a sample copy of the letter we sent:

Sample_Mbr_TDP_Payment_Notice.pdf

If you have any questions, please contact employer reporting staff at ORS_Web_Reporting@michigan.gov or 517‑636‑0166.

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.