10/25/12 - As a number of teachers and school administrators prepare to make decisions about their retirement, one local financial expert advises taking the time to research options but donât let the situation stress you out. Changes affecting the retirement plan for members of the Michigan Public School Employees Retirement System were recently signed into law and members need to make decisions about their retiree healthcare and pension benefits and contributions. Robert Laura, a Howell-based fiduciary, tells WHMI both are very important, powerful pieces to retirement. While the time frame hasnât been ideal, he says the decisions shouldnât be taken lightly. He says the best thing to do is make a decision based on your current financial situation in the current environment. Laura advises those impacted to not get too overwhelmed or stressed out about it, noting that there are some good options within the pension program and there is no best answer. He says some factors to consider are the age of your spouse, family health history, life expectancy and cash flow. Even though there is a temporary restraining order in place pushing back the deadline, members are being told to make their choices by the deadline this Friday at 5pm. The Michigan Supreme Court is still considering whether the deadline will apply and a Court of Claims Judge previously stated any choices members made could be rescinded or changed if the law is found to be unconstitutional. (JM)
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