Many employers provide employees with various retirement benefits in the form of retirement and investment accounts or plans—including 401k plans, pension plans, and thrift savings plans (for federal employees)—sometimes with employer-matching of employee contributions.

Retirement benefits are generally discretionary and private employers are not obligated to provide them—or any other employee benefits. Most employees are also covered by Social Security—a retirement benefit administered by by the federal government—with eligibility for benefits beginning at age 62.

In Michigan, as in other states, employers may offer retirement benefits such as 401(k) plans, pension plans, and thrift savings plans, with some offering employer-matching contributions. These benefits are typically discretionary, meaning that private employers are not required by law to provide them. However, when employers do offer these plans, they must comply with federal regulations such as the Employee Retirement Income Security Act (ERISA), which sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. Additionally, most employees in Michigan, as elsewhere in the United States, contribute to and are covered by Social Security, which is a federal program. Social Security provides retirement benefits, with eligibility starting at age 62, although the full retirement age varies depending on the year of birth of the individual.