Michigan Compiled Laws 234-1992-vii Article VII (38.2651...38.2670)

• Section 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.
  (1) The retirement system shall provide an opportunity for each member who is a member on March 30, 1997, to elect in writing to...
• Section 38.2651a Participation Of Judge Of Circuit Court, Probate Court, Or District Court In Tier 1 Or Tier 2; Election; Window Of Opportunity; Method; Disqualification For Tax Purposes.
  38.2651a Participation of judge of circuit court, probate court, or district court in Tier 1 or Tier 2; election; window of opportunity; method; disqualification for...
• Section 38.2651b Election Pursuant To Mcl 38.2651 Or Mcl 38.2651a.
  38.2651b Election pursuant to MCL 38.2651 or MCL 38.2651a. Sec. 701b. (1) A member who makes and files a written election under section 701a(1) or...
• Section 38.2652 Termination Of Membership; Transfer, Recomputation, And Calculation By Retirement System.
  (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...
• Section 38.2652a Termination Of Membership In Tier 1 Pursuant To Mcl 38.2651a; Definitions; Transfer To Account In Tier 2; Calculation; Disqualification For Tax Purposes.
  38.2652a Termination of membership in Tier 1 pursuant to MCL 38.2651a; definitions; transfer to account in Tier 2; calculation; disqualification for tax purposes. Sec. 702a....
• Section 38.2653 Calculation And Submission Of Cost Savings.
  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...
• Section 38.2654 Meanings Of Words And Phrases; “accumulated Balance” Defined.
  (1) For the purposes of this article, the words and phrases defined in this section and sections 705 to 710 have the meanings ascribed...
• Section 38.2655 “employer,”“former Qualified Participant,” And “health Benefit Dependent” Defined.
  (1) “Employer” means this state. (2) “Former qualified participant” means an individual who was a qualified participant and who terminates the employment upon which...
• Section 38.2656 “qualified Participant,”“refund Beneficiary,”“salary,” And “state Treasurer” Defined.
  (1) “Qualified participant” means an individual who is a participant of Tier 2 and who meets 1 of the following requirements: (a) An individual...
• Section 38.2657 Administration Of Tier 2 By State Treasurer.
  (1) The state treasurer shall administer Tier 2 and shall invest the assets of Tier 2. The state treasurer is the fiduciary and trustee...
• Section 38.2658 Hearing.
  (1) A qualified participant, former qualified participant, health benefit dependent, or refund beneficiary may request a hearing on a claim involving his or her...
• Section 38.2659 Direction Of Investment By Qualified Participant, Former Qualified Participant, And Refund Beneficiary.
  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...
• Section 38.2660 Administrative Expenses.
  The administrative expenses of Tier 2 shall be paid by the qualified participants, former qualified participants, and refund beneficiaries who have not closed their...
• Section 38.2661 Participation In Other Retirement Benefits Plan; Prohibition.
  (1) A qualified participant shall not participate in any other public sector retirement benefits plan for simultaneous service rendered to the same public sector...
• Section 38.2662 Judge Or State Official; Election Not To Participate Or To Discontinue Participation In Tier 2.
  An individual who first becomes a judge or state official on or after March 31, 1997 may irrevocably elect not to become a qualified...
• Section 38.2663 Election To Terminate Membership In Tier 1; Credit Or Charge To Tier 2 Account.
  (1) The state treasurer shall promptly credit the Tier 2 account of a qualified participant who makes an election under section 701 or 701a...
• Section 38.2664 Contributions By Employer And Participant.
  (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...
• Section 38.2665 Vesting Requirements.
  (1) A qualified participant is immediately 100% vested in his or her contributions made to Tier 2. A qualified participant shall vest in the...
• Section 38.2666 Participation In Tier 2; Crediting Years Of Service Accrued Under Tier 1.
  A qualified participant who was a member, deferred vested member, or former nonvested member of Tier 1 who makes an election to participate in...
• Section 38.2667 Refund Beneficiary.
  A qualified participant or former qualified participant may nominate 1 or more individuals as a refund beneficiary by filing written notice of nomination with...
• Section 38.2668 Methods Of Distribution.
  (1) A qualified participant is eligible to receive distribution of his or her accumulated balance in Tier 2 upon becoming a former qualified participant....
• Section 38.2669 Health Insurance Coverage.
  (1) A former qualified participant may elect health insurance benefits in the manner prescribed in this section if he or she meets both of...
• 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.
  (1) Except as otherwise provided in this section, distributions under Tier 1 or Tier 2 from employer contributions and earnings on those employer contributions,...

Last modified: October 10, 2016