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Michigan Legislature
Michigan Compiled Laws Complete Through PA 15 of 2018
House: Adjourned until Tuesday, February 27, 2018 1:30:00 PM
Senate: Adjourned until Tuesday, February 27, 2018 10:00:00 AM

Michigan Legislature

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Section 38.2668

THE JUDGES RETIREMENT ACT OF 1992 (EXCERPT)
Act 234 of 1992


38.2668 Methods of distribution.

Sec. 718.

(1) A qualified participant is eligible to receive distribution of his or her accumulated balance in Tier 2 upon becoming a former qualified participant.

(2) Upon the death of a qualified participant or former qualified participant, the accumulated balance of that deceased participant is considered to belong to the refund beneficiary, if any, of that deceased participant. If a valid nomination of refund beneficiary is not on file with the state treasurer, the state treasurer, in a lump sum distribution, shall distribute the accumulated balance to the legal representative, if any, of the deceased participant or, if there is no legal representative, to the deceased participant's estate.

(3) A former qualified participant or refund beneficiary may elect 1 or a combination of several of the following methods of distribution of the accumulated balance:

(a) A lump sum distribution to the recipient.

(b) A lump sum direct rollover to another qualified plan, to the extent allowed by federal law.

(c) Periodic distributions, as authorized by the state treasurer.

(d) No current distribution, in which case the accumulated balance shall remain in Tier 2 until the former qualified participant or refund beneficiary elects a method or methods of distribution under subdivisions (a) to (c), to the extent allowed by federal law.


History: Add. 1996, Act 523, Eff. Mar. 31, 1997


© 2017 Legislative Council, State of Michigan

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