MI HB5093

Amends the public school employees retirement system (1980 PA 300) to modify retirement allowance calculations for members in different tiers based on their election choices and service dates.

For members under subsection (3) who made certain alternative elections, establishes a 3% employee contribution to a Tier 2 account with employer matching 100% of that contribution, effective 90 days after the 2018 amendment.

Implements tiered benefit multipliers: 1.5% for credited service accrued before the transition date (February 1, 2013) and 1.25% for service accrued on or after that date, with limited exceptions.

Requires employer contributions of 4% to Tier 2 accounts for affected members from the transition date through termination of service, with vesting determined under existing section 132 provisions.

Maintains continued service credit accumulation for vesting and retirement eligibility purposes regardless of when service was accrued, except as modified by section 59(8).