Section 38.1069 - Accumulated employer and employee contributions and earnings; direction of investment; limitations inapplicable to Tier 2.
MICHIGAN LEGISLATIVE RETIREMENT SYSTEM ACT (EXCERPT)
Act 261 of 1957
38.1069 Accumulated employer and employee contributions and earnings; direction of investment; limitations inapplicable to Tier 2.
Sec. 69.
Each qualified participant, former qualified participant, and refund beneficiary shall direct the investment of the individual's accumulated employer and employee contributions and earnings to 1 or more investment choices within available categories of investment provided by the state treasurer. The limitations on the percentage of total assets for investments provided in Act No. 314 of the Public Acts of 1965, being sections 38.1132 to 38.1140i of the Michigan Compiled Laws, do not apply to Tier 2.
History: Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes: Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”