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Section 38.1001 - Retirement System; Creation. - Sec. 1. A retirement system to establish a means of...
Section 38.1002 - Michigan Legislative Retirement System; Name. - Sec. 2. The retirement system created by section 1 shall...
Section 38.1003 - Construction of Terms. - Sec. 3. For the purposes of this act the words...
Section 38.1004 - “Retirement System” Defined. - Sec. 4. "Retirement system" means the Michigan legislative retirement system....
Section 38.1005 - Board; Definition. - Sec. 5. "Board" means the board of trustees of the...
Section 38.1006 - “Member” Defined. - Sec. 6. (1) Except as otherwise provided in subsection (2),...
Section 38.1007 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981. - Compiler's Notes: The repealed section pertained to definitions.
Section 38.1007a - “Direct Rollover” and “Distributee” Defined. - Sec. 7a. (1) "Direct rollover" means a payment by the...
Section 38.1008 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981. - Compiler's Notes: The repealed section pertained to definitions.
Section 38.1008a - Definitions. - Sec. 8a. (1) Beginning January 1, 2002, except as otherwise...
Section 38.1009 - “Salary” Defined. - Sec. 9. (1) "Salary" means the compensation, common to all...
Section 38.1010 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981. - Compiler's Notes: The repealed section defined “military service.
Section 38.1011 - “Service” Defined; Election to Receive Military Service Credit; Effect of Membership in Retirement System. - Sec. 11. (1) "Service" means the period beginning on January...
Section 38.1012 - “Retirement Allowance” Defined. - Sec. 12. "Retirement allowance" means a series of equal monthly...
Section 38.1013 - “Retirant” Defined. - Sec. 13. "Retirant" means a person receiving an annual retirement...
Section 38.1013a - “Survivor,”“eligible Child,” and “Surviving Spouse” Defined. - Sec. 13a. (1) "Survivor" means the eligible surviving spouse or...
Section 38.1014 - “Refund Beneficiary” Defined. - Sec. 14. "Refund beneficiary" means the 1 or more persons...
Section 38.1015 - Actuarial Tables; Definition. - Sec. 15. "Actuarial tables" means such tables as are from...
Section 38.1016 - Prescribed Rate of Interest; Definition. - Sec. 16. "Prescribed rate of interest" means such rate or...
Section 38.1017 - “Fiscal Year” Defined. - Sec. 17. "Fiscal year" means the fiscal year of the...
Section 38.1017a - “Deferred Vested Member” Defined. - Sec. 17a. "Deferred vested member" means a member who left...
Section 38.1017b - “Leadership Position” Defined. - Sec. 17b. "Leadership position" means a position held by a...
Section 38.1017c - “Legislator” Defined. - Sec. 17c. "Legislator" means a person duly elected and serving...
Section 38.1017d - “Tier 1” and “Tier 2” Defined. - Sec. 17d. (1) "Tier 1" means the retirement plan available...
Section 38.1018 - Legislator or Lieutenant Governor; Membership in Retirement System; Notice of Election Not to Participate; Refund of Contributions; Effect of Notice; Rescission of Notice; Contributions and Interest; Eligibility on or After March 31... - Sec. 18. (1) Except as otherwise provided in section 23b,...
Section 38.1019 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981. - Compiler's Notes: The repealed section subjected participants to survivors' retirement...
Section 38.1020 - Members' Retirement Fund; Creation; Purpose; Computing Retirement Reserves for Retirement Allowances; Financing; State's Appropriations for Current Service, Accrued Service, and Retirement Allowances; Allocation of Employer Contribu... - Sec. 20. (1) The members' retirement fund is created. The...
Section 38.1021 - Members' Savings Fund; Creation; Purpose; Contributions; Rate; Additional Contributions; Payroll Deductions; Transfer of Contributions Upon Retirement or Death. - Sec. 21. (1) The members' savings fund is created in...
Section 38.1021a - Member Contributions Picked Up by State. - Sec. 21a. The state shall pick up the member contributions...
