Retirement: state employees; election process to transfer a corrections officer to the Michigan state police retirement system; provide for. Amends sec. 55 of 1943 PA 240 (MCL 38.55) & adds secs. 50b & 64a. TIE BAR WITH: SB 48'25

Also relevant to:Senior (65+, Medicare/SS)

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Plain-English Summary

This bill allows certain state employees in "covered positions" who joined the retirement system on or after March 31, 1997, to switch from the State Employees' Retirement System to the Michigan State Police Retirement System. These employees would have a limited time to make this choice, and if they do, they can transfer their retirement contributions to the State Police system to buy service credit. The bill also updates the definition of "qualified participant" to exclude those who make this election.

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