MI HB6011

Employer contributions to Tier 2 accounts remain at 4% of qualified participant compensation.

Qualified participants may elect to contribute up to 3% of compensation to their Tier 2 account, with employers providing a matching contribution equal to the participant's contribution.

For legislative employees only, employer matching contributions on voluntary employee contributions are suspended for the fiscal year beginning October 1, 2010.

For former Tier 1 members who elected to become Tier 2 qualified participants, employer matching resumes for the fiscal year beginning October 1, 2010.

Qualified participants may make additional voluntary contributions beyond the 3% with no employer match, subject to state treasurer and Internal Revenue Code guidelines.