Section 38.1022 - Survivors' Retirement Fund; Creation; Purpose; Contributions; Rate; Payroll Deductions; Computing Retirement Reserves for Retirement Allowances; Financing; State's Appropriations for Survivors' Retirement Allowances. - Sec. 22. (1) The survivors' retirement fund is created in...
Section 38.1022a - Income Fund; Creation; Purpose; Interest, Dividends, and Other Income; Expenses. - Sec. 22a. (1) An income fund is created in the...
Section 38.1022b - Prorating and Allocating Annual Appropriations to Retirement System. - Sec. 22b. Annual appropriations of the state made pursuant to...
Section 38.1022c - Health Insurance Fund; Creation; Disposition; Disbursement; Contributions; Payroll Deductions; Nonrefundable. - Sec. 22c. (1) The health insurance fund is created in...
Section 38.1023 - Requirements for Entitlement to Retirement Allowance; Right to Allowance; Amount; Recalculation of Retirement Allowance; Election to Defer Receipt of Retirement Allowance; Computation of Retirement Allowance; Longevity Allowance. - Sec. 23. (1) A member or deferred vested member who...
Section 38.1023a - Repealed. 1974, Act 215, Eff. Dec. 31, 1974. - Compiler's Notes: The repealed section pertained to retirement upon attaining...
Section 38.1023b - Retirant or Deferred Vested Member Again Becoming Legislator or Lieutenant Governor; Election to Again Become Member; Notice; Conditions; Nonpayment of Retirement Allowance; Declining to Again Become Member; Exception. - Sec. 23b. (1) Notwithstanding section 18 and except as otherwise...
Section 38.1023c - Increase of Retirement Allowance. - Sec. 23c. (1) After December 31, 1986, on January 1...
Section 38.1023d - Disabled Member; Retirement Allowance; Annual Examination. - Sec. 23d. (1) A member who meets the service requirements...
Section 38.1023e - Supplemental Payments for Retirants or Retirement Allowance Beneficiaries With Retirement Allowance Effective Date Before January 1, 1979; Future Adjustments. - Sec. 23e. (1) Effective January 1, 1988, but before any...
Section 38.1024 - Survivor's Retirement Allowance; Eligibility; Duration, Commencement, and Rate; Status of Adopted Child; Payments to Eligible Child; Effect of Marriage or Attainment of Ineligible Age; Payment of Survivor's Retirement Allowance as P... - Sec. 24. (1) Unless otherwise provided by the member pursuant...
Section 38.1024a - Remarriage of Surviving Spouse. - Sec. 24a. The remarriage of a surviving spouse shall not...
Section 38.1025 - Retirement System as Trust; Board as Fiduciary; Nonapplicability to Tier 2 Retirement Plan. - Sec. 25. (1) The retirement system shall be construed to...
Section 38.1026 - Retirement System; Board of Trustees; Membership; Eligibility and Terms; Oath of Office. - Sec. 26. (1) The retirement system shall be administered by...
Section 38.1027 - First Board of Trustees; Organizational Meeting, Election of Officers. - Sec. 27. The first board shall meet as soon as...
Section 38.1028 - Vacancy in Trusteeship. - Sec. 28. Beginning January 1, 2012, a vacancy in a...
Section 38.1029 - Trustees; Compensation and Expenses. - Sec. 29. Trustees shall serve without compensation but shall be...
Section 38.1030 - Board of Trustees; Quorum, Proxy. - Sec. 30. Each trustee is entitled to 1 vote on...
Section 38.1031 - Board of Trustees; Powers and Duties. - Sec. 31. The board shall, in addition to all other...
Section 38.1032 - Board of Trustees; Regular and Special Meetings; Conducting Business at Public Meeting; Notice of Meeting. - Sec. 32. The board shall hold regular meetings at least...
Section 38.1033 - Board of Trustees; Authority as to Retirement Allowances, Suspensions and Refunds. - Sec. 33. The board shall consider and pass on all...
Section 38.1034 - Board of Trustees; Certification of Prescribed Interest Rate; Adoption of Actuarial Tables. - Sec. 34. The board shall certify in the records of...
Section 38.1035 - Board of Trustees; Estimate of Appropriation. - Sec. 35. The board shall submit to the governor on...
