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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.
In 2022, market corrections resulted in the largest single-year decline since 2009, bringing the aggregate funded ratio to 77.8%. [15] As of July 2022, unfunded liabilities for statewide plans totaled $1.2 trillion. Statewide retirement systems account for the bulk of unfunded liabilities in the US.
The early retirement age (age 62) has not changed, but the monthly benefit amount paid at the early retirement age is lower if a person has a higher FRA. For example, when the FRA was age 65, the early retirement benefit was 80 percent of the worker's PIA. For a person with a FRA of 67, the early retirement benefit is 70 percent of PIA.
The average Social Security benefit for 2022 is $1,657 a month, CNET reported. ... 7 Surprisingly Easy Ways To Reach Your Retirement Goals. 6 Best Ways to Help You Keep Your Identity and Credit Safe.
If you received Social Security before May 1997, or if you’re receiving both Social Security and SSI, then you will receive Social Security on Sept. 2 and SSI on Sept. 1 and Sept. 30. The ...
As of late July, the State of Michigan Retirement System had about $6.6 million invested in bitcoin, the most well-known form of cryptocurrency, said Ron Leix, a spokesman for the state treasury.
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This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
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