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MI HB5021

Bill

Official Source

Status

Passed

12/31/2023

Primary Sponsor

Matt Koleszar

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Changes default retirement tier enrollment for newly hired public school employees based on hire date and elected plan status
  • Employees hired between February 1, 2018 and June 30, 2024 who fail to make an election default to Tier 2 only (previously defaulted to Tier 1)
  • Employees hired after June 30, 2024 who fail to make an election default back to Tier 1 with Tier 2 participation
  • Employees must be allowed to elect Tier 2-only status within 75 days of first payroll date; election is irrevocable
  • Automatic transition to Tier 2-only enrollment occurs 12 months after retirement board receives valuation showing fund's actuarial ratio falls below 85% for 2 consecutive years
  • Effective date: February 13, 2024

Legislative Description

Retirement: public school employees; default option for newly hired employees; revise. Amends sec. 81d of 1980 PA 300 (MCL 38.1381d).

Retirement: public school employees

Last Action

Assigned Pa 250'23

12/31/2023

Committee Referrals

Education10/17/2023
Education9/20/2023

Full Bill Text

No bill text available