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The Michigan Office of Retirement Services (ORS) administers retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard. ORS also provides various retiree healthcare benefits, including traditional insurance plans, Personal Healthcare Funds, and Health Reimbursement Accounts.
In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS). Pension benefits may or may not be changed after an employee is hired, depending on the state and plan, as well as hiring date, years of service, and grandfathering .
These types of retirement plans put the job of saving and investing on the employee. With 401(k) plans, it’s up to retirees to ensure they don’t run out of money.
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined. In a defined benefit (or pension ) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically ...
The absolute maximum Social Security benefit in 2024 is $4,873 monthly, more than double the estimated average of $1,907 retirees receive across the nation as of January.
April 28, 2024 at 8:01 AM. 3 common mistakes that could damage your retirement nest egg — and how to avoid them. There are plenty of ways to save for retirement and pad your nest egg for those...