MI SB0156

Permits corrections officers and other covered position employees who became qualified participants on or after March 31, 1997 to elect to terminate participation in Tier 2 of the state employees' retirement system and transfer to the Michigan State Police Retirement System.

Establishes irrevocable election periods: 75 days from the effective date for current employees, and 75 days from first payroll date for employees hired on or after February 1, 2024.

Allows covered position qualified participants who do not elect during the applicable election period to remain in Tier 2 by default.

Permits employees who elect to transfer to move their employee contributions and vested employer contributions from Tier 2 to purchase service credit under the State Police Retirement System.

Enactment is conditioned on Senate Bill No. 157 of the 102nd Legislature also being enacted into law.