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MI HB5834
Bill
Status
2/23/2022
Primary Sponsor
William Sowerby
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AI Summary
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Expands the definition of "Member" in the State Police Retirement Act to include conservation officers described in section 55(3) of the State Employees' Retirement Act, in addition to Department of State Police employees.
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Allows conservation officers to purchase service credit for prior service rendered under the State Employees' Retirement Act by paying the actuarial value of that service as determined by the retirement system's actuary.
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Prohibits members from receiving retirement allowances for the same service from multiple retirement systems and makes service credit purchases optional and partial.
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Establishes a deadline of May 28, 2024 at 5 p.m. EDT for members to initiate service credit purchases, with a 5-year completion window from the initiation date.
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Permits service credit to be purchased through tax-deferred payments or additional payments in forms determined by the retirement system, and counts purchased service toward vesting requirements even if not fully purchased.
Legislative Description
Retirement: state police; membership in the retirement system of a conservation officer first hired after certain date; provide for, and allow for purchasing service credit for certain conservation officers' service under the state employees' retirement system. Amends sec. 4 of 1986 PA 182 (MCL 38.1604) & adds sec. 24c.
State agencies (existing): technology, management, and budget
Last Action
Bill Electronically Reproduced 02/23/2022
2/24/2022