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Code · Michigan · Chapter 38 — Civil Service and Retirement

38.1432 Vesting.

140 words·~1 min read·/mi/chapter-38/38-1432

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38.1432 Vesting.
Sec. 132.
A qualified participant is immediately 100% vested in his or her contributions made to Tier 2. A qualified participant shall vest in the employer contributions made on his or her behalf to Tier 2 according to the following schedule:
(a)Upon completion of 2 years of service, 50%.
(b)Upon completion of 3 years of service, 75%.
(c)Upon completion of 4 years of service, 100%.
History: Add. 2010, Act 75 , Imd. Eff. May 19, 2010
Compiler's Notes: Enacting section 1 of Act 75 of 2010 provides: "Enacting section 1. 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."
Popular Name: Act 300
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