Michigan Compiled Laws
Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080)
Section 38.1022a - Income Fund; Creation; Purpose; Interest, Dividends, and Other Income; Expenses.

Sec. 22a.
(1) An income fund is created in the retirement system. The retirement system shall credit to the income fund all interest, dividends, and other income from the investment of retirement system assets and all other money for which there is no specific disposition provided in this act.
(2) The retirement board annually shall credit regular interest on the preceding year balances in the members' retirement fund, members' savings fund, survivors' retirement fund, grants and insurance revolving fund, and the health insurance fund. The retirement board shall charge to the income fund the interest credited to the funds under this subsection.
(3) The retirement system shall pay the expenses for the administration of the retirement system, exclusive of amounts payable as retirement allowances and other benefits provided in this act, from the income fund.
History: Add. 1960, Act 113, Eff. Aug. 17, 1960 ;-- 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. 2002, Act 97, Imd. Eff. Mar. 27, 2002

Structure Michigan Compiled Laws

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Section 38.1007 - Repealed. 1981, Act 123, Imd.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Section 38.1008 - Repealed. 1981, Act 123, Imd.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Section 38.1010 - Repealed. 1981, Act 123, Imd.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 38.1011 - “Service” Defined; Election to Receive Military Service Credit; Effect of Membership in Retirement System.

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 38.1018 - 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...

Section 38.1019 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.

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...

Section 38.1021 - Members' Savings Fund; Creation; Purpose; Contributions; Rate; Additional Contributions; Payroll Deductions; Transfer of Contributions Upon Retirement or Death.

Section 38.1021a - Member Contributions Picked Up by State.

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.

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 38.1022c - Health Insurance Fund; Creation; Disposition; Disbursement; Contributions; Payroll Deductions; Nonrefundable.

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.

Section 38.1023a - Repealed. 1974, Act 215, Eff. Dec. 31, 1974.

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.

Section 38.1023c - Increase of Retirement Allowance.

Section 38.1023d - Disabled Member; Retirement Allowance; Annual Examination.

Section 38.1023e - Supplemental Payments for Retirants or Retirement Allowance Beneficiaries With Retirement Allowance Effective Date Before January 1, 1979; Future Adjustments.

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...

Section 38.1024a - Remarriage of Surviving Spouse.

Section 38.1025 - Retirement System as Trust; Board as Fiduciary; Nonapplicability to Tier 2 Retirement Plan.

Section 38.1026 - Retirement System; Board of Trustees; Membership; Eligibility and Terms; Oath of Office.

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 38.1032 - Board of Trustees; Regular and Special Meetings; Conducting Business at Public Meeting; Notice of Meeting.

Section 38.1033 - Board of Trustees; Authority as to Retirement Allowances, Suspensions and Refunds.

Section 38.1034 - Board of Trustees; Certification of Prescribed Interest Rate; Adoption of Actuarial Tables.

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 38.1038 - Board of Trustees; Offices; Books and Records; Availability of Certain Writings to Public.

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 38.1048 - Warrants.

Section 38.1049 - Payroll Voucher.

Section 38.1050 - Investment and Reinvestment of Cash Assets; Nonapplicability to Tier 2.

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.

Section 38.1050b - Hospitalization, Medical, Dental, and Vision Coverage; Purchase; Payment of Premiums; Manner.

Section 38.1051 - Investment of Retirement System Funds; Ownership by System; Registration; Recording; Nonapplicability to Tier 2.

Section 38.1052 - Board of Trustees and Employees; Interest in Investments Prohibited; Violation of Section, Penalty.

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 38.1055 - Refund of Contributions With Interest; Request; Forfeiture; Service Credit Upon Resumption of Membership; Designation of Beneficiary; Payment of Contributions With Interest.

Section 38.1056 - Undivided Interest in Assets of System.

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.

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 38.1059a - Retirement System as Qualified Pension Plan; Administrative Requirements and Benefit Limitations; Qualified Military Service.

Section 38.1060 - Short Title.

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...

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...

Section 38.1063 - Calculation of Accrued Cost Savings; Submission of Total Amount in Executive Budget to Legislature; Appropriation.

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 38.1067 - 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...

Section 38.1068 - Hearing.

Section 38.1069 - Accumulated Employer and Employee Contributions and Earnings; Direction of Investment; Limitations Inapplicable to Tier 2.

Section 38.1070 - Tier 2; Payment of Administrative Expenses.

Section 38.1071 - Participation in Other Public Sector Retirement Benefits Plan.

Section 38.1072 - Individual Becoming Legislator or Lieutenant Governor on or After March 31, 1997; Notice of Election.

Section 38.1073 - Election to Terminate Membership in Tier 1; Crediting Tier 2 Account; Charging Tier 2 Account for Excess Transfers.

Section 38.1074 - Section Subject to Vesting Requirements; Tier 2 Contributions by Employer and Qualified Participant; Limitations.

Section 38.1075 - Tier 2; Vesting Requirements and Schedule; Health Care Coverage; Vesting Requirements.

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.

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.