Sec. 22.
(1) The survivors' retirement fund is created in the retirement system. The retirement system shall accumulate in the survivors' retirement fund reserves for the payment of retirement allowances to survivors. The retirement system shall pay the survivor retirement allowances from the survivors' retirement fund. Except as otherwise provided in this subsection, each member shall make contributions to the survivors' retirement fund of 0.5% of each payment of salary received that is attributable to service performed on and after January 1, 1995. A member shall not make contributions to the survivors' retirement fund for more than 20 years. The contributions shall be made by payroll deductions and each member is considered to consent and agree to the deductions as a condition of membership in the retirement system. 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) The board shall adopt mortality and other experience tables and the prescribed rate of interest. Upon the basis of those tables and the interest rate, the actuary shall compute annually the retirement reserves for retirement allowances being paid survivors, and to be paid survivors upon the deaths of members, deferred vested members, and retirants, as provided in this act. It is the intention of this act that the retirement reserves shall be financed by appropriations made by this state, determined pursuant to subsections (3), (4), and (5).
(3) The state's appropriation for survivors' retirement allowances to be paid upon the death of members, deferred vested members, and retirants shall be an amount that will provide the net reserves, after allowing for members' contributions to the survivors' retirement fund and transfers to be made to the fund from the members' savings fund, or other available funds for retirement allowances to be paid to survivors of members, deferred vested members, and retirants who will probably die during the next ensuing fiscal year.
(4) The state's appropriation for survivors' retirement allowances to be paid upon the death of retirants shall be an amount determined pursuant to the financing methods provided for in section 20(2) and (3).
(5) The state's appropriation for survivors' retirement allowances being paid from the survivors' retirement fund shall be an amount that if paid annually over a period of years to be determined by the board, but not to exceed 50 years, will amortize at the prescribed rate of interest the unfunded reserves for the retirement allowances.
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. 1974, Act 215, Eff. Dec. 31, 1974 ;-- Am. 1981, Act 123, Imd. Eff. July 23, 1981 ;-- 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.