About Your Plan
The Michigan State Police Retirement System is a defined benefit
(DB) plan qualified under section 401(a) of the Internal Revenue Code, operating under the provisions of Michigan's Public Act 182 of 1986, as amended (Michigan Compiled Laws 38.1601 et seq.). Any changes to the
act require passage by the Michigan Legislature.
The plan is administered by the Office of Retirement Services (ORS) with the oversight of a
nine-member board. The
governor appoints four of the board members to represent active and retired
State Police Retirement System members. Five board members serve by virtue of
their offices in state government.
The plan is funded by contributions from the Michigan Department of State Police and by investment earnings on these contributions. All contributions
help fund your pension benefit. At the time of retirement, contributions are transferred to the pension reserve fund, from which monthly pensions are paid.
Each year, an actuary determines how much the Michigan Department of State Police needs to contribute to fund its portion of member benefits. These contributions are not refundable to you or your employer.
Throughout your working career, your employer takes care of your pension plan
deductions, wage and service records, and plan contributions. Regular reports
are sent to ORS to become part of your personal pension record. When it's time
to retire, your employer hands off all your final records to ORS, and we become
your partner in retirement.
As of September 30, 2010, the system covered 1,556 active customers, and
2,762 retirees and beneficiaries. The net assets of the State Police Retirement
System, valued at $1.0 Billion as of September 30, 2010, are invested by the
Michigan Department of Treasury, Bureau of Investments. In fiscal year 2010, the
system paid retirement pensions totaling $97.2 million.