Understand your retirement options
You have 2 plan options: the Pension Plus 2 or the Defined Contribution plan. Both plans have a State of Michigan 401(k) and 457 plan. Employee contributions are placed in the Pension Plus 457 Plan or the Pension Plus 2 457 Plan and the employer match contributions are put into a separate plan, the Pension Plus 401(k) Plan or the Pension Plus 2 401(k) Plan.
Tax Savings
The amount you contribute to your 401(k) and 457 Plan on a pre-tax basis (before taxes are taken out of your paycheck), that means your current taxable income is reduced by the amount you contribute to retirement.
Employer Match
You were automatically enrolled in the 457 Plan and your employer automatically began matching your contributions in the 401(k) when you first started. That means your employer is putting money aside for your future along with you! The employer will match up to 5% of your contributions.
Control Over Your Future
You can take control over the retirement goals you have by contributing to your plan now. Social Security typically only covers a portion of your expenses. Take control by investing in your future.
Key Features
Learn about the 457 and 401(k) plan features for Michigan State Public School Employees.
Retirement Decision Guide
The Michigan Office of Retirement Services has put together a guide to help you understand the differences between the Pension Plus 2 Plan and the Defined Contribution Plan.