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 38.2651b – Election Pursuant to MCL 38.2651 or MCL 38.2651a.
***** 38.2651b THIS SECTION IS REPEALED BY ACT 215 OF 1999 EFFECTIVE ON THE DATE THE SETTLEMENT AGREEMENT IN THE CASE OF MICHIGAN JUDGES ASSN V TREASURER OF THE STATE OF MICHIGAN, CASE NO. 98-DT-72771-CV (ED MI), BECOMES OF NO FURTHER FORCE AND EFFECT, IS RENDERED NULL AND VOID, OR IS OTHERWISE TERMINATED ***** 38.2651b […]
Section 38.2652 – Termination of Membership; Transfer, Recomputation, and Calculation by Retirement System.
38.2652 Termination of membership; transfer, recomputation, and calculation by retirement system. Sec. 702. (1) For a member who elects to terminate membership in Tier 1 under section 701(1), the retirement system shall direct the state treasurer to transfer a lump sum amount from the appropriate fund created under this act to the qualified participant’s account […]
Section 38.2652a – Termination of Membership in Tier 1 Pursuant to MCL 38.2651a; Definitions; Transfer to Account in Tier 2; Calculation; Disqualification for Tax Purposes.
***** 38.2652a THIS SECTION IS REPEALED BY ACT 215 OF 1999 EFFECTIVE ON THE DATE THE SETTLEMENT AGREEMENT IN THE CASE OF MICHIGAN JUDGES ASSN V TREASURER OF THE STATE OF MICHIGAN, CASE NO. 98-DT-72771-CV (ED MI), BECOMES OF NO FURTHER FORCE AND EFFECT, IS RENDERED NULL AND VOID, OR IS OTHERWISE TERMINATED ***** 38.2652a […]
Section 38.2653 – Calculation and Submission of Cost Savings.
38.2653 Calculation and submission of cost savings. Sec. 703. After consulting the retirement system’s actuary, the department of management and budget shall calculate for each fiscal year any cost savings that have accrued to this state as a result of the implementation of the amendatory act that added this section over the costs that would […]
Section 38.2654 – Meanings of Words and Phrases; “Accumulated Balance” Defined.
38.2654 Meanings of words and phrases; “accumulated balance” defined. Sec. 704. (1) For the purposes of this article, the words and phrases defined in this section and sections 705 to 710 have the meanings ascribed to them in those sections. (2) “Accumulated balance” means the total balance in a qualified participant’s, former qualified participant’s, or […]
Section 38.2512 – Supplemented Retirement Allowance.
38.2512 Supplemented retirement allowance. Sec. 512. (1) A person may elect to receive a supplemented retirement allowance if the person meets all of the following requirements: (a) The person is a retirant or beneficiary of a deceased retirant whose effective date of retirement was on or after January 1, 1980 but before January 2, 1993. […]
Section 38.2655 – “Employer,”“former Qualified Participant,” and “Health Benefit Dependent” Defined.
38.2655 “Employer,”“former qualified participant,” and “health benefit dependent” defined. Sec. 705. (1) “Employer” means this state. (2) “Former qualified participant” means an individual who was a qualified participant and who terminates the employment upon which his or her participation is based for any reason. (3) “Health benefit dependent” means the qualified or former qualified participant’s […]
Section 38.2601 – False Statement or Violation as Misdemeanor; Penalty.
38.2601 False statement or violation as misdemeanor; penalty. Sec. 601. A person who, with intent to deceive, makes a false statement in a report or record required under this retirement system, or who, with intent to deceive, violates this act or a rule promulgated under this act is guilty of a misdemeanor, punishable by imprisonment […]