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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.
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 background of this letter goes back to 2011, when, due to financial decisions made by previous legislators, a fund part of the Michigan Public School Employees’ Retirement System was under ...
Federal Employees Retirement System - covers approximately 2.44 million full-time civilian employees (as of Dec 2005). [2]Retired pay for U.S. Armed Forces retirees is, strictly speaking, not a pension but instead is a form of retainer pay. U.S. military retirees do not vest into a retirement system while they are on active duty; eligibility for non-disability retired pay is solely based upon ...
Al Lotosz, superintendent of Algonac Community Schools and president of The K-12 Alliance of Michigan, said Wednesday's actions will have "both a short and long-term positive impact on public ...
Though the state's 2025 fiscal year does not begin until Oct. 1, finishing the school aid budget is particularly pressing, because most Michigan school districts operate on a fiscal year that ...
The MDE oversees public school districts in the state. The department is governed by the State Board of Education. The department is governed by the State Board of Education. The State Board of Education was first provided for in the Constitution of 1850 and currently exists through the provisions of Article VIII, Section 3, of the Constitution ...
When the Michigan bargaining law was enacted in 1965, public school employees were able to organize into local bargaining units to negotiate salary, benefits and other working conditions. Insurance became a bargainable issue. [8]