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 38.35 – Contribution of 3% of Employee Compensation to Funding Account; “Funding Account” Defined; Refund of Amounts Contributed Under Subsection (1).
38.35 Contribution of 3% of employee compensation to funding account; “funding account” defined; refund of amounts contributed under subsection (1). Sec. 35. (1) Beginning with the first pay date after November 1, 2010 and ending no later than the second pay date after the effective date of the amendatory act that added this phrase, each […]
Section 38.48 – Conservation Officers.
38.48 Conservation officers. Sec. 48. (1) A member who is a conservation officer may retire under this section if all of the following requirements are met: (a) The member is a conservation officer on April 1, 1991. (b) The member has 25 or more years of credited service, of which 20 years of credited service […]
Section 38.35a – Election Under MCL 38.50a; Contribution.
38.35a Election under MCL 38.50a; contribution. Sec. 35a. (1) Beginning with the first pay date after April 1, 2012 and ending upon the member’s termination of employment or attainment date, as applicable under section 50a, each member who made the election under section 50a shall contribute an amount equal to 4% of his or her […]
Section 38.49 – Administration of Retirement System as Qualified Pension Plan Under Internal Revenue Code; Requirements and Benefit Limitations; Qualified Military Service.
38.49 Administration of retirement system as qualified pension plan under internal revenue code; requirements and benefit limitations; qualified military service. Sec. 49. (1) This section is enacted under section 401(a) of the internal revenue code, 26 USC 401, which imposes certain administrative requirements and benefit limitations for qualified governmental plans. This state intends that the […]