Section 38.1036 - Repealed. 1987, Act 58, Imd. Eff. June 23, 1987. - Compiler's Notes: The repealed section pertained to investments by board...
Section 38.1036a - Reinstatement of Suspended Contributions. - Sec. 36a. If the actuary determines in his or her...
Section 38.1037 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981. - Compiler's Notes: The repealed section pertained to annual medical examination...
Section 38.1038 - Board of Trustees; Offices; Books and Records; Availability of Certain Writings to Public. - Sec. 38. The board shall establish an office or offices...
Section 38.1039 - Board of Trustees; Appointment of Secretary and Administrative Personnel. - Sec. 39. The board shall appoint a secretary and employ...
Section 38.1040 - Board of Trustees; Record of Proceedings; Individual Accounts; Actuarial Data. - Sec. 40. The board shall keep a permanent record of...
Section 38.1041 - Board of Trustees; Audit of Accounts; Annual Statement. - Sec. 41. The board shall have the accounts of the...
Section 38.1042 - Acceptance of Gift, Grant, or Bequest by Board. - Sec. 42. The board may accept any gift, grant, or...
Section 38.1043 - Individual Statement. - Sec. 43. The board shall submit an individual statement to...
Section 38.1044 - Rules and Bylaws. - Sec. 44. The board shall adopt rules and bylaws necessary...
Section 38.1045 - Secretary of Board; Powers and Duties. - Sec. 45. The secretary of the board shall be in...
Section 38.1046 - Actuary; Technical Advisor of Board, Powers and Duties. - Sec. 46. The actuary shall be the technical advisor of...
Section 38.1047 - State Treasurer as Ex Officio Treasurer of Retirement System; Duties. - Sec. 47. The state treasurer shall be ex officio the...
Section 38.1048 - Warrants. - Sec. 48. The accounting division of the department of management...
Section 38.1049 - Payroll Voucher. - Sec. 49. (1) All payroll vouchers covering payments of salary...
Section 38.1050 - Investment and Reinvestment of Cash Assets; Nonapplicability to Tier 2. - Sec. 50. The cash assets of the retirement system in...
Section 38.1050a - Grants and Insurance Revolving Fund; Creation; Purpose; Expenditures; Payments to Fund by Payroll Deductions; Purchase and Payment of Premiums on Life Insurance Policies. - Sec. 50a. (1) The grants and insurance revolving fund is...
Section 38.1050b - Hospitalization, Medical, Dental, and Vision Coverage; Purchase; Payment of Premiums; Manner. - Sec. 50b. (1) For a retirant or a survivor or...
Section 38.1051 - Investment of Retirement System Funds; Ownership by System; Registration; Recording; Nonapplicability to Tier 2. - Sec. 51. The retirement board shall clearly mark all investments...
Section 38.1052 - Board of Trustees and Employees; Interest in Investments Prohibited; Violation of Section, Penalty. - Sec. 52. Except as otherwise herein provided, no trustee and...
Section 38.1053 - Vested Interest in Refunds; Payment of Member Contributions; Discharge of Claims. - Sec. 53. (1) Each member shall, by virtue of the...
Section 38.1054 - Payments as Obligations of State; Disposition of Revenues. - Sec. 54. (1) It is the intention of the legislature...
Section 38.1055 - Refund of Contributions With Interest; Request; Forfeiture; Service Credit Upon Resumption of Membership; Designation of Beneficiary; Payment of Contributions With Interest. - Sec. 55. (1) A member who does not meet the...
Section 38.1056 - Undivided Interest in Assets of System. - Sec. 56. The assets of the system shall be invested...
Section 38.1057 - Retirement Allowances, Benefits, and Credits Not Subject to Taxation; Subject to Taxation Beginning January 1, 2012; Subject to Public Employee Retirement Benefit Protection Act. - Sec. 57. (1) Except as otherwise provided in this section,...
Section 38.1058 - Retirement System Records; Falsification, Penalty. - Sec. 58. Any person who knowingly makes any false statement,...
Section 38.1058a - Correction of Error; Adjustment of Payment. - Sec. 58a. If a change or error in the records...
Section 38.1059 - Payment of Benefits; Commencement. - Sec. 59. No payments of benefits shall be made until...
