News You Need To Know
The 1099R's were mailed in January, 2016. If you need a copy or never received one: call (313) 224-3362, ext. 238. Let the attendant know that you have not received your 1099. We will be happy to assist you with your concerns.
Lump sum payment option letters have been received. For members who selected this option, the .09 deduction will end on the May 1, 2016, retirement check. Updated info: The actuarially reduced amount will be mailed by April 29, 2016. If you’ve chosen this option 1) there will be no benefit payable upon your death; 2) the lump sum payment may be taxable (contact your tax preparer). If you have any questions or concerns, please call (313) 224-3362 extension 202 or (800) 339-8344 extension 202.
This form of payment would allow your monthly retirement allowance to be uploaded on a bank card which allows you access to money at most ATM machines. The Retirement System would like to explore this option and we need your help in determining if this would be a good alternative to traditional banking. With a debit card, you will have access to your monthly retirement allowance on the first of every month (or earlier if the first falls on a weekend or holiday); no waiting for mail delivery or waiting until the bank opens. We will continue to update this site with additional information.
Refunds from the Hybrid Plan
Will start being approved for processing at the April 6, 2016, General Retirement System board meeting. This has been a hard task for our IT (information technology) staff but it is now completed. We will be processing these refunds on a bi-weekly basis until we have exhausted our backlog; a 4 – 6 week process. We would like to apologize for the inconvenience that this causes our current and former members. If you have any questions or concerns, please call our Annuity Section (313-224-3362; option 4) and they will be more than happy to assist you.