This bill amends the State Employees' Retirement Act of 1943 by introducing new provisions that allow certain qualified participants to elect to terminate their current retirement status and join the Michigan State Police Retirement System. Specifically, eligible participants in designated positions, including corrections officers, conservation officers, and state police personnel, will have the opportunity to make this election in writing between August 2, 2027, and October 15, 2027. The election is irrevocable and, if made, will take effect on January 1, 2028. Additionally, if the participant is married, the election must be signed by their spouse unless waived by the retirement board due to extenuating circumstances.

The bill also includes provisions for transferring contributions made to the current retirement tier to purchase service credit under the state police retirement act. It defines "eligible position" and "qualified participant" for the purposes of these elections and outlines the conditions under which participants can make these elections, including stipulations regarding their employment status prior to June 6, 2027. Furthermore, the bill modifies existing definitions and clarifies the eligibility criteria for participants in the retirement system.

Statutes affected:
Senate Introduced Bill: 38.55