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The Michigan Office of Retirement Services (ORS) administers retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard. ORS also provides various retiree healthcare benefits, including traditional insurance plans, Personal Healthcare Funds, and Health Reimbursement Accounts.
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.
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 for 57% of Americans, they’re certain of one thing at least: retirement will include working — at least part-time, according to Fidelity’s 2024 State of Retirement Planning. Don't miss
Morningstar, Inc. estimates that participants in workplace retirement plans could save as much as $55 billion in the coming ten years thanks to the Retirement Security Rule.
While some people rely solely … Continue reading → The post 7 Types of Retirement Income Sources appeared first on SmartAsset Blog. 7 Ways to Get Money in Retirement Without Working
The rankings below are the 30 largest public pension plans in the U.S., ... Michigan Retirement: $75,550 $67,496 61.4% 7.2% 17 Georgia Teachers: $73,089 $73,089
The contribution limit for employees who participate in 401(k), 403(b) and most 457 plans has increased to $23,000, up from $22,500, while the limit on annual contributions to an IRA has increased ...