The meeting provided an overview of retirement plan options for new Michigan public school employees. Key deadlines and the importance of making an informed plan choice were emphasized. Attendees were introduced to the Defined Contribution (DC) Plan and the Pension Plus 2 Plan, with details on benefits, contributions, and resources for further guidance. Instructions for enrolling in a plan and accessing support materials were also discussed.
Action Items
Within 75 days of last day of first pay period – New employee: Review retirement plan options and submit plan choice via miAccount.
10–15 days after first paycheck – ORS: Send letter with member ID to new employee.
Ongoing – New employee: Review the Choosing Your Retirement Plan guide and consider consulting a financial advisor if needed.
Ongoing – New employee: Visit PickMiPlan website and YouTube channel for additional resources and information.
Overview of Retirement Plan Options
New hires must choose between the Defined Contribution Plan (DC Plan) and the Pension Plus 2 Plan.
The DC Plan is a tax-deferred savings plan with employer contributions and a matching program, but no lifetime income or disability protection.
The Pension Plus 2 Plan includes both a lifetime pension (pending age and service requirements) and a savings component with employer matching.
Employees have 75 days from the last day of their first pay period to select a plan; otherwise, they default into the Pension Plus 2 Plan.
Once a choice is made or the deadline passes, the decision is irrevocable, even if employment ends and resumes later.
Enrollment and Resources
About 10–15 days after the first paycheck, employees will receive a letter with their member ID needed to enroll in a plan via miAccount.
Employees are encouraged to consult the Choosing Your Retirement Plan guide and PickMiPlan website for plan comparisons and decision tools.
Further educational resources are available via the ORS YouTube channel.
Employees are advised to stay proactive in their retirement planning and consider speaking to a financial/tax advisor for personal guidance.
Decisions
Default enrollment into Pension Plus 2 Plan if no election — Employees who do not make an active selection within 75 days will be automatically enrolled in the Pension Plus 2 Plan. This ensures all employees are covered by a retirement plan.
Open Questions / Follow-Ups
No open questions or unresolved issues were raised during the meeting.