Two retirement plans: the choice is yours
You’re eligible to participate in the MasterCard Savings Plan.
The Michigan Public School Employees’ Retirement System provides competitive retirement benefits. As a new public school employee, you have a choice for your future retirement plan: The Pension Plus 2 plan or the Defined Contribution (DC) plan.
To help you understand both plans, the Office of Retirement Services and Voya Financial®, the third-party administrator for the plans, created this website. Please read it carefully. You may wish to talk about the plans with the people in your life who would be affected by your decision or possibly consult with a tax or financial advisor before making your choice.
ORS mailed you a welcome packet shortly after you were hired. Review your welcome letter and the following resources to learn more about your retirement benefit options:
- Retirement Plan Election Guide: A summary of your retirement plan election options.
- Retirement Plan Decision Guide: A worksheet to help you decide which retirement plan to choose.
- Get to know the Plan: A section of this website with a more detailed look at the plan features.
After reviewing, follow these steps to make your election:
- Click I’M READY TO MAKE MY ELECTION, which takes you to miAccount. You’ll need your Member ID, which is located in your welcome letter, to register in miAccount.
- Acknowledge you received a description of the benefit options, which is available in the Retirement Plan Election Guide on the PickMiPlan website.
- Make your retirement plan election in miAccount.
The Michigan Office of Retirement Services (ORS) administers retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard members. ORS serves over 598,000 active and retired customers representing approximately one out of every eight Michigan households. Within these systems, ORS administers multiple retirement plans ranging from full Defined Benefit pension to full Defined Contribution, as well as three hybrid plans. ORS is responsible for the 21st largest public pension system in the U.S. and the 49th largest pension system in the world with net assets of $96.2 billion. Combined Defined Benefit and Defined Contribution assets are $108.8 billion. ORS is a division of Michigan's Department of Technology, Management and Budget and works with Voya Financial to administer the State of Michigan 401(k) and 457 Plans (the Plans).
Voya Financial (NYSE: VOYA) is the company that takes care of the daily servicing of the State of Michigan 401(k) and 457 Plans, providing you with plan information, saving and investing education, transaction processing, statements and more. Voya serves the financial needs of millions of individual and institutional customers in the United States. Voya is grounded in a clear mission to make a secure financial future possible – one person, one family, and one institution at a time. Voya also provides valuable online tools and resources to help you plan and set goals for your retirement. For more information, visit voya.com.
Information from registered Plan Service Representatives is for educational purposes only and is not legal, tax or investment advice. Local Plan Service Representatives are registered representatives of Voya Financial Advisors, Inc., member SIPC. Plan administrative services are provided by Voya Institutional Plan Services, LLC (VIPS). VIPS is a member of the Voya® family of companies and is not affiliated with the Michigan Office of Retirement Services.