38.1670 Tier 2 vesting and contribution requirements.
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38.1670 Tier 2 vesting and contribution requirements.
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