Michigan SERS administers pension, disability, health insurance and survivors benefits for substantially all state employees hired prior to April 1997. In 1997 the Michigan Legislature established a mandatory defined contribution plan for state employees joining after March 1997. The closed DB plan is non-contributory for employees. Assets are managed by the state treasurer, who serves as sole fiduciary.
Michigan State Employees Retirement System Basics, by Plan
| Plan |
Assets (millions) |
Total Members |
| Michigan SERS |
13,344.1 |
65,297 |
| Other Plans |
0 |
0 |
| Total |
13,344.1 |
65,297 |
Source: Public Plans Database (as of 2023)
Note: Michigan State Employees Retirement System has 0 other plans.
Assets
Assets at Year-End
Michigan State Employees Retirement System
2001-2023
| Fiscal Year |
Net Assets (billions) |
| 2001 |
9.6 |
| 2002 |
8.3 |
| 2003 |
8.9 |
| 2004 |
9.4 |
| 2005 |
10.1 |
| 2006 |
10.9 |
| 2007 |
12.1 |
| 2008 |
9.8 |
| 2009 |
8.6 |
| 2010 |
8.9 |
| 2011 |
8.7 |
| 2012 |
9.3 |
| 2013 |
9.9 |
| 2014 |
11.0 |
| 2015 |
10.7 |
| 2016 |
11.0 |
| 2017 |
11.8 |
| 2018 |
12.4 |
| 2019 |
12.2 |
| 2020 |
12.0 |
| 2021 |
14.5 |
| 2022 |
13.1 |
| 2023 |
13.3 |
Membership
Ratio of Actives to Beneficiaries, 2001-2023
| Fiscal Year |
Michigan State Employees Retirement System |
US State and Local Pensions |
| 2001 |
1.2 |
2.4 |
| 2002 |
1.1 |
2.3 |
| 2003 |
0.8 |
2.2 |
| 2004 |
0.8 |
2.1 |
| 2005 |
0.7 |
2.1 |
| 2006 |
0.7 |
2.0 |
| 2007 |
0.7 |
2.0 |
| 2008 |
0.6 |
1.9 |
| 2009 |
0.6 |
1.9 |
| 2010 |
0.5 |
1.8 |
| 2011 |
0.4 |
1.7 |
| 2012 |
0.3 |
1.6 |
| 2013 |
0.3 |
1.5 |
| 2014 |
0.3 |
1.4 |
| 2015 |
0.2 |
1.4 |
| 2016 |
0.2 |
1.4 |
| 2017 |
0.2 |
1.4 |
| 2018 |
0.2 |
1.3 |
| 2019 |
0.1 |
1.3 |
| 2020 |
0.1 |
1.3 |
| 2021 |
0.1 |
1.2 |
| 2022 |
0.1 |
1.2 |
| 2023 |
0.1 |
1.2 |
2023 Membership for Michigan State Employees Retirement System
| Actives |
Beneficiaries |
Inactive Vested |
Total Membership |
# of Participating Employers |
| 3,812 |
59,614 |
1,871 |
65,297 |
1 |
Cash Flows
Cash Flow vs. Total Assets (Millions)
Michigan State Employees Retirement System
2001-2023
| Fiscal Year |
Cash Flow |
Assets |
| 2001 |
-367.1 |
9,616.5 |
| 2002 |
-336.7 |
8,274.1 |
| 2003 |
-564.9 |
8,924.3 |
| 2004 |
-594.0 |
9,428.5 |
| 2005 |
-464.4 |
10,132.8 |
| 2006 |
-491.7 |
10,889.9 |
| 2007 |
-630.6 |
12,103.1 |
| 2008 |
-476.6 |
9,781.2 |
| 2009 |
-524.7 |
8,583.2 |
| 2010 |
-526.7 |
8,940.1 |
| 2011 |
-646.0 |
8,654.6 |
| 2012 |
-712.3 |
9,272.3 |
| 2013 |
-535.8 |
9,922.5 |
| 2014 |
-477.3 |
10,974.8 |
| 2015 |
-475.5 |
10,731.9 |
| 2016 |
-533.2 |
10,980.3 |
| 2017 |
-585.0 |
11,807.1 |
| 2018 |
-682.6 |
12,398.0 |
| 2019 |
-781.3 |
12,227.9 |
| 2020 |
-799.7 |
12,027.5 |
| 2021 |
-782.5 |
14,481.6 |
| 2022 |
-782.5 |
13,064.7 |
| 2023 |
-774.0 |
13,344.1 |
2023 Cash Flows for Michigan State Employees Retirement System (millions)
| Inflows |
Outflows |
Investment Gains (losses) |
Change in Net Assets |
| 730.9 |
1,505.0 |
1,053.5 |
279.4 |
Cash Flow as a Percentage of Assets
Michigan State Employees Retirement System
2001-2023
| Fiscal Year |
Michigan State Employees Retirement System |
National Average |
| 2001 |
-3.8 |
-2.1 |
| 2002 |
-4.1 |
-2.0 |
| 2003 |
-6.3 |
-2.5 |
| 2004 |
-6.3 |
-2.0 |
| 2005 |
-4.6 |
-2.2 |
| 2006 |
-4.5 |
-2.2 |
| 2007 |
-5.2 |
-2.1 |
| 2008 |
-4.9 |
-2.3 |
| 2009 |
-6.1 |
-3.1 |
| 2010 |
-5.9 |
-3.2 |
| 2011 |
-7.5 |
-3.1 |
| 2012 |
-7.7 |
-3.3 |
| 2013 |
-5.4 |
-3.1 |
| 2014 |
-4.3 |
-2.9 |
| 2015 |
-4.4 |
-2.8 |
| 2016 |
-4.9 |
-3.0 |
| 2017 |
-5.0 |
-2.9 |
| 2018 |
-5.5 |
-2.6 |
| 2019 |
-6.4 |
-2.6 |
| 2020 |
-6.6 |
-2.4 |
| 2021 |
-5.4 |
-2.1 |
| 2022 |
-6.0 |
-2.1 |
| 2023 |
-5.8 |
-2.1 |
