™Your Policy Risk Impact Agent
47 chapters · 822 sections in this title.
Mich. Comp. Laws § 38.61 Election by elected or appointed official.
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Sec. 61. An elected or appointed official who is first elected or appointed 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 2 by filing written notice of the election wi…
Mich. Comp. Laws § 38.62 Transfer of amount; crediting and charging participant account.
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Sec. 62. (1) The state treasurer shall promptly credit the Tier 2 account of a qualified participant or former qualified participant who makes an election under section 50 to terminate membership in Tier 1 with any amount transferred from Tier 1 pursuant to section 51. (2) Not la…
Mich. Comp. Laws § 38.63 Contributions by employer and participant.
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Sec. 63. (1) This section is subject to the vesting requirements of section 64. (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 compensation. (3) A qualified participant …
Mich. Comp. Laws § 38.63a Tier 2 and tax-deferred accounts; terms and conditions.
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Sec. 63a. Tier 2 and tax-deferred accounts are subject to the following terms and conditions: (a) On or before April 1, 2012, the retirement system shall design an automatic enrollment feature that provides that unless a qualified participant who makes contributions under section…