Section 38.2661 – Participation in Other Retirement Benefits Plan; Prohibition.
38.2661 Participation in other retirement benefits plan; prohibition. Sec. 711. (1) A qualified participant shall not participate in any other public sector retirement benefits plan for simultaneous service rendered to the same public sector employer. This subsection does not apply to a qualified participant who makes the election under section 701b(1)(b) for that portion of […]
Section 38.2662 – Judge or State Official; Election Not to Participate or to Discontinue Participation in Tier 2.
38.2662 Judge or state official; election not to participate or to discontinue participation in Tier 2. Sec. 712. An individual who first becomes a judge or state official on or after March 31, 1997 may irrevocably elect not to become a qualified participant of Tier 2 or may irrevocably elect to discontinue participation in Tier […]
Section 38.2663 – Election to Terminate Membership in Tier 1; Credit or Charge to Tier 2 Account.
38.2663 Election to terminate membership in Tier 1; credit or charge to Tier 2 account. Sec. 713. (1) The state treasurer shall promptly credit the Tier 2 account of a qualified participant who makes an election under section 701 or 701a to terminate membership in Tier 1 with any amount transferred from Tier 1 pursuant […]
Section 38.2664 – Contributions by Employer and Participant.
38.2664 Contributions by employer and participant. Sec. 714. (1) This section is subject to the vesting requirements of section 715. (2) A qualified participant’s employer shall contribute to the qualified participant’s account in Tier 2 an amount equal to 4% of the qualified participant’s salary. (3) A qualified participant may periodically elect to contribute up […]
Section 38.2665 – Vesting Requirements.
38.2665 Vesting requirements. Sec. 715. (1) A qualified participant is immediately 100% vested in his or her contributions made to Tier 2. A qualified participant shall vest in the employer contributions made on his or her behalf to Tier 2 according to the following schedule: (a) Upon completion of 2 years of service, 50%. (b) […]
Section 38.2666 – Participation in Tier 2; Crediting Years of Service Accrued Under Tier 1.
38.2666 Participation in Tier 2; crediting years of service accrued under Tier 1. Sec. 716. A qualified participant who was a member, deferred vested member, or former nonvested member of Tier 1 who makes an election to participate in Tier 2 pursuant to section 701 or 701a, shall be credited with the years of service […]
Section 38.2667 – Refund Beneficiary.
38.2667 Refund beneficiary. Sec. 717. A qualified participant or former qualified participant may nominate 1 or more individuals as a refund beneficiary by filing written notice of nomination with the state treasurer. If the qualified participant or former qualified participant is married at the time of the nomination and the participant’s spouse is not the […]
Section 38.2668 – Methods of Distribution.
38.2668 Methods of distribution. Sec. 718. (1) A qualified participant is eligible to receive distribution of his or her accumulated balance in Tier 2 upon becoming a former qualified participant. (2) Upon the death of a qualified participant or former qualified participant, the accumulated balance of that deceased participant is considered to belong to the […]
Section 38.2669 – Health Insurance Coverage.
38.2669 Health insurance coverage. Sec. 719. (1) A former qualified participant may elect health insurance benefits in the manner prescribed in this section if he or she meets both of the following requirements: (a) The former qualified participant is vested in health benefits under section 715(2). (b) The former qualified participant meets or exceeds the […]
Section 38.2670 – Distributions; Exemption From Tax; Subject to Taxation Beginning January 1, 2012; Right of Setoff to Recover Overpayments; Satisfaction of Claims Arising From Embezzlement or Fraud; Correction of Errors.
38.2670 Distributions; exemption from tax; subject to taxation beginning January 1, 2012; right of setoff to recover overpayments; satisfaction of claims arising from embezzlement or fraud; correction of errors. Sec. 720. (1) Except as otherwise provided in this section, distributions under Tier 1 or Tier 2 from employer contributions and earnings on those employer contributions, […]