Sec. 122.
(1) "Accumulated balance" means the total balance in a qualified participant's, former qualified participant's, or refund beneficiary's individual account in Tier 2.
(2) "Compensation" means the remuneration paid a participant on account of the participant's services rendered to his or her employer equal to the sum of the following:
(a) A participant's W-2 earnings for services performed for the employer.
(b) Any amount contributed or deferred at the election of the participant which is excluded from gross income under section 125, 132(f)(4), 401(k), 403(b), or 457 of the internal revenue code, 26 USC 125, 132, 401, 403, and 457.
History: Add. 2010, Act 75, Imd. Eff. May 19, 2010 Compiler's Notes: Enacting section 1 of Act 75 of 2010 provides: "Enacting section 1. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety."Popular Name: Act 300
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 300 of 1980 - The Public School Employees Retirement Act of 1979 (38.1301 - 38.1467)
Article 7 - (38.1420...38.1467)
Section 38.1420 - Tier 2 Plan; Implementation.
Section 38.1421 - Words and Phrases in Sections 122 to 124; Date for Implementation of Tier 2 Plan.
Section 38.1422 - "Accumulated Balance" and "Compensation" Defined.
Section 38.1423 - "Employer" and "Former Qualified Participant" Defined.
Section 38.1426 - Request for Hearing; Conduct Under Administrative Procedures Act of 1969.
Section 38.1428 - Tier 2; Administrative Expenses.
Section 38.1431a - Tier 2 Accounts; Terms and Conditions.
Section 38.1434 - Refund Beneficiary.
Section 38.1451-38.1467 - Repealed. 1997, Act 143, Imd. Eff. Nov. 19, 1997.