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Michigan Office Of Retirement Services
The Michigan Office of Retirement Services (ORS) administers retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard National Guard is the name used by a wide variety of current and historical uniformed organizations in different countries. The original National Guard was formed during the French Revolution around a cadre of defectors from the French Guards. Nat .... ORS also provides various retiree healthcare benefits, including traditional insurance plans, Personal Healthcare Funds, and Health Reimbursement Accounts. ORS serves over 530,000 customers (approximately 227,000 active and 281,500 retired), representing one out of every fourteen Michigan adults. ORS customers live in approximately one out of every nine Michigan households. The state employee system and the public school employee system administered by ORS make up 95 percent of all active plan membership in Michigan. ORS is responsible for the 18th largest pu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michigan
Michigan () is a state in the Great Lakes region of the upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the 10th-largest state by population, the 11th-largest by area, and the largest by area east of the Mississippi River.''i.e.'', including water that is part of state territory. Georgia is the largest state by land area alone east of the Mississippi and Michigan the second-largest. Its capital is Lansing, and its largest city is Detroit. Metro Detroit is among the nation's most populous and largest metropolitan economies. Its name derives from a gallicized variant of the original Ojibwe word (), meaning "large water" or "large lake". Michigan consists of two peninsulas. The Lower Peninsula resembles the shape of a mitten, and comprises a majority of the state's land area. The Upper Peninsula (often called "the U.P.") is separated from the Lower Peninsula by the Straits of Mackinac, a channel that joins Lak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Guard Of The United States
The National Guard is a state-based military force that becomes part of the reserve components of the United States Army and the United States Air Force when activated for federal missions.National Guard: FAQ . . Accessed February 2, 2022. It is a military reserve force composed of National Guard military members or units of each state and the territories of , the |
Michigan Department Of Technology, Management, And Budget
The Michigan Department of Technology, Management, and Budget, formerly Michigan Department of Management and Budget, is a principal department of the government of Michigan responsible for various support functions within the government. History The Department of Management and Budget was formed in 1984 by law as a principal department of state government. Created within the department under the same law was the Office of the State Budget Director. In 1979, the Governor created an autonomous Office of the State Employer within the department.Grandholm, Jennifer. (May 24, 2007)EXECUTIVE ORDER No.2007 - 30: CONSOLIDATING HUMAN RESOURCES OPERATIONS AND ABOLISHING THE DEPARTMENT OF CIVIL SERVICE Under Executive Order No. 2007 - 30, the Michigan Department of Civil Service was abolished with the Board of Ethics, State Officers Compensation Commission and Civil Service Commission transfer to the department on August 26, 2007. In 2009, then Governor Jennifer Granholm planned to merge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michigan Legislature
The Michigan Legislature is the legislature of the U.S. state of Michigan. It is organized as a bicameral body composed of an upper chamber, the Senate, and a lower chamber, the House of Representatives. Article IV of the Michigan Constitution, adopted in 1963, defines the role of the Legislature and how it is to be constituted. The chief purposes of the Legislature are to enact new laws and amend or repeal existing laws. The Legislature meets in the Capitol building in Lansing. The 102nd Michigan Legislature will be sworn in January 1, 2023. Titles Members of the Senate are referred to as Senators and members of the House of Representatives are referred to as Representatives. Because this shadows the terminology used to describe members of Congress, constituents and the news media, using ''The Associated Press Stylebook'', often refer to legislators as state senators or state representatives to avoid confusion with their federal counterparts. Michigan Senate The Senate is t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Benefit Pension Plan
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.Lemke and Lins, ''ERISA for Money Managers'', §1:1 (Thomson West, 2013). A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan," the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. In the United States, specifies a defined benefit plan to be any pension plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Contribution Plan
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings (usually pretax) to an individual account, all or part of which is matched by the employer. In the United States, specifies a defined contribution plan as a "plan which provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account, and any income, expense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deferred Compensation
Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a later date after which the income was earned. Examples of deferred compensation include pensions, retirement plans, and employee stock options. The primary benefit of most deferred compensation is the deferral of tax to the date(s) at which the employee receives the income. United States In the US, Internal Revenue Code section 409A regulates the treatment for federal income tax purposes of "non-qualified deferred compensation", the timing of deferral elections, and of distributions. While technically "deferred compensation" is any arrangement where an employee receives wages after they have earned them, the more common use of the phrase refers to "non-qualified" deferred compensation and a specific part of the tax code that provides a special benefit to corporate executives and other highly compensated corporate employees. Non-qualifying Deferred compensation is a written agreement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Agencies Of Michigan
The 1963 Constitution requires that all permanent agencies or commissions, except universities, be assigned to one of a maximum of twenty principal departments. The principal departments are the: * Department of Agriculture & Rural Development * Department of Attorney General * Department of Civil Rights * Department of Corrections * Department of Education * Department of Environment, Great Lakes, and Energy * Department of Health and Human Services * Department of Insurance & Financial Services * Department of Licensing & Regulatory Affairs * Department of Military & Veterans Affairs * Department of Natural Resources * Department of State (DOS) * Department of State Police * Department of Technology, Management & Budget (DTMB) * Department of Talent and Economic Development (TED) * Department of Transportation * Department of Treasury Type 1 agencies are under the under administration of the agency but operates independently of the principal department in caring out ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
