38.1642b Qualified participant; Tier 1 and Tier 2 vesting schedule.
97 words·~1 min read·
/mi/chapter-38/38-1642bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
38.1642b Qualified participant; Tier 1 and Tier 2 vesting schedule.
Sec. 42b.
(1)A qualified participant is immediately 100% vested in his or her contributions made to Tier 2.
(2)A qualified participant who is a member of Tier 1 vests in the employer contributions made on his or her behalf to Tier 2 according to the following schedule:
(a)On completion of 2 years of service, 50%.
(b)On completion of 3 years of service, 75%.
(c)On completion of 4 years of service, 100%.
History: Add. 2018, Act 674 , Imd. Eff. Dec. 28, 2018