MI HB6032

Permits covered position qualified participants who first became participants on or after March 31, 1997 to make an irrevocable election to terminate participation in Tier 2 and join the Michigan State Police Retirement System instead.

Establishes election periods: 75 days from the effective date for existing participants, and 75 days from first payroll date for new participants hired on or after February 1, 2025; participants who do not elect are deemed to continue in Tier 2.

Allows participants who elect to transfer to the State Police Retirement System to transfer their Tier 2 contributions and, subject to vesting schedules, employer contributions to purchase service credit under the State Police Retirement System.

Applies the eligible domestic relations order act to elections made under the new provisions to protect rights of spouses in divorce or separation situations.

Makes technical corrections to Section 55 terminology and requires enactment of either Senate Bill or House Bill 6033 for this bill to take effect.