MI HB6060

Allows members with 10+ years of service to purchase up to 5 additional years of service credit using Tier 2 contribution rates, with service earned as a Tier 2-only participant counting toward the 10-year requirement.

Permits Tier 2-only participants who elected or were automatically enrolled in Tier 2 before July 1, 2025 to make a one-time election to switch to Tier 1 membership effective August 30, 2025, with only post-changeover service and compensation counting toward their retirement allowance.

Eliminates employee cost-sharing for members first becoming members on or after February 1, 2018, making all normal cost and unfunded actuarial accrued liability contributions the employer's responsibility.

Modifies regular retirement age adjustments for Tier 2 members based on mortality experience studies, applying increases only to members who first became members after the increase takes effect.

Changes default enrollment for new employees hired after July 1, 2024 to Tier 1 membership (unless they elect Tier 2), reversing the prior default to Tier 2-only status for those hired between February 1, 2018 and July 1, 2024.