If you're a teacher, you know that the month before school starts can be frenzied. Amid the flurry of classroom decorating, meeting new people, and orientation meetings, new teachers are asked to make an important decision about one of the last things on their minds: retirement.
Michigan public K-12 schools all participate in the same retirement system, and new teachers can choose between two types of programs: the Pension Plus Plan and the Defined Contribution Plan. Be sure to look through the "Get to Know the Plans" section of the above link for a full description, but here are some key things to understand when making your decision:
This can be a difficult and confusing decision for many teachers, but it's important to get right. If you have any questions, feel free to get in touch with us.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. For advice specific to your situation, please contact us.