Final deadline for MPSERS retirement elections is Wednesday, Jan. 9

Final deadline for MPSERS retirement elections is Wednesday, Jan. 9

Posted on 12/18/12 at 10:02am

Members of the Michigan Public School Employees Retirement System have until 5 p.m. on Wednesday, Jan. 9, to make their final elections on pension and retiree benefits.

Members hired before July 1, 2010, have three options:

1. Remit higher contributions in exchange for retaining the 1.5-percent pension multiplier for future years of service. Employees will be required to identify whether they wish to contribute the higher amounts until retirement, or until they achieve 30 years of service.
2. Remit the same contributions as before, but have a 1.25-percent pension multiplier for future years of service.
3. Remit no contributions, freeze the existing pension benefit, and convert to a specified 4-percent defined contribution plan for future years of service. 

• Read more

Information to Help You Make Your Retirement Decision Under S.B. 1040

Posted on 12/19/12 at 10:55am

View a video from the MEA General Counsel discussing the choice you must make under S.B. 1040 (P.A. 300). He also discusses MEA's legal fight on your behalf.

To help members navigate all the changes SB 1040 has brought, MEA Financial Services has been scheduling informational sessions across the state. If you haven’t been able to attend one of the sessions, you can view MEA Financial Services Manager Ross Wilson’s presentation and his Power Point.

Read More