“ (2) “Member” does not include a qualified participant who is not a member of Tier 1 under section 24c. ” and renumbering the remaining subsections.
2. Amend page 10, following line 8, by inserting:
“ Sec. 24c. (1) The retirement system shall permit each qualified employee who first becomes a qualified participant and first works for the employer after September 30, 2024 to make an election to not become a member of Tier 1 and become only a qualified participant in Tier 2.
(2) The retirement system shall determine a method of accepting elections under subsection (1) and the employer shall secure those elections during the period beginning on the date of the individual’s employment and ending on the expiration of 75 days from the individual’s first payroll date. An election under subsection (1) is irrevocable. The retirement system shall provide a form on which each qualified employee who first becomes a qualified participant and first works for the employer after September 30, 2024 may make an election under subsection (1). The form described in this subsection must be accompanied by a description of the benefit options. The form must include an acknowledgment that the qualified participant has received the description of the benefit options.
(3) A qualified employee who first becomes a qualified participant and first works for a reporting unit after September 30, 2024 who does not make an election under subsection (1) for any reason on or before the close of the election period is considered to have made an election to become only a qualified participant in Tier 2.
(4) An individual who is a qualified participant described in subsection (3) is considered to have made an election to not become a member of Tier 1 and is subject to all of the following as of the date of his or her employment:
(a) The individual is not eligible to accrue any service credit or qualify for any retirement allowance under Tier 1.
(b) The individual is only a qualified participant under Tier 2.
(5) As used in this section, “qualified employee” means an individual described in section 4(1)(c), (e), or (g). ”.
The amendments were not adopted, a majority of the members serving not voting therefor.
The question being on the passage of the bill,
The bill was passed, a majority of the members serving voting therefor, as follows: