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 […]
Section 38.66 – Refund Beneficiary.
38.66 Refund beneficiary. Sec. 66. 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 38.52 – Calculation of Accrued Cost Savings for Each Fiscal Year.
38.52 Calculation of accrued cost savings for each fiscal year. Sec. 52. 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 1996 PA 487 over the costs that would have […]
Section 38.67 – Distributions of Accumulated Balance.
38.67 Distributions of accumulated balance. Sec. 67. (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 […]
Section 38.53 – Meanings of Words and Phrases; Definitions; a to C.
38.53 Meanings of words and phrases; definitions; A to C. Sec. 53. (1) For the purposes of this section and sections 54 to 69, the words and phrases defined in this section and sections 54 to 69 have the meanings ascribed to them in those sections. (2) “Accumulated balance” means the total balance in a […]
Section 38.67a – Duty Disability Retirement Allowance; Supplemental Benefit; Health Insurance Coverage; Exception.
38.67a Duty disability retirement allowance; supplemental benefit; health insurance coverage; exception. Sec. 67a. (1) Except as otherwise provided in this section or section 33, a qualified participant who becomes totally incapacitated for duty because of a personal injury or disease shall be retired if all of the following apply: (a) Within 1 year after the […]
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 […]