Retirement: state employees; annuity option; provide for. Amends secs. 55, 58, 63, 63a & 69 of 1943 PA 240 (MCL 38.55 et seq.).

Senate Bill 262 updates the State Employees' Retirement Act to provide new annuity options for state employees participating in Tier 2. It requires the state's retirement system to offer access to fixed annuity options, including those with a guaranteed lifetime income, and may also offer variable annuity options. The investment board is tasked with selecting at least two qualified annuity providers through a competitive process. These selected providers must meet specific financial strength, stability, and regulatory compliance criteria.