Michigan Compiled Laws 300-1980-7 Article 7 (38.1420...38.1467)

• Section 38.1420 Tier 2 Plan; Implementation.
  Notwithstanding any other provision of this act, the Tier 2 plan under this article will be implemented by the department as soon as administratively...
• Section 38.1421 Words And Phrases In Sections 122 To 124; Date For Implementation Of Tier 2 Plan.
  (1) For the purposes of this article, the words and phrases defined in sections 122 to 124 have the meanings ascribed to them in...
• Section 38.1422 "Accumulated Balance" And "Compensation" Defined.
  (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"...
• Section 38.1423 "Employer" And "Former Qualified Participant" Defined.
  (1) "Employer" means a reporting unit. (2) "Former qualified participant" means an individual who was a qualified participant and who terminates the employment upon...
• Section 38.1424 "Plan Document," "Qualified Participant," "Refund Beneficiary," And "State Treasurer" Defined.
  (1) "Plan document" means the document that contains the provisions and procedures of Tier 2 in conformity with this act and the internal revenue...
• Section 38.1425 Tier 2; Department As Fiduciary And Trustee; Appointment Of Advisory Board; Provisions And Procedures; Personnel And Other Services; Adoption And Compliance.
  (1) The department shall administer Tier 2 and shall be the fiduciary and trustee of Tier 2. The department may appoint an advisory board...
• Section 38.1426 Request For Hearing; Conduct Under Administrative Procedures Act Of 1969.
  (1) A qualified participant, former qualified participant, or refund beneficiary may request a hearing on a claim involving his or her rights under Tier...
• Section 38.1427 Investment; Direction By Qualified Participant, Former Qualified Participant, And Refund Beneficiary; Applicability Of Limitations.
  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 38.1428 Tier 2; 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 38.1429 Participation In Other Public Sector Retirement Benefits Plan; "Public Sector Employer" Defined.
  A qualified participant shall not participate in any other public sector retirement benefits plan for simultaneous service rendered to the same public sector employer....
• Section 38.1431 Tier 2 Account; Contributions; Additional Contribution; Additional Matching Contributions By Employer.
  (1) This section is subject to the vesting requirements of section 132. (2) Unless a qualified participant who is also a member of Tier...
• Section 38.1431a Tier 2 Accounts; Terms And Conditions.
  Tier 2 accounts are subject to the following terms and conditions: (a) On or before January 1, 2013, the retirement system shall design an...
• Section 38.1432 Vesting.
  A qualified participant is immediately 100% vested in his or her contributions made to Tier 2. A qualified participant shall vest in the employer...
• Section 38.1434 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 38.1435 Tier 2; Eligibility To Receive Distribution; Effect Of Death Of Qualified Participant; 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 38.1437 Exemption From State, County, Municipal, Or Local Tax; Right To Setoff To Recover Overpayments.
  (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 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.

Last modified: October 10, 2016