Municipal Employee Retirement System
Retirement plan administration for Michigan's municipal employees.
The Municipal Employees' Retirement System of Michigan (MERS) is a not-for-profit public pension fund that provides retirement plans for local government employees in Michigan. Established by the Michigan legislature in 1945, MERS operates as an independent, professional retirement services company. It was created to offer affordable and sustainable retirement benefits to municipal workers.
MERS serves over 1,000 municipalities, representing more than 140,000 participants, including firefighters, nurses, and other public service workers. The organization's clients are local units of government within Michigan, such as counties, cities, townships, and county road commissions. MERS functions as a plan fiduciary, administering various retirement programs including defined benefit plans, defined contribution plans, hybrid plans, and health care savings programs. The business model is based on pooling municipal assets for investment to lower administrative costs and maximize returns. Revenue is not explicitly detailed, but as a not-for-profit, its primary financial activity involves managing contributions and investment earnings to fund pension benefit payments.
The core service is the administration and management of these retirement plans. MERS provides comprehensive services to help employers recruit and retain staff while managing their budgets effectively. The MERS Defined Benefit Portfolio is a diversified fund managed with a long-term strategy to generate growth and income while minimizing risk. For participants, MERS offers resources like financial wellness tools, educational videos, and individual account access via its online portal. Governance is provided by a nine-member, non-compensated board elected from its membership, which is responsible for fiduciary oversight and investment of assets in accordance with state law.
Keywords: public pension fund, municipal retirement plans, Michigan retirement system, defined benefit plan, defined contribution plan, employee benefits administration, government employee retirement, public sector pensions, investment management, fiduciary services, retirement planning, healthcare savings program, pension administration, asset management, local government benefits