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 […]
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 […]