Sec. 716.
A qualified participant who was a member, deferred vested member, or former nonvested member of Tier 1 who makes an election to participate in Tier 2 pursuant to section 701 or 701a, shall be credited with the years of service accrued under Tier 1 on the effective date of participation in Tier 2 for the purpose of meeting the vesting requirements for benefits under section 715.
History: Add. 1996, Act 523, Eff. Mar. 31, 1997 ;-- Am. 1998, Act 66, Imd. Eff. Apr. 30, 1998 ;-- Am. 1999, Act 215, Eff. May 30, 2000
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 234 of 1992 - The Judges Retirement Act of 1992 (38.2101 - 38.2670)
Article VII - (38.2651...38.2670)
Section 38.2651b - Election Pursuant to MCL 38.2651 or MCL 38.2651a.
Section 38.2653 - Calculation and Submission of Cost Savings.
Section 38.2654 - Meanings of Words and Phrases; “Accumulated Balance” Defined.
Section 38.2655 - “Employer,”“former Qualified Participant,” and “Health Benefit Dependent” Defined.
Section 38.2657 - Administration of Tier 2 by State Treasurer.
Section 38.2660 - Administrative Expenses.
Section 38.2661 - Participation in Other Retirement Benefits Plan; Prohibition.
Section 38.2663 - Election to Terminate Membership in Tier 1; Credit or Charge to Tier 2 Account.
Section 38.2664 - Contributions by Employer and Participant.
Section 38.2665 - Vesting Requirements.
Section 38.2666 - Participation in Tier 2; Crediting Years of Service Accrued Under Tier 1.
Section 38.2667 - Refund Beneficiary.
Section 38.2668 - Methods of Distribution.