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) […]
Section 38.63 – Contributions by Employer and Participant.
38.63 Contributions by employer and participant. Sec. 63. (1) This section is subject to the vesting requirements of section 64. (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 compensation. (3) A qualified participant may periodically elect to contribute up […]
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 […]