The bill amends the State Employees' Retirement Act to introduce new provisions allowing certain qualified participants to elect to terminate their participation in the current retirement system and instead join the Michigan State Police Retirement System. Specifically, it allows participants who first became qualified on or after March 31, 1997, to make this election irrevocably within specified timeframes. If they do not make an election, they will continue as qualified participants. The bill also clarifies definitions related to qualified participants and covered positions, ensuring that those who elect to switch systems are not considered qualified participants under the original retirement system.

Additionally, the bill includes provisions for transferring contributions made to the current retirement system to the state police retirement system for those who choose to make the switch. It specifies that participants can transfer both their contributions and employer contributions, subject to the existing vesting schedule. The enactment of this bill is contingent upon the passage of Senate Bill No. 48 of the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 38.55