This bill amends the State Employees' Retirement Act of 1943 by introducing new provisions that allow 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 applies to individuals who became qualified participants on or after March 31, 1997, and provides a defined election period for making this choice. The election is irrevocable, and those who do not make a decision within the specified timeframe will continue as qualified participants in the existing system. Additionally, the bill clarifies definitions related to qualified participants and covered positions, ensuring that those who opt for the new election are not considered qualified participants under the previous definitions.

Furthermore, the bill includes provisions for transferring contributions made to the current retirement system to the new state police retirement system, allowing participants to purchase service credit under the new system. It also updates the definitions of terms such as "qualified participant" and "covered position" to reflect these changes. 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