MI HB6033

Expands State Police Retirement Act membership to include individuals employed in covered positions who terminate participation in the State Employees' Retirement System under MCL 38.50b, treating them as members who first became members on or after June 10, 2012.

Allows members transferring from State Employees' Retirement System to purchase service credit for prior service rendered under that system at the actuarial value, with up to 5 years to complete payments through tax-deferred or additional payments.

Establishes separate contribution rates for members in covered positions, with any increase or decrease in unfunded actuarial accrued liabilities amortized on a 10-year level-dollar schedule.

Provides additional employer contributions to Tier 2 accounts for qualified participants in covered positions based on years of service, ranging from 1% to 4% of compensation depending on service length.

Includes conforming changes to final average compensation and service definitions to reference Department of Corrections in addition to Department of State Police where applicable.