Michigan Compiled Laws
Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080)
Section 38.1039 - Board of Trustees; Appointment of Secretary and Administrative Personnel.

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Section 38.1007 - Repealed. 1981, Act 123, Imd.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Section 38.1008 - Repealed. 1981, Act 123, Imd.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Section 38.1010 - Repealed. 1981, Act 123, Imd.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Section 38.1019 - Repealed. 1981, Act 123, Imd.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.