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The State Employees' Retirement System is a statewide public employee retirement plan administered by the Michigan Office of Retirement Services (ORS). The system is a qualified Defined Benefit (DB) Plan under section 401(a) of the Internal Revenue Code, operating under the provisions of Public Act 240 of 1943, as amended (Michigan Compiled Laws 38.1 et seq). The system has two plans, the DB Plan and the 401(k) Defined Contribution (DC) Plan. State employees hired on or after March 31, 1997, are enrolled in the 401(k) DC Plan.
The system covers Michigan Civil Service Commission employees as well as appointed officials in the executive branch and employees of the legislature and judiciary. Legislators, sworn state police officers, and judges have their own respective retirement systems.
As of Sept. 30, 2010, the DB Plan covered 25,478 active customers and 50,462 retirees and beneficiaries. The 401(k) DC Plan covered 26,519 active customers and 6,340 non-active and retired customers.
The net assets of the DB Plan, valued at $9.1 billion as of Sept. 30, 2010, are invested by the Michigan Department of Treasury, Bureau of Investments. In fiscal year 2010, the system paid DB retirement pensions totaling $917.3 million.
While the State Employees' Retirement System enrolls retirees and beneficiaries for health, dental, and vision benefits for both DB Plan and 401(k) DC Plan customers, the Civil Service administers the health benefits program.
The State Employees' Retirement System is housed administratively within the State of Michigan, Department of Technology, Management & Budget, ORS.
