New law for matching contributions for employees who converted to the Defined Contribution plan in 2012

Michigan Office of Retirement Services sent this bulletin at 06/04/2018 01:32 PM EDT

Michigan Office of Retirement Services - Message for Public School Employers

June 4, 2018

On June 4, 2018 the governor signed into law Public Act 169 of 2018. The law amends the Public School Employees Retirement Act to provide for matching employer contributions for MIP DC Converted and Basic DC Converted. This is for employees who, in 2012, chose to freeze their defined benefit pension contributions and enroll in the defined contribution plan going forward.

The Office of Retirement Services will provide more detailed instructions regarding the implementation of PA 169 as they become available.

State of Michigan | Department of Technology, Management & Budget | Office of Retirement Services
P.O. Box 30171 | Lansing, MI 48909-7671 | www.michigan.gov/psru

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The retirement plan information that appears in this email is intended to summarize basic provisions of Public Act 300 of 1980, as amended. Current laws, rates, and factors are subject to change. Should there be discrepancies between the information reflected here and the actual law, the provisions of the law govern.