MI SB0132

Amends the Judges Retirement Act of 1992 to modify contribution and vesting provisions for qualified participants in Tier 2 accounts.

Employer contributes 4% of a qualified participant's salary to their Tier 2 account, with participants able to contribute up to 3% of salary with matching employer contributions.

Participants who made a written election under section 701a may contribute up to 6% of salary to Tier 2 accounts with full employer matching for a period determined by the department to compensate for time lost due to a temporary restraining order in Michigan Judges Association v. Treasurer of the State of Michigan.

Qualified participants first eligible before November 1, 2010 must contribute 2.0% of compensation to the retirement system upon taking office, with contributions deposited into the reserve for health benefits.

Establishes a vesting schedule for employer contributions: 50% after 2 years of service, 75% after 3 years, and 100% after 4 years; participants are immediately 100% vested in their own contributions.

Takes effect only if House Bill No. 4194 of the 95th Legislature is enacted into law.