Bill Text: MI HB6012 | 2009-2010 | 95th Legislature | Introduced
Bill Title: Retirement; investments; state match for defined contribution plan for the legislature; suspend for 1 year. Amends sec. 74 of 1957 PA 261 (MCL 38.1074). TIE BAR WITH: HB 6011'10
Spectrum: Partisan Bill (Democrat 27-0)
Status: (Introduced - Dead) 2010-04-22 - Referred To Committee On Reforms And Restructuring [HB6012 Detail]
Download: Michigan-2009-HB6012-Introduced.html
HOUSE BILL No. 6012
March 25, 2010, Introduced by Reps. Byrum, Griffin, Geiss, McDowell, Scripps, Slavens, Haugh, Kandrevas, Angerer, Robert Jones, Byrnes, Ebli, Meadows, Melton, Johnson, Corriveau, Bledsoe, Valentine, Stanley, Haase, Liss, Sheltrown, Segal, Roy Schmidt, Miller, Dean and Lisa Brown and referred to the Committee on Oversight and Investigations.
A bill to amend 1957 PA 261, entitled
"Michigan legislative retirement system act,"
by amending section 74 (MCL 38.1074), as added by 1996 PA 486.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 74. (1) This section is subject to the vesting
requirements of section 75.
(2) A qualified participant's employer shall contribute to the
qualified participant's account in Tier 2 an amount equal to 4% of
the qualified participant's salary.
(3) A qualified participant may periodically elect to
contribute up to 3% of his or her salary to his or her Tier 2
account. The qualified participant's employer shall make an
additional contribution to the qualified participant's Tier 2
account in an amount equal to the contribution made by the
qualified participant under this subsection. Except as otherwise
provided in this subsection, the qualified participant's employer
shall not make additional contributions under this subsection for
the fiscal year that begins October 1, 2010 only. The qualified
participant's employer shall make additional contributions under
this subsection for the fiscal year that begins October 1, 2010 if
the qualified participant was originally a member of Tier 1 and
became a qualified participant by making an election to become a
qualified participant under this act.
(4) A qualified participant may make contributions in addition
to contributions made under subsection (3) to his or her Tier 2
account as permitted by the state treasurer and the internal
revenue code. The qualified participant's employer shall not match
contributions made by the qualified participant under this
subsection.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 6011(request no.
05971'10 *) of the 95th Legislature is enacted into law.
