Sec. 21.
(1) The members' savings fund is created in the retirement system. The retirement system shall accumulate in the members' savings fund the contributions made by members toward the financing of their retirement allowances, shall make transfers of those contributions from the members' savings fund to the members' retirement fund, and shall make refunds of contributions from the members' savings fund as provided in this act. Except as otherwise provided in this subsection, a member who first becomes a member on or before January 1, 1995, shall make contributions to the members' savings fund of 7% of each payment of salary received by the member for service as a member, but not for a period exceeding 20 years. Except as otherwise provided in this subsection, a member who first becomes a member after January 1, 1995, shall make contributions to the members' savings fund of 5% of each payment of salary received by the member for services as a member. Beginning on the effective date of section 36a, member contributions required under this subsection are suspended unless reinstated by the board under section 36a.
(2) During the period beginning on January 1, 1999 and ending on December 31, 2000, a member who first became a member after December 1, 1994 and on or before January 1, 1995, shall make additional member contributions to the members' savings fund of 4% of each payment of salary received by the member for services as a member.
(3) The member contributions required by this section shall be made by payroll deductions. Each member is considered to consent and agree to the payroll deductions as a condition of membership in the retirement system.
(4) Upon the retirement of a member, his or her accumulated contributions shall be transferred to the members' retirement fund. Upon the death of a member, if a survivor's retirement allowance becomes payable on account of the member's death, his or her accumulated contributions shall be transferred to the survivors' retirement fund.
History: 1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1960, Act 113, Eff. Aug. 17, 1960 ;-- Am. 1968, Act 229, Eff. July 1, 1968 ;-- Am. 1970, Act 237, Eff. Jan. 1, 1971 ;-- Am. 1974, Act 215, Eff. Dec. 31, 1974 ;-- Am. 1978, Act 560, Imd. Eff. Dec. 27, 1978 ;-- Am. 1981, Act 123, Imd. Eff. July 23, 1981 ;-- Am. 1987, Act 58, Imd. Eff. June 23, 1987 ;-- Am. 1994, Act 359, Eff. Dec. 31, 1994 ;-- Am. 1998, Act 501, Imd. Eff. Jan. 5, 1999
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080)
Section 38.1001 - Retirement System; Creation.
Section 38.1002 - Michigan Legislative Retirement System; Name.
Section 38.1003 - Construction of Terms.
Section 38.1004 - “Retirement System” Defined.
Section 38.1005 - Board; Definition.
Section 38.1006 - “Member” Defined.
Section 38.1007 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1007a - “Direct Rollover” and “Distributee” Defined.
Section 38.1008 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1008a - Definitions.
Section 38.1009 - “Salary” Defined.
Section 38.1010 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1012 - “Retirement Allowance” Defined.
Section 38.1013 - “Retirant” Defined.
Section 38.1013a - “Survivor,”“eligible Child,” and “Surviving Spouse” Defined.
Section 38.1014 - “Refund Beneficiary” Defined.
Section 38.1015 - Actuarial Tables; Definition.
Section 38.1016 - Prescribed Rate of Interest; Definition.
Section 38.1017 - “Fiscal Year” Defined.
Section 38.1017a - “Deferred Vested Member” Defined.
Section 38.1017b - “Leadership Position” Defined.
Section 38.1017c - “Legislator” Defined.
Section 38.1017d - “Tier 1” and “Tier 2” Defined.
Section 38.1019 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1021a - Member Contributions Picked Up by State.
Section 38.1022a - Income Fund; Creation; Purpose; Interest, Dividends, and Other Income; Expenses.
Section 38.1022b - Prorating and Allocating Annual Appropriations to Retirement System.
Section 38.1023a - Repealed. 1974, Act 215, Eff. Dec. 31, 1974.
Section 38.1023c - Increase of Retirement Allowance.
Section 38.1023d - Disabled Member; Retirement Allowance; Annual Examination.
Section 38.1024a - Remarriage of Surviving Spouse.
Section 38.1027 - First Board of Trustees; Organizational Meeting, Election of Officers.
Section 38.1028 - Vacancy in Trusteeship.
Section 38.1029 - Trustees; Compensation and Expenses.
Section 38.1030 - Board of Trustees; Quorum, Proxy.
Section 38.1031 - Board of Trustees; Powers and Duties.
Section 38.1033 - Board of Trustees; Authority as to Retirement Allowances, Suspensions and Refunds.
Section 38.1035 - Board of Trustees; Estimate of Appropriation.
Section 38.1036 - Repealed. 1987, Act 58, Imd. Eff. June 23, 1987.
Section 38.1036a - Reinstatement of Suspended Contributions.
Section 38.1037 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1039 - Board of Trustees; Appointment of Secretary and Administrative Personnel.
Section 38.1040 - Board of Trustees; Record of Proceedings; Individual Accounts; Actuarial Data.
Section 38.1041 - Board of Trustees; Audit of Accounts; Annual Statement.
Section 38.1042 - Acceptance of Gift, Grant, or Bequest by Board.
Section 38.1043 - Individual Statement.
Section 38.1044 - Rules and Bylaws.
Section 38.1045 - Secretary of Board; Powers and Duties.
Section 38.1046 - Actuary; Technical Advisor of Board, Powers and Duties.
Section 38.1047 - State Treasurer as Ex Officio Treasurer of Retirement System; Duties.
Section 38.1049 - Payroll Voucher.
Section 38.1050 - Investment and Reinvestment of Cash Assets; Nonapplicability to Tier 2.
Section 38.1053 - Vested Interest in Refunds; Payment of Member Contributions; Discharge of Claims.
Section 38.1054 - Payments as Obligations of State; Disposition of Revenues.
Section 38.1056 - Undivided Interest in Assets of System.
Section 38.1058 - Retirement System Records; Falsification, Penalty.
Section 38.1058a - Correction of Error; Adjustment of Payment.
Section 38.1059 - Payment of Benefits; Commencement.
Section 38.1060 - Short Title.
Section 38.1064 - Meanings of Words and Phrases; “Accumulated Balance” Defined.
Section 38.1065 - “Employer,”“former Qualified Participant,” and “Health Benefit Dependent” Defined.
Section 38.1066 - “Qualified Participant,”“refund Beneficiary,” and “State Treasurer” Defined.
Section 38.1070 - Tier 2; Payment of Administrative Expenses.
Section 38.1071 - Participation in Other Public Sector Retirement Benefits Plan.
Section 38.1076 - Crediting Years of Accrued Service.
Section 38.1077 - Refund Beneficiary; Nomination.
Section 38.1078 - Distribution of Accumulated Balance.
Section 38.1079 - Health Insurance Coverage; Election; Eligibility.