Section 38.2670 – Distributions; Exemption From Tax; Subject to Taxation Beginning January 1, 2012; Right of Setoff to Recover Overpayments; Satisfaction of Claims Arising From Embezzlement or Fraud; Correction of Errors.
38.2670 Distributions; exemption from tax; subject to taxation beginning January 1, 2012; right of setoff to recover overpayments; satisfaction of claims arising from embezzlement or fraud; correction of errors. Sec. 720. (1) Except as otherwise provided in this section, distributions under Tier 1 or Tier 2 from employer contributions and earnings on those employer contributions, […]
Section 38.2701 – Short Title.
38.2701 Short title. Sec. 1. This act shall be known and may be cited as the “public employee retirement benefits forfeiture act”. History: 1994, Act 350, Eff. Mar. 30, 1995
Section 38.2702 – Definitions.
38.2702 Definitions. Sec. 2. As used in this act: (a) “Felony arising out of his or her service as a public employee” means 1 or more of the following: (i) A felony resulting from the misuse of public funds. (ii) A felony resulting from the receipt of a bribe or other financial benefit in that […]
Section 38.2703 – Forfeiture of Retirement Rights.
38.2703 Forfeiture of retirement rights. Sec. 3. A member or retirant who, before the effective date of the amendatory act that added section 4a, is convicted of or enters a nolo contendere plea accepted by a court for a felony arising out of his or her service as a public employee is considered to have […]
Section 38.2704 – Court; Forfeiture Order; Contents; Delivery to Retirement System.
38.2704 Court; forfeiture order; contents; delivery to retirement system. Sec. 4. (1) If a member or retirant, before the effective date of the amendatory act that added section 4a, is convicted of or enters a nolo contendere plea accepted by the court for a felony arising out of his or her service as a public […]
Section 38.2659 – Direction of Investment by Qualified Participant, Former Qualified Participant, and Refund Beneficiary.
38.2659 Direction of investment by qualified participant, former qualified participant, and refund beneficiary. Sec. 709. 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 […]
Section 38.2704a – Freezing of Retirement Benefit; Court Order; Delivery to Retirement System; “Prosecuting Agency” Defined.
38.2704a Freezing of retirement benefit; court order; delivery to retirement system; “prosecuting agency” defined. Sec. 4a. (1) A retirement benefit subject to forfeiture under this act may be frozen pursuant to a freezing order issued by the court on a showing of probable cause that the retirement benefit is subject to forfeiture. (2) On an […]
Section 38.2660 – Administrative Expenses.
38.2660 Administrative expenses. Sec. 710. 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 523, Eff. Mar. 31, 1997
Section 38.2705 – Retirement System; Compliance With Court Order.
38.2705 Retirement system; compliance with court order. Sec. 5. (1) The retirement system shall comply with an order of the court described in section 4 or 4a. The retirement system shall not pay to a member or retirant whose retirement benefit is forfeited or frozen under this act any retirement benefits on or after the […]
Section 38.2661 – Participation in Other Retirement Benefits Plan; Prohibition.
38.2661 Participation in other retirement benefits plan; prohibition. Sec. 711. (1) A qualified participant shall not participate in any other public sector retirement benefits plan for simultaneous service rendered to the same public sector employer. This subsection does not apply to a qualified participant who makes the election under section 701b(1)(b) for that portion of […]