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State Police Pension Qualified Roll-Over

Who would have thought 30 years ago that GM and Chrysler would eventually file for bankruptcy?

Who would have thought that the pensions of auto workers, teachers and government retirees would be frozen, eliminated, and/or contemplated to be?

Troopers, we are in the age of pension buyouts! All the cards are on the table, how do you want your future to play out?
Do you want...

  1. to have flexibility and control of your money?
  2. to maximize your pension and create a legacy for your family?

Your position with pension options is very similar to those offered to the State of Michigan employees, teachers and judges to the extent that there are many other and oftentimes better options available. Why limit your retirement options and accept anything other than a maximized pension allowing you to maintain flexibility and control?

Click here for our contact us page or send us an email direct to: NextStep@DreamingOfRetirement.com.

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ABOUT YOUR PLAN

The Michigan State Police Retirement System is a defined benefit (DB) plan qualified under section 401(a) of the Internal Revenue Code, operating under the provisions of Michigan's Public Act 182 of 1986, as amended (Michigan Compiled Laws 38.1601 et seq.). Any changes to the act require passage by the Michigan Legislature.

The plan is administered by the Office of Retirement Services (ORS) with the oversight of a nine-member board. The governor appoints four of the board members to represent active and retired State Police Retirement System members. Five board members serve by virtue of their offices in state government.

The plan is funded by contributions from the Michigan Department of State Police and by investment earnings on these contributions. All contributions help fund your pension benefit. At the time of retirement, contributions are transferred to the pension reserve fund, from which monthly pensions are paid.

Direct Link: http://www.michigan.gov/orsmsp/0,4652,7-224-40580---,00.html

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RETIREMENT AT A GLANCE

Direct Link: http://www.michigan.gov/orsmsp/0,4652,7-224-40580_40583---,00.html

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Take the next stepFULL RETIREMENT

Direct Link: http://www.michigan.gov/orsmsp/0,1607,7-224-40595_40596---,00.html

Very similar to the "TEACHER's" pension formula to the extent that it is the Final Average Compensation or "FAC" which is the necessary formula to most accurately forecast your "Pension Maximization". It is always best to begin planning a minimum of two years prior to your retirement. We even recommend new hires to contact us. The ORS has limited choices for your retirement. For more retirement choices and to maximize your pension, send us an email using the contact us page.

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EARNING AND PURCHASING SERVICE CREDIT

You accumulate or earn service credit for the hours you work for the state police. Service credit is important because it determines when you can collect a pension. You need 25 years of service credit to receive a full retirement.

The more service credit you have, the higher your monthly pension will be.

Direct Link: http://www.michigan.gov/orsmsp/0,4652,7-224-40580_40585---,00.html

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Who would have thought 30 years ago that GM and Chrysler would eventually file for bankruptcy?

Who would have thought that the pensions of auto workers, teachers and government retirees would be frozen, eliminated, and/or contemplated to be?

Troopers, we are in the age of pension buyouts! All the cards are on the table, how do you want your future to play out?
Do you want...

  1. to have flexibility and control of your money?
  2. to maximize your pension and create a legacy for your family?

Your position with pension options is very similar to those offered to the State of Michigan employees, teachers and judges to the extent that there are many other and oftentimes better options available. Why limit your retirement options and accept anything other than a maximized pension allowing you to maintain flexibility and control?

Click here for our contact us page or send us an email direct to: NextStep@DreamingOfRetirement.com.

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Helpful Links:

IRS Required Minimum Distribution (RMD) Question & Answers:
http://www.irs.gov/retirement

CDC Life Expectancy Chart
Life Expectancy Chart in PDF

 
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