On July 12, Gov. Rick Snyder signed Senate Bill 401 into law as PA 92 of 2017. This legislation changes the retirement plans for teachers, administrators, bus drivers, cooks, para pros and other public school employees.
Here are two things you should know about PA 92:
It allows some employees to retire earlier by purchasing service credits for a limited time. Under PA 92, current school employees who were hired before July 1, 2010 will no longer be able to purchase most types of service credit after 5 p.m. EDT on September 29, 2017.
If you’re interested in purchasing service credits, you must submit payment to ORS or complete the tax-deferred payment agreement with your employer and submit to ORS before the closing date.
It doesn’t change everything about our retirement plans.
PA 92 does not change retirement benefits or requirements for members who first worked for a Michigan public school before July 2010. It also doesn’t change the Pension Plus retirement plan for those who first worked between July 1, 2010 and January 31, 2018.
How to reach the ORS
• Call them between 8:30 a.m. and Monday through Friday at 517-322-5103 (Lansing) or 800-381-5111.
• Fax them at 517-322-1116.
• Visit their website at www.michigan.gov/orsschools/
• Write them at Office of Retirement Services, PO Box 30171, Lansing, MI 48909-7671