Section 38.1059a - Retirement System as Qualified Pension Plan; Administrative Requirements and Benefit Limitations; Qualified Military Service. - Sec. 59a. (1) This section is enacted pursuant to section...
Section 38.1060 - Short Title. - Sec. 60. This act shall be known and may be...
Section 38.1061 - Election to Terminate Membership in Tier 1 and Become Qualified Participant in Tier 2; Election by Deferred Vested Member or Former Nonvested Member; Election as Irrevocable; Rights and Duties; Method of Election; Signature of Spous... - Sec. 61. (1) The retirement system shall provide an opportunity...
Section 38.1062 - Election to Terminate Membership in Retirement System Under MCL 38.1061(1) and (2); Transfer of Lump Sum Amount; Recomputation; Calculation; Basis; Utilization of Actuarial Valuation Report; Notification of Disqualification for Tax... - Sec. 62. (1) For a member who elects to terminate...
Section 38.1063 - Calculation of Accrued Cost Savings; Submission of Total Amount in Executive Budget to Legislature; Appropriation. - Sec. 63. After consulting the retirement system's actuary, the board...
Section 38.1064 - Meanings of Words and Phrases; “Accumulated Balance” Defined. - Sec. 64. (1) For the purposes of this section and...
Section 38.1065 - “Employer,”“former Qualified Participant,” and “Health Benefit Dependent” Defined. - Sec. 65. (1) "Employer" means this state. (2) "Former qualified...
Section 38.1066 - “Qualified Participant,”“refund Beneficiary,” and “State Treasurer” Defined. - Sec. 66. (1) "Qualified participant" means an individual who is...
Section 38.1067 - Administration and Investment of Tier 2 by State Treasurer; State Treasurer as Fiduciary and Trustee; Appointment of Advisory Board; Determination of Provisions and Procedures; Authority and Responsibility of State Treasurer to Empl... - Sec. 67. (1) The state treasurer shall administer Tier 2...
Section 38.1068 - Hearing. - Sec. 68. (1) A qualified participant, former qualified participant, health...
Section 38.1069 - Accumulated Employer and Employee Contributions and Earnings; Direction of Investment; Limitations Inapplicable to Tier 2. - Sec. 69. Each qualified participant, former qualified participant, and refund...
Section 38.1070 - Tier 2; Payment of Administrative Expenses. - Sec. 70. The administrative expenses of Tier 2 shall be...
Section 38.1071 - Participation in Other Public Sector Retirement Benefits Plan. - Sec. 71. A qualified participant shall not participate in any...
Section 38.1072 - Individual Becoming Legislator or Lieutenant Governor on or After March 31, 1997; Notice of Election. - Sec. 72. An individual who first becomes a legislator or...
Section 38.1073 - Election to Terminate Membership in Tier 1; Crediting Tier 2 Account; Charging Tier 2 Account for Excess Transfers. - Sec. 73. (1) The state treasurer shall promptly credit the...
Section 38.1074 - Section Subject to Vesting Requirements; Tier 2 Contributions by Employer and Qualified Participant; Limitations. - Sec. 74. (1) This section is subject to the vesting...
Section 38.1075 - Tier 2; Vesting Requirements and Schedule; Health Care Coverage; Vesting Requirements. - Sec. 75. (1) A qualified participant is immediately 100% vested...
Section 38.1076 - Crediting Years of Accrued Service. - Sec. 76. A qualified participant who was a member, deferred...
Section 38.1077 - Refund Beneficiary; Nomination. - Sec. 77. A qualified participant or former qualified participant may...
Section 38.1078 - Distribution of Accumulated Balance. - Sec. 78. (1) A qualified participant is eligible to receive...
Section 38.1079 - Health Insurance Coverage; Election; Eligibility. - Sec. 79. (1) A former qualified participant may elect health...
Section 38.1080 - Distributions; Exemption From Tax; Subject to Public Employee Retirement Benefit Protection Act; Right of Setoff to Recover Overpayment and Satisfy Claims; Correction of Errors in Records and Actions. - Sec. 80. (1) Distributions from employer contributions made pursuant to...