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MI SB0048
Bill
AI Summary
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Expands State Police Retirement System membership to include certain Department of Corrections and Department of Health and Human Services employees who elect to transfer from the State Employees' Retirement System
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Allows eligible corrections officers to purchase service credit for time previously served under the State Employees' Retirement System by paying the actuarial value of that service within 5 years of initiating the purchase
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Requires a separate contribution rate calculation for employees in covered positions, with unfunded actuarial accrued liabilities amortized on a 10-year level-dollar schedule
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Provides additional employer contributions to Tier 2 retirement accounts for qualified participants in covered positions, ranging from 1% to 4% of compensation based on years of completed service (5-9 years: 1%, 10-14 years: 2%, 15-19 years: 3%, 20+ years: 4%)
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Grants service credit toward vesting under the State Police Retirement System for prior State Employees' Retirement System service, even without purchasing the service credit; bill is contingent on enactment of Senate Bill No. 47
Legislative Description
Retirement: state police; membership in the retirement system of a corrections officer first hired after certain date; provide for, and allow for purchasing service credit for certain corrections officers' service under the state employees' retirement system. Amends secs. 3, 4, 14 & 70 of 1986 PA 182 (MCL 38.1603 et seq.) & adds secs. 14b & 24c. TIE BAR WITH: SB 47'25
Retirement: state police
Last Action
Referred To Committee On Government Operations
2/4/2025