38.2651 Participation in Tier 1 or Tier 2 by member, vested former member, or former nonvested member; election; writing; irrevocability; method; election subject to domestic relations order act; disqualification for tax purposes; election not implemented due to court order. Sec. 701. (1) The retirement system shall provide an opportunity for each member who is a […]
***** 38.2651a THIS SECTION IS REPEALED BY ACT 215 OF 1999 EFFECTIVE ON THE DATE THE SETTLEMENT AGREEMENT IN THE CASE OF MICHIGAN JUDGES ASSN V TREASURER OF THE STATE OF MICHIGAN, CASE NO. 98-DT-72771-CV (ED MI), BECOMES OF NO FURTHER FORCE AND EFFECT, IS RENDERED NULL AND VOID, OR IS OTHERWISE TERMINATED ***** 38.2651a […]
***** 38.2651b THIS SECTION IS REPEALED BY ACT 215 OF 1999 EFFECTIVE ON THE DATE THE SETTLEMENT AGREEMENT IN THE CASE OF MICHIGAN JUDGES ASSN V TREASURER OF THE STATE OF MICHIGAN, CASE NO. 98-DT-72771-CV (ED MI), BECOMES OF NO FURTHER FORCE AND EFFECT, IS RENDERED NULL AND VOID, OR IS OTHERWISE TERMINATED ***** 38.2651b […]
38.2652 Termination of membership; transfer, recomputation, and calculation by retirement system. Sec. 702. (1) For a member who elects to terminate membership in Tier 1 under section 701(1), the retirement system shall direct the state treasurer to transfer a lump sum amount from the appropriate fund created under this act to the qualified participant’s account […]
***** 38.2652a THIS SECTION IS REPEALED BY ACT 215 OF 1999 EFFECTIVE ON THE DATE THE SETTLEMENT AGREEMENT IN THE CASE OF MICHIGAN JUDGES ASSN V TREASURER OF THE STATE OF MICHIGAN, CASE NO. 98-DT-72771-CV (ED MI), BECOMES OF NO FURTHER FORCE AND EFFECT, IS RENDERED NULL AND VOID, OR IS OTHERWISE TERMINATED ***** 38.2652a […]
38.2653 Calculation and submission of cost savings. Sec. 703. 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 the amendatory act that added this section over the costs that would […]
38.2654 Meanings of words and phrases; “accumulated balance” defined. Sec. 704. (1) For the purposes of this article, the words and phrases defined in this section and sections 705 to 710 have the meanings ascribed to them in those sections. (2) “Accumulated balance” means the total balance in a qualified participant’s, former qualified participant’s, or […]
38.2655 “Employer,”“former qualified participant,” and “health benefit dependent” defined. Sec. 705. (1) “Employer” means this state. (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. (3) “Health benefit dependent” means the qualified or former qualified participant’s […]
38.2656 “Qualified participant,”“refund beneficiary,”“salary,” and “state treasurer” defined. Sec. 706. (1) “Qualified participant” means an individual who is a participant of Tier 2 and who meets 1 of the following requirements: (a) An individual who first becomes a judge or state official on or after March 31, 1997, and who before March 31, 1997 would […]
38.2657 Administration of Tier 2 by state treasurer. Sec. 707. (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 […]
38.2658 Hearing. Sec. 708. (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 […]
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 […]
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
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 […]
38.2662 Judge or state official; election not to participate or to discontinue participation in Tier 2. Sec. 712. An individual who first becomes a judge or state official 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 […]
38.2663 Election to terminate membership in Tier 1; credit or charge to Tier 2 account. Sec. 713. (1) The state treasurer shall promptly credit the Tier 2 account of a qualified participant who makes an election under section 701 or 701a to terminate membership in Tier 1 with any amount transferred from Tier 1 pursuant […]
38.2664 Contributions by employer and participant. Sec. 714. (1) This section is subject to the vesting requirements of section 715. (2) A qualified participant’s employer shall contribute to the qualified participant’s account in Tier 2 an amount equal to 4% of the qualified participant’s salary. (3) A qualified participant may periodically elect to contribute up […]
38.2665 Vesting requirements. Sec. 715. (1) 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) […]
38.2666 Participation in Tier 2; crediting years of service accrued under Tier 1. Sec. 716. A qualified participant who was a member, deferred vested member, or former nonvested member of Tier 1 who makes an election to participate in Tier 2 pursuant to section 701 or 701a, shall be credited with the years of service […]
38.2667 Refund beneficiary. Sec. 717. 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 […]
