Michigan State Police Retirement Guide
This guide is written to help Michigan State Troopers hired before 7/21/2012 plan for their retirement. As a Trooper, you have a wide array of issues to consider in retirement. These include the nuances of Social Security Windfall Elimination, how to use the 457 and 401(k) plans, what do with DROP and how to plan your last two years.
Michigan State Police Commercial Vehicle Enforcement Division
MSP Motor Carrier Officers have a plan unique to other MSP employees. This guide is specific to the CVED retirement plan and includes focus on understanding the difference between your 401(k) and 457 plans, how to optimize each plan and the difference in taking distributions from each plan. Because it can be a confusing topic, we also included a chapter on understanding your Social Security benefit.
Michigan State Police Pension Plus Retirement Guide
This guide is written to help Michigan State Police Troopers hired after 7/1/2012 plan for their retirement. As a Trooper, you have a wide array of issues to consider in retirement. These include understanding how to coordinate your pension with your 401(k) and §457 plans, how to invest your 401(k) and §457 plans with the same strategy pension plans are invested in, the nuances of Social Security Windfall Elimination and how to withdraw from your plan upon retirement.
Michigan State Police Civilian Employee Retirement Guide
This guide is customized for the retirement plans of Michigan State Police Civilian Employees. It is designed to help you understand how to optimize your contributions and investments while working and how to take distributions upon retirement. Also included is a chapter to help you understand your Social Security benefit. For those in the Defined Benefit Plan, we have also included a guide to help you understand and then calculate the difference between your paycheck and pension check.
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Estate Planning Guide for Michigan Law Enforcement
Protect your family and your assets with this explanation of estate planning documents. By the time you need an estate plan, it’s too late to sign it.
Work or Retire?
A ‘bottom-line’ analysis of a paycheck to a pension check to provide guidance on retirement decisions. Different scenarios are used including comparing both checks after all deductions as well as alternate scenarios such as a pay cut, additional medical co-pays or additional contributions to the pension.
MSP Family Financial Checklist
This checklist is designed to assist MSP families in establishing and reviewing their annual financial picture. Some items may not apply, however, the basic concepts are toward building a solid finnancial future.
Early Career Tips
Decisions about personal finances can be dependent on your age or where you are in your career. These Career Tips are based on topics we frequently address with MSP employees who are in the early phases of their career.
Mid Career Tips
As you progress in your career, there are some changes you might want to consider making in your financial plan that could have a great impact on your long-term financial plan. Mid Career Tips address a few of those topics.
Retirement Career Tips
You’re in the home-stretch and have worked so hard to reach this milestone! Take a look at these Retirement Career Tips for some important topics to consider so you can have confidence as you near your retirement date.
We see too many cases where individuals will cut or in some cases completely stop their contributions to their 401k or §457 when the market goes through a rough patch. We don’t think that’s a good idea.
DROP vs. Don't Drop
Once you hit 25 years at MSP, you have a decision to make. Do you stay
another 6 years and DROP? Or do you separate from service now and
possibly work somewhere else?