Michigan Compiled Laws
Article 2 - (38.1321...38.1336)
Section 38.1327 - Warrants.

Sec. 27.
The retirement system shall draw its warrants upon the state treasurer, payable out of reserves of the retirement system, for the payment of retirement allowances, the refund of accumulated contributions as provided in this act, and the payment of salaries and other expenses necessary in the administration of the retirement system. The payment of retirement allowances shall be in equal monthly installments.
History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 ;-- Am. 1989, Act 194, Imd. Eff. Aug. 25, 1989 Popular Name: Act 300

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 38 - Civil Service and Retirement

Act 300 of 1980 - The Public School Employees Retirement Act of 1979 (38.1301 - 38.1467)

Article 2 - (38.1321...38.1336)

Section 38.1321 - Public School Employees' Retirement System; Creation.

Section 38.1322 - Public School Employees' Retirement Board; Creation; Appointment, Qualifications, and Terms of Members; Vacancy.

Section 38.1323 - Retirement Board; Oath; Conducting Business at Public Meeting; Notice of Meeting; Quorum; Failure to Attend Scheduled Meetings; Availability of Writings to Public.

Section 38.1324 - Retirement Board; Compensation and Expenses.

Section 38.1325 - Retirement Board; Rights, Authority, and Discretion; Rules; Limitation; Study Period; Information to Be Provided to Certain Universities.

Section 38.1326 - State Treasurer as Treasurer of Retirement System; Investment Authority; Fiduciary Responsibility; Disposition of Funds.

Section 38.1327 - Warrants.

Section 38.1328 - Summary of Fiscal Transactions; Contents; Description of Retirement Benefits; Information to Be Posted on Internet Website and Sent via Electronic Mail; Database.

Section 38.1329 - Reserve for Employee Contributions; Individual Subaccounts; Refund, Payment, or Transfer of Accumulated Contributions.

Section 38.1330 - Reserve for Employer Contributions.

Section 38.1331 - Reserve for Administrative Expenses.

Section 38.1332 - General Fund.

Section 38.1333 - Reserve for Member Investment Plan; Remittance of Member Contributions; Individual Subaccounts; Refund, Payment, or Transfer of Accumulated Contributions.

Section 38.1334 - Reserve for Health Benefits; Payments; Health Advance; Funding Subaccount; Transfer to Reserve for Employer Contributions; Conditions.

Section 38.1335 - Reserve for Retired Benefit Payments.

Section 38.1336 - Reserve for Undistributed Investment Income; Pension Stabilization Subaccount.