Sec. 73. (1) A qualified participant is eligible to receive distribution of his or her accumulated
balance in Tier 2 upon becoming a former qualified participant.
(2) Upon the death of a qualified participant or former qualified participant, the
accumulated balance of that deceased participant is considered to belong to the refund
beneficiary, if any, of that deceased participant. If a valid nomination of refund beneficiary is not on file with the department,
the department, in a lump sum distribution, shall distribute the accumulated balance
in accordance with the plan document.
(3) A former qualified participant or refund beneficiary may elect 1 or a combination
of several of the following methods of distribution of the accumulated balance:
(a) A lump sum distribution to the recipient.
(b) A lump sum direct rollover to another qualified plan, to the extent allowed by
(c) Periodic distributions, as authorized by the department.
(d) No current distribution, in which case the accumulated balance shall remain in
Tier 2 until the former qualified participant or refund beneficiary elects a method
or methods of distribution under subdivisions (a) to (c), to the extent allowed by
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