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Your Member Statement |
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Each year we send active (working) members a Member Statement. While the primary purpose of the statement is to help you plan for your retirement, it also gives you an update on your account balance and account activity through June 30, the end of the fiscal year.
Along with your statement you will find our active member newsletter,
PROactive. This newsletter offers additional support toward planning and reaching a secure financial future.
What's on your statement.
The statement will list the wage, service, and contribution amounts during the last fiscal school year and tell you how much service credit you earned in the year - typically 1.0 year of credit if you worked all year, full-time. You'll also find your cumulative service credit, contribution, and interest totals.
What to do with your statement.
Review your annual statement carefully for accuracy. If you think there are errors in your wages, contributions, service credit, or Tax-Deferred Payments (TDP), talk with your school payroll officer. ORS can assist with any cumulative totals and interest questions.
We also suggest that you keep your statements in a safe place so you have a point of comparison when next year's statement arrives.
If you have any questions about your statement, please review the Frequently Asked Questions below or use this chart to direct your questions.
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Who to Contact
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Question(s) or Correction(s)
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Office of Retirement Services
(800) 381-5111
Lansing Area 322-5103 |
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| Your Payroll Office |
- Name and or address changes
- Tax-Deferred Payment (TDP) Agreement Information
- Date of birth changes
- Wage information
- Fiscal year totals
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Click a link to jump to frequently asked questions located below.
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Reprinting your Member Statement
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1.
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I need a new copy of my statement. Can you mail me a replacement?
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You can
log into miAccount at any time to print the most current information available from your employer.
However, if you need a reprint of your last Member Statement that details account activity through the end of the fiscal year, request one using the miAccount message board.
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2.
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Can I make corrections and get a new copy that shows the corrections?
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Some information can be updated and reflected on a new copy of your statement. However, there are certain types of information (such as an update to your beneficiary) that can only be reflected on the next year's statement.
Note: If you change your name and address with ORS, you must also make the change with your payroll office.
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3.
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Can I get a copy of statements from past years?
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We can provide your account information from past years, however we cannot reprint a previous year's statement.
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4.
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Can you send a copy of my Member Statement to my attorney or personal representative?
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No. Your statement contains confidential information about your pension. All requests for reprints will be mailed to
your address on record with ORS.
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Questions About Beneficiaries
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1.
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My beneficiary information is old or incorrect. How do I update it?
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You can change your pension beneficiaries by navigating to the Beneficiaries & Dependents section in miAccount.
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2.
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There are no beneficiaries listed on my statement. Why is this?
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If you submitted a nomination form on or after January 2003, your statement should show the date in which we received it. If your information has changed since the date on your statement, log into miAccount and update your nomination.
If you submitted a Beneficiary Nomination form and your statement doesn't show a received date or a list of beneficiaries, you either have not nominated a beneficiary, or we didn't receive your nomination in time to be reflected on this statement.
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3.
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I have more than five beneficiaries. Are my records accurate?
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Most likely, yes, your records are accurate. System restrictions limited the statement to a pension beneficiary and up to four refund beneficiaries. If you have more beneficiaries than this, you may want to contact ORS to confirm that all your beneficiaries are correctly recorded with us.
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Wages & Employer Information
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1.
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I earned more than what is reported on my Member Statement. Why is there a difference?
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The amount on the statement is reportable income for the period of July 1 - June 30. Because it is fiscal-year earnings, it will not match your W2 statement.
You may have earned compensation that is not reportable for retirement purposes. For example, wages, annual leave, sick leave, merit pay, longevity, and overtime pay are types of income reported to ORS. However, bonus payments, sabbatical wages, and expense payments are examples of income not reported to us. If you have questions about what was reported, contact your employer.
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2.
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I worked for more than one employer during the fiscal year. Do my wages reflect my earnings from all my employers?
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Yes. Wages reported in your Member Statement reflect your earnings from all employers during the fiscal year, including any employers not listed on your statement.
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Service Credit and TDP Information
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1.
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I worked over 1,020 hours. Why wasn't I credited for a full year of service?
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Your employer reports all wages and hours to ORS. However, there are legislative limits to the amount of service we can credit in a period. For example, we cannot credit more than 60 hours if you're paid biweekly; 396 hours/quarter, or 1,020 hours/year. You may have worked your hours faster than the law allows us to credit service.
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2.
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I am currently repaying a refund of contributions so I can restore service credit. Is the time I'm buying reflected anywhere on this statement?
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The service credit that you are repaying will not be reflected in the service credit section of your statement until the refund is repaid in full.
However, if you are repaying your refund of contributions with a Tax-Deferred Payment (TDP) agreement, any activity on your agreement including the service that will be credited once the repayment is paid in full can be found in the TDP section of your statement.
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3.
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Does the total amount include all of the service credit I've purchased?
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Yes, if you are vested (have more than 10 years of service). If you are not yet vested, purchased service is listed as pending.
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4.
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The amount I've paid on my TDP agreement doesn't seem to match what's listed. How can I verify this?
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Remember, these amounts are what was sent to ORS by your employer through June
30 the previous year. The amounts reported are provided to us by your employer,
so it's best to start there. If you aren't able to find the discrepancy,
contact ORS.
For the most current payroll information, go to miAccount.
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5.
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Why was interest charged to my TDP agreement?
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If your TDP agreement was established on or after January 1, 2004 and has been in effect for one full year, you are charged
eight percent interest annually on the balance as of June 30 until your agreement is paid in full.
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