Retirement: state employees; annuity option; provide for. Amends secs. 55, 58, 63, 63a & 69 of 1943 PA 240 (MCL 38.55 et seq.).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the State Employees’ Retirement Act to clarify and update provisions related to Tier 2 retirement plans. Specifically, it addresses investment options, including annuity choices, and outlines contribution rules for state employees. The bill aims to provide greater flexibility and transparency in retirement plan options while ensuring financial stability for the state’s retirement system.
Key provisions
- Clarifies the definition of ‘Plan Document’ for Tier 2.
- Specifies eligibility requirements for ‘Qualified Participants’ including those with military service or furlough time.
- Establishes rules for investment choices within Tier 2, allowing for fixed and variable annuity options.
- Outlines a competitive process for selecting annuity providers, prioritizing financial stability and experience.
- Details contribution rules for qualified participants, including potential employer matching contributions.
- Defines ‘Conservation Officer Qualified Participant’ and ‘Eligible Position Qualified Participant’ and their respective contribution rates.
- Provides for automatic enrollment in Tier 2 for eligible participants.
- Establishes a right of setoff for the state treasurer to recover overpayments due to embezzlement or fraud.
Who is affected
- State Employees
- Michigan Retirement System Participants
Bill text
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Document of record
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- Senate Introduced Bill
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Sponsors
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