Retirement: defined benefit; defined benefit plan and retiree health for new hires and election option for current employees; provide for. Amends secs. 1i, 13, 64 & 68 of 1943 PA 240 (MCL 38.1i et seq.) & adds secs. 19k & 50b.

This bill modifies Michigan's State Employees' Retirement Act to clarify how service time is calculated and to establish an election option for current employees to choose between two retirement tiers. It defines "Tier 1" and "Tier 2" plans based on an employee's hire date and specific election choices, allowing those hired after a certain date to opt into a 401(k)-style plan instead of the traditional system. The legislation also updates rules regarding service credit for various types of leave, including worker's compensation, layoffs, and furloughs, while maintaining existing exclusions for officials who voluntarily opt out of the retirement system.