Section 38.54 – Definitions; E to H.
38.54 Definitions; E to H. Sec. 54. (1) “Employer” means this state or, if a qualified participant is not employed by this state but is a participant in Tier 2 by virtue of his or her employment, the employer that pays his or her compensation. (2) “Former qualified participant” means an individual who was a […]
Section 38.68 – Health Insurance Coverage.
38.68 Health insurance coverage. Sec. 68. (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 eligible for health benefits under section 64(2). (b) The former qualified participant meets or exceeds the […]
Section 38.55 – Definitions; P to Y.
38.55 Definitions; P to Y. Sec. 55. (1) “Plan document” means the document that contains the provisions and procedures of Tier 2 in conformity with this act and the internal revenue code. (2) “Qualified participant” means an individual who is a participant of Tier 2 and who meets 1 of the following requirements: (a) Is […]
Section 38.56 – State Treasurer; Powers and Duties.
38.56 State treasurer; powers and duties. Sec. 56. (1) The state treasurer shall administer Tier 2 and shall invest the assets of Tier 2. The state treasurer is the fiduciary and trustee of Tier 2. The state treasurer may appoint an advisory board to assist the state treasurer in carrying out his or her duties […]
Section 38.57 – Hearing.
38.57 Hearing. Sec. 57. (1) A qualified participant, former qualified participant, health benefit dependent, or refund beneficiary may request a hearing on a claim involving his or her rights under Tier 2. Upon written request, the state treasurer shall provide for a hearing that shall be conducted pursuant to chapter 4 of the administrative procedures […]
Section 38.58 – Investment of Employer and Employee Contributions and Earnings; Direction by Participant.
38.58 Investment of employer and employee contributions and earnings; direction by participant. Sec. 58. Each qualified participant, former qualified participant, and refund beneficiary shall direct the investment of the individual’s accumulated employer and employee contributions and earnings to 1 or more investment choices within available categories of investment provided by the state treasurer. The limitations […]
Section 38.59 – Payment of Administrative Expenses.
38.59 Payment of administrative expenses. Sec. 59. The administrative expenses of Tier 2 shall be paid by the qualified participants, former qualified participants, and refund beneficiaries who have not closed their accounts in a manner determined by the state treasurer. History: Add. 1996, Act 487, Eff. Mar. 31, 1997 Compiler’s Notes: Section 2 of Act […]
Section 38.60 – Other Public Sector Retirement Benefits Plan; Participation.
38.60 Other public sector retirement benefits plan; participation. Sec. 60. A qualified participant shall not participate in any other public sector retirement benefits plan for simultaneous service rendered to the same public sector employer. Except as otherwise provided in this act or by the state treasurer, this section does not prohibit a qualified participant from […]
Section 38.61 – Election by Elected or Appointed Official.
38.61 Election by elected or appointed official. Sec. 61. An elected or appointed official who is first elected or appointed 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 2 by filing written notice of the election […]
Section 38.62 – Transfer of Amount; Crediting and Charging Participant Account.
38.62 Transfer of amount; crediting and charging participant account. Sec. 62. (1) The state treasurer shall promptly credit the Tier 2 account of a qualified participant or former qualified participant who makes an election under section 50 to terminate membership in Tier 1 with any amount transferred from Tier 1 pursuant to section 51. (2) […]