Category: Retirement Matters

By Joanne Bump At the SERA Lansing Chapter General Membership meeting on March 6, 2024, Anthony Estell, Director of the Office of Retirement Services (ORS), and Allison Wardlaw, ORS Plan Development and Compliance Director, presented an overview and improvements to the State Employees’ Retirement System (SERS) Defined Benefit (DB) and Defined Contribution (DC) plans. DB… Read more

By Joanne Bump Retirement Crisis — Most State of Michigan, Defined Benefit (DB) state employee retirees depend on financial support from their State pension, Social Security, and Medicare. However, policy changes have weakened our retirement infrastructure. After March 1997, State employees became ineligible for a pension. State employee pensions were replaced with a Defined Contribution (DC)… Read more

By Joanne Bump Paid-Up Pensions — The significant news at this December’s State of Michigan Investment Board (SMIB) meeting was that, in 2023, Michigan paid off the pensions for the Michigan Public School Employees’ Retirement System (MPSERS) and their Other Post Employment Benefits (OPEB) like health insurance. Governor Whitmer recommended that the freed-up funding be spent… Read more

By Joanne Bump Long-Term Care (LTC) Is Costly — This discussion is continued from the December SERA-Nade. Many retirees equivocate on whether the inflation-adjusted increases in LTC insurance premiums are affordable. They don’t like paying the higher inflation adjusted LTC premium but know they haven’t saved enough either. See the Kaiser Family Foundation (KFF) chart showing… Read more

By Joanne Bump Inflation Premium Increase — Long Term Care (LTC) insurance pays for nursing homes, assisted living facilities, and home care. Some State employee retirees received a letter in early November 2023 from Prudential LTC insurance notifying them that their daily maximum nursing home care and premiums were increasing. The premium increase may not affect… Read more

By Joanne Bump Current Issues With Social Security and Medicare — Most Defined Benefit state employee retirees depend on financial support from their pension, Social Security, Medicare, and job earnings. But there is a continuous call for reducing Social Security and Medicare benefits, rather than raising revenue. Proposals include raising the Medicare eligibility age from 65… Read more

By Joanne Bump Health Care Crisis — If you or your family are experiencing long delays to get a medical appointment, you’re waiting a long time in the doctor’s office at your appointment, or the provider doesn’t answer the phone and you’re not sure the request will be answered, realize that you are not alone. It’s… Read more

By Joanne Bump Inflation Reduction Act (IRA) — August 16 marked the one-year anniversary of the IRA signed by President Biden. This new law includes historic prescription drug provisions that are providing benefits to Medicare beneficiaries already, plus adding new benefits in the future. Seniors may not need to choose between essentials like food and medicine.… Read more

By Joanne Bump State of Michigan Retirement Board (SMRB) — In May, the board met to present findings from the annual actuarial reports on the health benefits for the State Employee Retirement System (SERS). This report was prepared by Gabriel, Roeder, Smith & Company (GRS) and was based on September 30, 2022, data, the latest available.… Read more

By Joanne Bump Save SERA — Recently, SERA successfully advocated for the repeal of the pension tax on State employee benefits. We have received many thanks for our effective influence. However, we have more vital work to do like maintaining retirees’ pensions and health care benefits which are being eroded by inflation and bad policy choices.… Read more