Michigan Supplemental Retirement Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-104
• Format: Word; Rich Text

Description

21-104 21-104 . . . Supplemental Executive Retirement Plan which permits eligible management and highly-compensated employees to receive benefits that will compensate them for limitations imposed by Sections 401(a)(17), 401(k), 401(m) and 402(g) of Internal Revenue Code on salary deferrals and matching contributions under 401(k) plan The Michigan Supplemental Retirement Plan (MSRP) is a retirement benefit program offered to public employees in the state of Michigan. It is designed to supplement the benefits provided by the Michigan Public School Employees Retirement System (MASERS) and the Michigan State Employees' Retirement System (USERS). The MSRP offers participants the opportunity to save additional funds for retirement through an optional, tax-deferred retirement savings plan. It allows employees to contribute a portion of their income into individual accounts, which can be invested in a variety of investment options. The accounts accumulate earnings on a tax-deferred basis until retirement, providing a potential for growth. The plan offers various investment options, including mutual funds, annuity contracts, and a stable value fund, among others. Participants can customize their investment portfolio based on their risk tolerance and retirement goals. The plan also offers a range of account services, such as online access, retirement planning tools, and educational resources to help employees make informed decisions about their retirement savings. There are different types of Michigan Supplemental Retirement Plans, tailored to specific groups of public employees. These include the Public School Employees Retirement System (USERS) Plan, the State Employees Retirement System (SEES) Plan, and the Defined Contribution (DC) Plan. Each plan has its own set of eligibility requirements and benefits, but they all aim to provide additional retirement savings options and financial security to public employees. The USERS Plan is specifically for employees in the public school sector, including teachers, administrators, and support staff. It allows eligible participants to contribute a percentage of their salary towards their retirement savings and offers a range of investment options to choose from. The SEES Plan, on the other hand, is designed for employees in state government agencies and certain public authorities. It functions similarly to the USERS Plan, allowing participants to contribute a portion of their income towards retirement savings and select from various investment options. Lastly, the Defined Contribution (DC) Plan is available to higher education and certain state government employees. Unlike the other plans, it is a mandatory plan in which the employer automatically contributes a designated percentage of the employee's salary towards retirement savings. The employee can choose how their contributions are invested within the available options. In conclusion, the Michigan Supplemental Retirement Plan provides public employees with additional retirement savings options and opportunities for growth. With its various investment choices and account services, it aims to help employees achieve their retirement goals and secure a financially stable future. Whether it's the USERS, SEES, or DC Plan, these different types cater to specific groups of employees, ensuring that retirement benefits are tailored to their needs and circumstances.

The Michigan Supplemental Retirement Plan (MSRP) is a retirement benefit program offered to public employees in the state of Michigan. It is designed to supplement the benefits provided by the Michigan Public School Employees Retirement System (MASERS) and the Michigan State Employees' Retirement System (USERS). The MSRP offers participants the opportunity to save additional funds for retirement through an optional, tax-deferred retirement savings plan. It allows employees to contribute a portion of their income into individual accounts, which can be invested in a variety of investment options. The accounts accumulate earnings on a tax-deferred basis until retirement, providing a potential for growth. The plan offers various investment options, including mutual funds, annuity contracts, and a stable value fund, among others. Participants can customize their investment portfolio based on their risk tolerance and retirement goals. The plan also offers a range of account services, such as online access, retirement planning tools, and educational resources to help employees make informed decisions about their retirement savings. There are different types of Michigan Supplemental Retirement Plans, tailored to specific groups of public employees. These include the Public School Employees Retirement System (USERS) Plan, the State Employees Retirement System (SEES) Plan, and the Defined Contribution (DC) Plan. Each plan has its own set of eligibility requirements and benefits, but they all aim to provide additional retirement savings options and financial security to public employees. The USERS Plan is specifically for employees in the public school sector, including teachers, administrators, and support staff. It allows eligible participants to contribute a percentage of their salary towards their retirement savings and offers a range of investment options to choose from. The SEES Plan, on the other hand, is designed for employees in state government agencies and certain public authorities. It functions similarly to the USERS Plan, allowing participants to contribute a portion of their income towards retirement savings and select from various investment options. Lastly, the Defined Contribution (DC) Plan is available to higher education and certain state government employees. Unlike the other plans, it is a mandatory plan in which the employer automatically contributes a designated percentage of the employee's salary towards retirement savings. The employee can choose how their contributions are invested within the available options. In conclusion, the Michigan Supplemental Retirement Plan provides public employees with additional retirement savings options and opportunities for growth. With its various investment choices and account services, it aims to help employees achieve their retirement goals and secure a financially stable future. Whether it's the USERS, SEES, or DC Plan, these different types cater to specific groups of employees, ensuring that retirement benefits are tailored to their needs and circumstances.