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The Michigan Public School Employees' Retirement System (MPSERS) collects and compiles employee wage, contribution, and service information from approximately 549 K-12 districts, 46 public school academy/charter schools, 7 universities, 28 community colleges, 55 intermediate school districts, and 10 libraries.
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.
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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.
[2] [3] It provides services such as group purchasing, computer service, and staff development. Its service sector covers 33 local school districts having approximately 20,000 teachers and 400,000 students. As of 2021 the superintendent of Wayne RESA is Dr. Daveda Colbert.
The Michigan Schools and Government Credit Union (MSGCU) is headquartered in Clinton Township, Michigan, and has a membership size of more than 137,000 and assets of over $3.7 billion. MSGCU was founded in 1954 and is a not-for-profit financial institution , which is owned and operated by its members.
The Michigan Department of Licensing and Regulation was abolished with most responsibilities transferred to the newly formed Department. [1] It was renamed the Department of Consumer and Industry Services under an executive order issued in 1996 by Governor John Engler, merging most of the Department of Labor within the Department of Commerce. [2]
On January 17, 2013, Governor Rick Snyder ordered that the Office of Financial and Insurance Regulation (OFIR) be transfer out of the Michigan Department of Licensing and Regulatory Affairs to form a new principal department, the Michigan Department of Insurance and Financial Services, effective March 19, 2013. [3]