HB-6011, As Passed House, April 21, 2010
March 25, 2010, Introduced by Reps. Durhal, Geiss, McDowell, Scripps, Haugh, Slavens, Byrum, Angerer, Byrnes, Ebli, Meadows, Melton, Johnson, Corriveau, Bledsoe, Liss, Sheltrown, Valentine, Stanley, Haase, Segal, Roy Schmidt, Dean and Lisa Brown and referred to the Committee on Oversight and Investigations.
A bill to amend 1943 PA 240, entitled
"State employees' retirement act,"
by amending section 63 (MCL 38.63), as added by 1996 PA 487.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
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 may periodically elect to
contribute up to 3% of his or her compensation to his or her Tier 2
account. The qualified participant's employer shall make an
additional contribution to the qualified participant's Tier 2
account in an amount equal to the contribution made by the
qualified participant under this subsection. Except as otherwise
provided in this subsection, for employees of the legislature, the
qualified participant's employer shall not make an additional
contribution to the qualified participant's Tier 2 account in an
amount equal to the contribution made by the qualified participant
under this subsection for the fiscal year that begins October 1,
2010 only. The qualified participant's employer shall make an
additional contribution to the qualified participant's Tier 2
account in an amount equal to the contribution made by the
qualified participant under this subsection for the fiscal year
that begins October 1, 2010 if the qualified participant was
originally a member of Tier 1 and made an election under this act
to become a qualified participant.
(4) A qualified participant may make contributions in addition
to contributions made under subsection (3) to his or her Tier 2
account as permitted by the state treasurer and the internal
revenue code. The qualified participant's employer shall not match
contributions made by the qualified participant under this
subsection.