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Monday, September 01, 2014

A lifetime benefit for your years of service

What is the greatest reward you can receive for your years of dedication and service? It’s the promise of a safe, secure and comfortable retirement.

As a MERS Defined Benefit Plan retiree, you join more than 28,000 retirees who are enjoying a lifetime benefit from their employers.

How it works
It’s important to understand, with a MERS Defined Benefit Plan, your benefit doesn’t fluctuate due to investment gains or losses in the market. Your pension is calculated using the benefit formula.

Direct deposit payments are made on the 18th of each month. If the 18th falls on a weekend or holiday, the payment will be sent electronically to your financial institution the business day before. If you still receive a paper check, it will be mailed 2-3 business days before the check date.

Want to learn more? Click the links below for more information about your MERS Defined Benefit Plan.

  • Publications
    • You’ll receive quarterly statements detailing your retirement account.
    • You’ll also receive the Retiree News, a quarterly newsletter full of important information about MERS, your benefits, and the issues affecting you.
    • You can also log into your account at mymers.mersofmich.com to find up-to-the-minute information about your MERS retirement at any time.
  • Frequently Asked Questions
  • Forms
  • Calculators
  • Service Center
    • Our Service Center offers friendly, knowledgeable, over-the-phone assistance for a wide variety of benefit questions and issues. Service Center staff is available during business hours at 800.767.2308.

Paydates

Direct deposit payments are made on the 18th of each month. If the 18th falls on a weekend or holiday, the payment will be sent electronically to your financial institution the business day before. If you still receive a paper check, it will be mailed 2-3 business days before the check date.

Working in Retirement

If you retire and later decide to return to the workplace, your pension benefits can be affected under certain conditions. There are no restrictions if you are hired anywhere other than the municipality you retired from.

If you rehire at the municipality you retired from, certain rules apply:

  1. You must not have pre-arranged or discussed returning to work with your municipality before you retired or before the 30-day break has ended. This violates IRS rules.
  2. For non-elected positions, you can work a maximum of 720 hours at your previous municipality while collecting a pension.
  3. For elected positions, you must have a two-year lapse of employment from your effective retirement date.

Taxability of MERS Benefits

Federal income tax, and under certain conditions, state tax is required on your MERS pension, with the exception of any post-tax employee contributions you may have made.

You choose how you want your taxes to be withheld at the time of your first payment. You may change your tax choice at any time. Please see the Pension Recipient’s Federal Income Tax Withholding Authorization (Form 31).

Getting Ready For Retirement?

Make sure you’re prepared! Click here to view the MERS Retirement Readiness Checklist, or contact us to have a retirement packet sent to you.

Retirement Readiness Checklist Samples

Retirement Forms

View the MERS Investment Menu

Click here to see the streamlined MERS 457 Investment Menu.

Find Forms

Want to change your investments, or your named beneficiary? Click here to find your form.

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Disclaimer
The information contained in this Web site is being made available as a public service. The information is not intended to constitute legal or investment advice, or to replace official versions of that information. Benefit Estimates or Service Credit Purchase estimates requested through this Web site are not official descriptions of any benefits, and do not represent a promise by MERS to provide any benefit(s) to any person(s). No one can detrimentally rely upon the information provided in, or requested through this Web site. MERS reserves the right to correct any errors, and presents this information without warranties, express or implied, regarding the information?s accuracy, timeliness or completeness. If you believe the information is inaccurate, out-of-date, or incomplete, or if you have problems accessing or reading the information, please call MERS at 800.767.MERS (6377).