Tax-Deferred Payment Notices Sent

Michigan Office of Retirement Services sent this bulletin at 07/31/2019 08:00 AM EDT

Michigan Office of Retirement Services - Message for Public School Employers

Letters have been sent to 814 members who have entered into Tax-Deferred Payment (TDP) agreements and:

Could have interest charges that exceeded their annual payment amount; or
Their scheduled deduction amount is not 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 use the TDP calculator on our website at https://www.michigan.gov/orsschools/0,4653,7-206-36451_36488_58742---,00.html to calculate a payment that fits their budget and also pays off the agreement before they terminate employment or retire.

A sample copy of the letter sent is attached.

If you have any questions, please e-mail employer reporting staff at ORS_Web_Reporting@michigan.gov.

Michigan Office of Retirement Services

Big Plans. Small Steps.

R3424C_TDPPaymentNotice_Under.docx

State of Michigan | Department of Technology, Management & Budget | Michigan 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.