21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Michigan Retirement Benefits Plan
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Multi-State
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US-CC-21-166
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Word;
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FAQ
Most taxpayers born after 1952 have no pension subtraction in 2022. After reaching age 67 (on or before December 31, 2022), individuals are entitled to subtract the Michigan Standard Deduction against all income. This deduction is reduced by: the personal exemption amount.
Michigan is tax-friendly toward retirees. Social Security income is not taxed. Withdrawals from retirement accounts are partially taxed. Wages are taxed at normal rates, and your marginal state tax rate is 4.25%.
You will qualify for full retirement at age 60 with at least 10 years of service (YOS), or age 55 with 30 YOS. (Exception: If you are an unclassified legislative branch, executive branch, or judicial branch employee, you are vested for a full retirement benefit at age 60 with 5 YOS.)
Unless a participant elects otherwise, benefits under a qualified plan must begin within 60 days after the close of the latest plan year in which the participant: turns 65 (or the plan's normal retirement age, if earlier); completes 10 years of plan participation; or. terminates service with the employer.
You are vested when you have enough service to qualify for a pension though you may not yet meet the age requirement, when you have the equivalent of 10 years of full-time public school employment.
Your annual pension is based on a formula that multiplies your final average compensation (FAC) under the Defined Benefit (DB) plan by a pension factor times your years of credited service under the Defined Benefit (DB) plan. Note: There are different pension formulas for covered employees and conservation officers.
In 2018, 386,072 residents of Michigan received a total of $8.9 billion in pension benefits from state and local pension plans. The average pension benefit received was $1,924 per month or $23,090 per year.
For the 2026 tax year and after, all retirees, no matter when they were born, will be able to deduct their retirement or pension benefits up to 100% of a set amount that typically would have only applied to those born in 1945 and earlier. The maximum set amount changes each year.