New law changes default retirement plan for new members

Michigan Office of Retirement Services sent this bulletin at 11/30/2023 04:15 PM EST

On Nov. 30, Public Act 250 of 2023 was signed by the governor and became law. This law changes the retirement plan that new members default into when they have not elected a plan by the end of their 75-day election window. Beginning July 1, 2024, when a new hire’s election window closes, they will automatically become a member of Pension Plus 2. All new hires will continue to have a choice between the two plans, but as of July 1, 2024, those who have not made an election will become members of Pension Plus 2 (the plan you have been reporting them as since their first pay period).

Further work on ORS’s implementation plan is underway, and we will keep you informed of changes to member communications as they become available.

State of Michigan | Department of Technology, Management & Budget | Office of Retirement Services
PO Box 30171 | Lansing, MI 48909-7671 | 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.