Current through Public Act 149 of the 2024 Legislative Session
Section 38.1642b - Qualified participant; Tier 1 and Tier 2 vesting schedule(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%.Added by 2018, Act 674,s 21, eff. 12/28/2018.