Section 38.68a – Appropriation Amount; Purpose; Work Project; Estimated Completion Date.
38.68a Appropriation amount; purpose; work project; estimated completion date. Sec. 68a. In addition to the amount appropriated in part 1 of 2001 PA 83 for retirement services, there is appropriated for the fiscal year ending September 30, 2002, $2,100,000.00 in pension trust funds to the department of management and budget, retirement services, for administration of […]
Section 38.68b – Participant Employed on or After January 1, 2012 or Making Election Under Subsection (5) or (6); Health Insurance Coverage; Contribution to Tax-Deferred Account; Opt-Out; Calculation of Amount Under Subsection (7) and Adjustment Under Subsection (8); Implementation of Subsections (5) to (11); Method; Report.
38.68b Participant employed on or after January 1, 2012 or making election under subsection (5) or (6); health insurance coverage; contribution to tax-deferred account; opt-out; calculation of amount under subsection (7) and adjustment under subsection (8); implementation of subsections (5) to (11); method; report. Sec. 68b. (1) A qualified participant or former qualified participant who […]
Section 38.68c – Employment of Retiree Receiving Retirement Allowance; Stopping Retirement Payment; Applicability; “Employed by This State” Defined; Coordination of Benefits Provision; Exceptions to Subsection (1); Definitions.
38.68c Employment of retiree receiving retirement allowance; stopping retirement payment; applicability; “employed by this state” defined; coordination of benefits provision; exceptions to subsection (1); definitions. Sec. 68c. (1) Except as otherwise provided in this section, a retirant who is receiving a retirement allowance under this act and is employed by this state beginning after October […]
Section 38.68d – Administration of Changes; Appropriation.
38.68d Administration of changes; appropriation. Sec. 68d. (1) There is appropriated for the fiscal year ending September 30, 2010, $1,600,000.00 to the office of retirement services in the department of technology, management, and budget for administration of the changes under the amendatory act that added this section. (2) The appropriation authorized in subsection (1) is […]
Section 38.68e – Appropriation.
38.68e Appropriation. Sec. 68e. (1) There is appropriated for the fiscal year ending September 30, 2012 $1,900,000.00 to the office of retirement services in the department of technology, management, and budget for administration of the changes under the amendatory act that added this section. (2) The appropriation authorized under subsection (1) is a work project […]
Section 38.69 – Exemptions From Taxation; Subject to Public Employee Retirement Benefit Protection Law; Right of Setoff to Recover Overpayments; Satisfaction of Claims Arising From Embezzlement or Fraud; Correction of Errors in Records and Actions.
38.69 Exemptions from taxation; subject to public employee retirement benefit protection law; right of setoff to recover overpayments; satisfaction of claims arising from embezzlement or fraud; correction of errors in records and actions. Sec. 69. (1) Distributions from employer contributions made pursuant to section 63(2) and (3) and earnings on those employer contributions, and distributions […]
Section 38.63a – Tier 2 and Tax-Deferred Accounts; Terms and Conditions.
38.63a Tier 2 and tax-deferred accounts; terms and conditions. Sec. 63a. Tier 2 and tax-deferred accounts are subject to the following terms and conditions: (a) On or before April 1, 2012, the retirement system shall design an automatic enrollment feature that provides that unless a qualified participant who makes contributions under section 63(3) or who […]
Section 38.64 – Tier 2; Vesting Requirements.
38.64 Tier 2; vesting requirements. Sec. 64. (1) A qualified participant is immediately 100% vested in his or her contributions made to Tier 2 and employer contributions under the banked leave time program. Except as otherwise provided in this section, a qualified participant shall vest in the employer contributions made on his or her behalf […]
Section 38.65 – Crediting Years of Service Accrued.
38.65 Crediting years of service accrued. Sec. 65. A qualified participant who was a member, deferred member, or former nonvested member of Tier 1 shall be credited with the years of service accrued under Tier 1 on the effective date of participation in Tier 2 for the purpose of meeting the vesting requirements for benefits […]
Section 38.51 – Transfer of Lump Sum Amount.
38.51 Transfer of lump sum amount. Sec. 51. (1) For a member who elects to terminate membership in Tier 1 under section 50(1), the retirement system shall direct the state treasurer to transfer a lump sum amount from the appropriate fund created under section 11 to the qualified participant’s account in Tier 2 on or […]