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The state employee system and the public school employee system administered by ORS make up 95 percent of all active plan membership in Michigan. ORS is responsible for the 18th largest public pension system in the United States and the 47th largest pension system in the world, managing combined net assets of nearly $67.8 billion.
House Bill 6061 would amend the State Employees’ Retirement Act to automatically enroll newly-hired employees into a defined benefit plan, while also allowing current employees to transition to ...
The average salary for state classified employees, not including benefits, reached $72,821 in 2023, according to the latest annual workforce report prepared by the Michigan Department of Civil ...
Michigan Department of Career Development; Michigan Department of Commerce; Department of Civil Service; Department of Community Health; Michigan Department of History, Arts and Libraries [6]
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
But in early October 2022 Pawl, chief mobility officer for the state of Michigan, found himself in a hospital emergency room following his drive home from work, anxiously waiting to find out if he ...
The Office of Retirement Services (ORS) administers defined benefit, defined contribution, hybrid, and deferred compensation retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard. Plans for over 550,000 public servants and their families, representing 1 in 9 Michigan households.
The Michigan Strategic Fund would take over the State Land Bank Fast Track Authority from the Michigan State Housing Development Authority. [4] The Michigan Department of Talent and Economic Development came into existence on March 16, 2015 with the department's first director being Steve Arwood, concurrently CEO of the MEDC. TIA's first head ...