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Department of Technology, Management & Budget Office of Retirement Services www.michigan.gov/ors (800) 381-5111 P.O. Box 30171 Lansing MI 48909-7671 Out-of-System Public or Nonpublic Educational.

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Members in the DB plan are either in the Member Investment Plan (MIP) or the Basic Plan.

Currently, teachers in the oldest, legacy pension plan can purchase service credits that add to the number of years they have worked. The credits affect both pension eligibility, meaning teachers could possibly retire earlier, and pension amounts, which are calculated using years of service.

There are two retirement systems for public school employees- the Public School Retirement System (PSRS) and the Public Education Employee System (PEERS). Most PSRS members do not receive social security while PEERS members do.

You are eligible for your pension at age 60 with at least 10 years of earned service credit.

Member Investment Plan (MIP) This Defined Benefit plan was introduced in late 1986 to replace the Basic plan. Members at that time could choose between the two plans. It provides more generous pension benefit options.

4. PA 184 of 2022 says I must be retired at least nine consecutive months before returning to work at a Michigan public school reporting unit. Nine months, beginning when? The nine months will begin from your retirement effective date.

The 2012 reform created the MIP 7% plan as an election option for MIP members. Members who elected the MIP 7% plan pay an increased, flat DB contribution rate (7%, beginning Feb. 1, 2013) and retain their 1.5% pension factor.

Key Takeaways. A monthly income plan (MIP) is a category of mutual fund that seeks to generate stable income through dividend and interest cash flows. An MIP will often invest in lower-risk securities, including fixed-income instruments, preferred shares, and dividend stocks.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232