MI SB0157

Expands State Police Retirement Act membership to include employees of the Department of Corrections and Department of Health and Human Services who elected to terminate participation in the State Employees' Retirement System under specified conditions.

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

Creates separate contribution rates for members employed in "covered positions," with unfunded actuarial liabilities amortized on a 10-year level-dollar schedule.

Provides enhanced Tier 2 employer contributions (1-4% based on years of service) for qualified participants in covered positions, on top of the standard 50% match on the first 2% employee contribution.

Modifies final average compensation calculations to include service with the Department of Corrections or Department of Health and Human Services, and updates references from "effective date of amendatory act" to "December 28, 2018."