Section 38.1451-38.1467 – Repealed. 1997, Act 143, Imd. Eff. Nov. 19, 1997.
38.1451-38.1467 Repealed. 1997, Act 143, Imd. Eff. Nov. 19, 1997. Compiler’s Notes: The repealed sections pertained to termination of membership on Tier 1 and contributions to Tier 2 account.
Section 38.1431a – Tier 2 Accounts; Terms and Conditions.
38.1431a Tier 2 accounts; terms and conditions. Sec. 131a. Tier 2 accounts are subject to the following terms and conditions: (a) On or before January 1, 2013, the retirement system shall design an automatic enrollment feature that provides that unless a qualified participant who makes contributions under this act elects to contribute a lesser amount, […]
Section 38.1432 – Vesting.
38.1432 Vesting. Sec. 132. A qualified participant is immediately 100% vested in his or her contributions made to Tier 2. A qualified participant shall vest in the employer contributions made on his or her behalf to Tier 2 according to the following schedule: (a) Upon completion of 2 years of service, 50%. (b) Upon completion […]
Section 38.1434 – Refund Beneficiary.
38.1434 Refund beneficiary. Sec. 134. 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 department. If the qualified participant or former qualified participant is married at the time of the nomination and the participant’s spouse is not the refund […]
Section 38.1435 – Tier 2; Eligibility to Receive Distribution; Effect of Death of Qualified Participant; Methods of Distribution.
38.1435 Tier 2; eligibility to receive distribution; effect of death of qualified participant; methods of distribution. Sec. 135. (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 […]
Section 38.1437 – Exemption From State, County, Municipal, or Local Tax; Right to Setoff to Recover Overpayments.
38.1437 Exemption from state, county, municipal, or local tax; right to setoff to recover overpayments. Sec. 137. (1) Distributions from employer contributions made pursuant to section 131(2) and earnings on those employer contributions, and distributions from employee contributions made pursuant to section 131(2) and earnings on those employee contributions, are exempt from any state, county, […]
Section 38.1420 – Tier 2 Plan; Implementation.
38.1420 Tier 2 plan; implementation. Sec. 120. Notwithstanding any other provision of this act, the Tier 2 plan under this article will be implemented by the department as soon as administratively feasible but not later than January 1, 2011. History: Add. 2010, Act 75, Imd. Eff. May 19, 2010 Compiler’s Notes: Enacting section 1 of […]
Section 38.1421 – Words and Phrases in Sections 122 to 124; Date for Implementation of Tier 2 Plan.
38.1421 Words and phrases in sections 122 to 124; date for implementation of Tier 2 plan. Sec. 121. (1) For the purposes of this article, the words and phrases defined in sections 122 to 124 have the meanings ascribed to them in those sections. (2) Notwithstanding any other provision of this act, the Tier 2 […]
Section 38.1422 – “Accumulated Balance” and “Compensation” Defined.
38.1422 “Accumulated balance” and “compensation” defined. Sec. 122. (1) “Accumulated balance” means the total balance in a qualified participant’s, former qualified participant’s, or refund beneficiary’s individual account in Tier 2. (2) “Compensation” means the remuneration paid a participant on account of the participant’s services rendered to his or her employer equal to the sum of […]
Section 38.1423 – “Employer” and “Former Qualified Participant” Defined.
38.1423 “Employer” and “former qualified participant” defined. Sec. 123. (1) “Employer” means a reporting unit. (2) “Former qualified participant” means an individual who was a qualified participant and who terminates the employment upon which his or her participation is based for any reason. History: Add. 2010, Act 75, Imd. Eff. May 19, 2010 Compiler’s Notes: […]