Mich. Comp. Laws § 38.1662
This is the official text of Mich. Comp. Laws § 38.1662, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
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Definitions; A to C.
Official statutory text
Sec. 62.
(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 to 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 that 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. 2018, Act 674, Imd. Eff. Dec. 28, 2018
(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 to 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 that 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. 2018, Act 674, Imd. Eff. Dec. 28, 2018
Status: in_force · Read it on the official government site
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