Section 38.1343a - Contributions of member to member investment plan; deduction and remittance as employer contributions; benefits; amount of contribution; amounts; percentage; member on or before February 1, 2018(1) The contributions of a member who contributes to the member investment plan must be deducted by the employer and remitted as employer contributions to the retirement system pursuant to section 42. A member who contributes to the member investment plan is entitled to the benefits provided in sections 43b and 43c.(2) Except as otherwise provided in subsection (7), a member who first became a member on or before December 31, 1989 and who elected or elects on or before December 31, 1989 to contribute to the member investment plan shall contribute 3.9% of the member's compensation to the member investment plan.(3) Except as otherwise provided in subsection (7), a member who first became a member on or before December 31, 1986 but did not perform membership service between December 31, 1986 and January 1, 1990, and who returns to membership service on or after January 1, 1990 and before July 1, 2008, shall make the contributions described in subsection (5).(4) Except as otherwise provided in subsection (7), a member who first became a member on or after January 1, 1990 and before July 1, 2008 shall make the contributions described in subsection (5).(5) Except as otherwise provided in subsection (7), a member who first became a member on or after January 1, 1990 and before July 1, 2008 shall contribute the following amounts to the member investment plan: Member's annual school fiscal | Amount payable to the member |
year earned compensation | investment plan |
Not over $5,000.00 | 3% of member's compensation |
Over $5,000.00 but not over | $150.00, plus 3.6% of the |
$15,000.00 | excess over $5,000.00 |
Over $15,000.00 | $510.00, plus 4.3% of the excess |
over $15,000.00 |
(6) Except as otherwise provided in subsection (7), a member who first became a member on or after July 1, 2008 and before February 1, 2018 shall contribute the following amounts to the member investment plan: Member's annual school | Amount payable to the member |
fiscal year earned compensation | investment plan |
Not over $5,000.00 | 3% of member's compensation |
Over $5,000.00 but not over | $150.00, plus 3.6% of excess |
$15,000.00 | over $5,000.00 |
Over $15,000.00 | $510.00, plus 6.4% of the |
excess over $15,000.00 |
(7) Beginning on the transition date, a member described in subsections (2) to (6) who makes the election under section 59(1) and who does not make the attainment date designation under section 59(1) shall contribute the percentage of the member's annual school fiscal year earned compensation to the retirement system as prescribed in section 43g until termination of employment. Beginning on the transition date, a member described in subsections (2) to (6) who makes the election and attainment date designation under section 59(1) shall contribute the percentage of the member's annual school fiscal year earned compensation to the retirement system as prescribed in section 43g until his or her attainment date and shall contribute the percentage of the member's annual school fiscal year earned compensation to the retirement system as prescribed in this section on and after his or her attainment date until termination of employment. Beginning on the transition date, a member described in subsections (2) to (6) who makes or is considered to have made the alternative election under section 59(2)(a) shall continue to contribute the percentage of the member's annual school fiscal year earned compensation to the retirement system as prescribed in this section until termination of employment. Beginning on the transition date, a member described in subsections (2) to (6) who makes the alternative election under section 59(2)(b) shall not contribute any percentage of the member's annual school fiscal year earned compensation to the retirement system under this section or section 43g.(8) A member who first became a member on or after February 1, 2018 shall contribute his or her normal cost contribution amounts to the member investment plan as described in section 41b(3).Amended by 2017, Act 92,s 5, eff. 7/13/2017.Amended by 2012, Act 300,s 9, eff. 9/4/2012.Amended by 2007, Act 111,s 1, eff. 10/1/2007.Add. 1985, Act 91, Imd. Eff. 7/10/1985 ;--Am. 1989, Act 194, Imd. Eff. 8/25/1989 ;--Am. 1990, Act 298, Eff. 3/28/1991 ;--Am. 2002, Act 94, Imd. Eff. 3/27/2002.