Mich. Comp. Laws § 38.1670
This is the official text of Mich. Comp. Laws § 38.1670, 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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Tier 2 vesting and contribution requirements.
Official statutory text
Sec. 70.
(1) This section is subject to the vesting requirements of section 42b.
(2) Unless the qualified participant affirmatively elects not to contribute or elects to contribute a lesser amount, the qualified participant shall contribute 2% of his or her compensation to his or her Tier 2 account. The qualified participant's employer shall make a contribution to the qualified participant's Tier 2 account in an amount equal to 50% of the first 2% of compensation contribution made by the qualified participant under this subsection.
(3) A qualified participant may make contributions in addition to contributions made under subsection (2) to his or her Tier 2 account as permitted by the department and the internal revenue code.
History: Add. 2018, Act 674, Imd. Eff. Dec. 28, 2018
(1) This section is subject to the vesting requirements of section 42b.
(2) Unless the qualified participant affirmatively elects not to contribute or elects to contribute a lesser amount, the qualified participant shall contribute 2% of his or her compensation to his or her Tier 2 account. The qualified participant's employer shall make a contribution to the qualified participant's Tier 2 account in an amount equal to 50% of the first 2% of compensation contribution made by the qualified participant under this subsection.
(3) A qualified participant may make contributions in addition to contributions made under subsection (2) to his or her Tier 2 account as permitted by the department and the internal revenue code.
History: Add. 2018, Act 674, Imd. Eff. Dec. 28, 2018
Status: in_force · Read it on the official government site
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