Things to consider if you're leaving public school employment

Things to consider if you’re leaving public school employment

Earlier this month, Detroit Public Schools announced that an employee severance plan (ESP) is being offered to certain eligible employees. If you’re considering leaving public school employment to take the ESP or for any other reason, it’s important that you understand how your choices could affect your retirement plan.

According to our records, you are eligible to retire and receive a monthly retirement pension. If you’re planning to retire, be sure to review our website at www.michigan.gov/orsschools. The Ready to Retire section explains what you need to know as you approach retirement, including:

·         Eligibility requirements for your pension.

·         Eligibility requirements for your retiree health insurance. (If you chose the Personal Healthcare Fund for retiree healthcare, you are not eligible for subsidized retiree health insurance.)

·         Your pension payment options.

·         How your pension is calculated.

·         How to apply for retirement.

Need More Retirement Plan Information?

Attend one of the following retirement plan
information meetings presented by the
Office of Retirement Services (ORS):

 

Monday June 3, 2013, 5:00 p.m.

East English Village Preparatory Academy – Auditorium

5020 Cadieux, Detroit, MI 48224

 

Thursday, June 6, 2013, 5:00 p.m.

Renaissance High School – Auditorium

6565 W. Outer Dr., Detroit, MI 48235

For personalized details about your pension and retiree healthcare plan, to find out your total years of service, to estimate your pension, and to apply for retirement, log in to miAccount at www.michigan.gov/orsmiaccount.

Note: If you choose to take the ESP, your pension estimate in miAccount may be inflated because your pension calculation will include any TIP money you earned from Detroit Public Schools. (If you select the ESP, you will not receive any applicable DPS TIP money.) To receive a pension estimate that does not include TIP money, submit a request to ORS through the miAccount Message Board. When you submit your request, be sure to select the Pension Estimate category and indicate in your message that you need your pension estimate recalculated without DPS TIP money.  

Check out the Leaving Public School Employment? section, which provides some additional information to consider. 

If you chose the Personal Healthcare Fund or the Defined Contribution (DC) Plan, contact ING at (800) 748-6128 to find out how leaving employment would affect your 401(k) and 457 plan accounts.

If you have questions related to your pension, the miAccount Message Board offers secure, direct access to our representatives. You can also contact our office at (517) 322‑5103 in the Lansing area or toll-free at (800) 381‑5111.

Sincerely,

Office of Retirement Services