Retirement

Be sure to check back for updated information as current legislation is voted on.

MEA retirement lawsuits still pending in court system

Posted on 04/12/13 at 4:54pm

Two major cases affecting MEA members’ retirement benefits are slowly making their way through the state’s court system, and it’s not yet known when — or if — members will receive refunds of a “retirement tax” imposed upon them by the state Legislature.

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

Posted on 12/19/12 at 11:55am

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.

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

Posted on 12/18/12 at 11:02am

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:

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.
Remit the same contributions as before, but have a 1.25-percent pension multiplier for future years of service.
Remit no contributions, freeze the existing pension benefit, and convert to a specified 4-percent defined contribution plan for future years of service.

Hearing to be held Thursday in school employee retirement challenge

Posted on 11/27/12 at 11:54pm

Legal challenges to a recent law increasing health care and retirement costs for school employees will be heard Thursday morning in front of Ingham County Circuit Judge Rosemarie Aquilina.

Study finds forcing school employees into 401(k)-style retirement plans would cost taxpayers billions

Posted on 11/26/12 at 6:18pm

A new independent study shows that switching all state and school employees to a 401(k)-style retirement plan would cost Michigan taxpayers a staggering $18.1 billion over the next 30 years.

MPSERS election window still open

Posted on 10/29/12 at 2:33pm

If you've already selected your retirement options with the Office of Retirement (ORS), you can make changes to your elections, according to the ORS website today. The election period deadline for MPSERS members to make their retirement choices came and went at 5 p.m. last Friday. The Temporary Restraining Order (TRO) issued against the state and its enforcement of the Oct. 26 deadline remains in effect until the Supreme Court acts on the Attorney General's Emergency Motion for Stay.

The Court will have to issue a new deadline and that could come at any time. There may be no advance warning, so be prepared. If you've already made your choices, you can log in to your miAccount to review them. If you're still deciding, go to the ORS website to learn more about the options. Seek advice from your financial planner. If you don't have one, contact MEA Financial Services (800-292-1950) for advice about the best option for you. Once you're sure of your choices, make your retirement elections.

Go to www.mea.org/retirement to keep updated on the latest news and information.

TRO still in place delaying Oct. 26 deadline

Posted on 10/26/12 at 11:50am

Today was the deadline set by the Legislature for school employees to make their decisions regarding what retirement options or retiree health benefits they want. So far, there’s been no decision from the Supreme Court, so the temporary restraining order (TRO) preventing the ending of the election period remains in effect.

If you’ve already made your choices, the TRO allows you to change those elections while the election period remains open and gives you the opportunity to rescind or change them if PA 300 is found to be unconstitutional.

The Michigan Office of Retirement website has also changed its message to read, “The court has issued two temporary restraining orders. The practical effect of these orders is that the window remains open until the courts take action.”

Things could change quickly. Be prepared. First, make sure you have an miAccount number. Go to www.michigan.gov/ors to set up your account if you don’t already have one.

Keep connected to www.mea.org/retirement for the latest news and information.

MPSERS election deadline this Friday, despite restraining order

Posted on 10/23/12 at 9:12am

Members have until 5 p.m. this Friday--Oct. 26--to make their decision regarding what retirement options or retiree health benefits they want. Right now, even though a temporary restraining order (TRO) is in place pushing back the deadline for MPSERS members, MEA is recommending members still make their choices by the Oct. 26 deadline because the Michigan Supreme Court is still considering whether the Oct. 26 deadline will apply.

In her ruling on the TRO, Michigan Court of Claims Judge Rosemary Aquilina stated that any choices members made could be rescinded or changed if the law is found to be unconstitutional. It's now up to the Supreme Court to decide the deadline.

Remember that in order to even be eligible to make a retirement choice, you must have an miAccount number. Go to www.michigan.gov/ors to set up your account.

MEA will keep you updated on any court decisions. Go to www.mea.org/retirement for the latest news and information.

SB 1040 TROs still in place

Posted on 09/27/12 at 2:56pm

School employees received another win in the ongoing legal battle over SB 1040. Yesterday, the Michigan Court of Appeals denied the state’s Motion for Stay of the Temporary Restraining Orders (TRO) in the cases brought by MEA and AFT-Michigan. As part of its decision, the Court agreed to hear the appeals and established an expedited briefing schedule for the case.

Will you get a refund of your 3 percent? Supreme Court will decide

Posted on 09/05/12 at 3:04pm

It will have to be the courts again to ultimately decide whether the Legislature has overstepped its bounds when it comes to school employees and their retirement benefits. Gov. Snyder is appealing a recent Michigan Court of Appeals decision that the 3 percent “tax” on employees for their retiree health care is unconstitutional.