38.1017d “Tier 1” and “Tier 2” defined.
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38.1017d “Tier 1” and “Tier 2” defined.
Sec. 17d.
(1)"Tier 1" means the retirement plan available under this act to a member who first became a legislator or lieutenant governor before March 31, 1997 and who does not elect to become a qualified participant of Tier 2.
(2)"Tier 2" means the retirement plan established pursuant to the internal revenue code that is available to qualified participants under sections 61 to 80.
History: Add. 1996, Act 486 , Eff. Mar. 31, 1997
Compiler's Notes: Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”