1. SB 1040 www.SB1040.com GLP & Associates, Inc.
SB 1040
GLP & Associates, Inc.
37000 Twelve Mile Road, Suite 101
Farmington Hills, MI
(877) GLP-WINS

2. DEADLINE: All elections must be made in miAccount beginning Tuesday, September 4, 2012, and no later than 5:00 p.m. EDT, Friday, October 26, Changes to any election must be made in miAccount before the election deadline.
*Material included in this packet has been compiled from the latest information available at the office of retirement services as of August 22nd, 2012.

3. MPSERS BASIC PLAN Action Taken
0% Employee Contribution
Years of Service through Dec Multiplier = 1.5%
Years of Service after Jan 1st, 2013 Multiplier = 1.25%
No Change
4% Employee Contribution until 30 years of Service. Multiplier = 1.5%, After 30 years Multiplier = 1.25%
4% Employee Contribution until termination . Multiplier = 1.5% for all years (Pending ORS clarification)
Maintain 1.5% Multiplier
Years of Service through Dec Multiplier = 1.5% Deferred until age 60
Jan. 1st, 2013 – Flat employer contribution of 4% to Defined Contribution Plan
Benefit Freeze
Opt out pension(to)
Defined Contribution

4. MPSERS M I P Fixed Action Taken
3.9% Employee Contribution
Years of Service through Dec Multiplier = 1.5%
Years of Service after Jan 1st, 2013 Multiplier = 1.25%
No Change
7% Employee Contribution until 30 years of Service. Multiplier = 1.5%, After 30 years Multiplier = 1.25%
7% Employee Contribution until termination. Multiplier = 1.5% for all years (Pending ORS clarification)
Maintain 1.5% Multiplier
Benefit Freeze
Opt out pension(to)
Defined Contribution
Years of Service through Dec Multiplier = 1.5% Deferred until age 60
Jan. 1st, 2013 – Flat employer contribution of 4% to Defined Contribution Plan

5. MPSERS M I P Graded Action Taken
Up to 4.3% Employee Contribution
Years of Service through Dec Multiplier = 1.5%
Years of Service after Jan 1st, 2013 Multiplier = 1.25%
No Change
7% Employee Contribution until 30 years of Service. Multiplier = 1.5%, After 30 years Multiplier = 1.25%
7% Employee Contribution until termination . Multiplier = 1.5% for all years (Pending ORS clarification)
Maintain 1.5% Multiplier
Benefit Freeze
Opt out pension(to)
Defined Contribution
Years of Service through Dec Multiplier = 1.5% Deferred until age 60
Jan. 1st, 2013 – Flat employer contribution of 4% to Defined Contribution Plan

6. MPSERS M I P Plus Action Taken
as of July 1, 2008
Action
Taken
6.4% Employee Contribution
Multiplier drops from 1.5% to 1.25% Jan 1st, 2013
No Change
7% Employee Contribution until 30 years of Service. Multiplier = 1.5%, After 30 years Multiplier = 1.25%
7% Employee Contribution until termination . Multiplier = 1.5% for all years (Pending ORS clarification)
Maintain 1.5% Multiplier
Benefit Freeze
Opt out pension(to)
Defined Contribution
Years of Service through Dec Multiplier = 1.5% Deferred until age 60
Jan. 1st, 2013 – Flat employer contribution of 4% to Defined Contribution Plan

7. MPSERS Pension Plus Action Taken
As of July 1, 2010
Action
Taken
6.4% Employee Contribution
Multiplier drops from 1.5% to 1.25% Jan 1st, 2013
Defined Contribution Continues
No Change
7% Employee Contribution until 30 years of Service. Multiplier = 1.5%, After 30 years Multiplier = 1.25%
7% Employee Contribution until termination . Multiplier = 1.5% for all years (Pending ORS clarification)
Maintain 1.5% Multiplier
Benefit Freeze
Opt out pension(to)
Defined Contribution
Years of Service through Dec Multiplier = 1.5% Deferred until age 60
Jan. 1st, 2013 – Flat employer contribution of 4% to Defined Contribution Plan

8. Employees hired after 9/4/2012
Employee Choice
MPSERS Pension Plus Plan Or
with 50% match from employer, up to 6% of employee salary
Defined Contribution Plan
Retiree health insurance replaced with a Defined Contribution Plan match up to 2%. Additional lump sum payment of $1,000 or $2,000 at retirement

9. Retiree Healthcare Fund
Personal Healthcare
Fund
3% Employee Contribution continues and goes to prefund retiree health care
If employee is not eligible for retiree health care at retirement, contributions are refunded monthly over 5 years after age 60
Opt out of 3% Employee Contribution. Replaced with 2% Defined Contribution match.

10. Revised Medical Benefits
Increase retiree health care monthly payment from 10% to 20% of premium after Jan. 1st, 2013
No change for Retirees 65 or older as of Jan. 1st, 2013