Michigan Laws 38.1642b – Qualified participant; Tier 1 and Tier 2 vesting schedule
Current as of: 2024 | Check for updates
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(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%.