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Friday, May 06, 2016

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.

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, including 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 weekdays 8:30 a.m. - 5:00 p.m. at 800.767.MERS (6377).

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 are not signed up for direct deposit by January 1, 2016, your payments will be suspended until direct deposit arrangements can be set up. Your first payment will be effective the month following the your date of direct deposit authorization. To sign up for direct deposit, click here.

If you need to make a change to your direct deposit information, click here and print the Electronic Funds Transfer Form. Changes must be received by the first of the month in order to be effective for that month's direct deposit.

Retiree Pay Dates

2015
  December - 18th (Friday)
2016  
  January - 15th (Friday)
  February - 18th (Thursday)
  March - 18th (Friday)
  April - 18th (Monday)
  May - 18th (Wednesday)
  June - 17th (Friday)
  July - 18th (Monday)
  August - 18th (Thursday)
  September - 16th (Friday)
  October - 18th (Tuesday)
  November - 18th (Friday)
  December - 16th (Friday)

 

Working in Retirement

If you retire and later decide to return to the workplace, there are restrictions that can affect your MERS pension under certain conditions. These restrictions apply only if you rehire at the SAME employer you retired from. There are also different rules for elected officials than regular (salaried or hourly) employees. There are no restrictions if you are hired anywhere other than the employer you retired from.

If you rehire and are returning to a regular (non-elected/appointed) position, the following rules apply:

  • You must complete and submit the Working in Retirement Certification form (F-29c), signed by both you and your employer.
  • You must have a bona fide separation before returning to work, per IRS rules. Bona fide separation is defined as NO formal or informal agreement to return to work prior to retirement.
  • You must have 60 days of separation.
  • You may work up to 1,000 hours in a calendar year. If you exceed 1,000 hours, your pension payments will be cut off until separation.

If you rehire and are returning to an elected/appointed position, the following rules apply:

  • You must complete and submit the Working in Retirement Certification form (F-29c), signed by both you and your employer.
  • You must have a bona fide separation before returning to work, per IRS rules. Bona fide separation is defined as NO formal or informal agreement to return to work prior to retirement.
  • If you are re-elected/appointed into the SAME position, you must have two years of separation.
  • If you are elected/appointed into a DIFFERENT position, you must have 60 days of separation.
  • You are not subject to any hour limitation.

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).

Find It Fast

Access Your Account

  • Change your contact information.
  • Track your retirement plan payments and more!
    Need an account?

Getting Ready for Retirement?

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

Find Forms

Want to change your address, or your tax withholding? Click here to find your form.

Stay On Track

Are you still on the right road in retirement? Click here to estimate your future costs.

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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).