Sec. 35.
The reserve for retired benefit payments is the account from which all retirement allowances and refunds pursuant to section 85(6) shall be paid. After receipt of each annual actuarial valuation as provided in section 41, the balance in the reserve for retired benefit payments shall be brought into balance with the actuarial present value of retirement allowances to be paid after the end of the fiscal year to retirants and retirement allowance beneficiaries in receipt of retirement allowances at the end of the fiscal year, by a transfer between the reserve for employer contributions and the reserve for retired benefit payments.
History: Add. 1989, Act 194, Imd. Eff. Aug. 25, 1989 Popular Name: Act 300
Structure 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 38.1324 - Retirement Board; Compensation and Expenses.
Section 38.1330 - Reserve for Employer Contributions.
Section 38.1331 - Reserve for Administrative Expenses.
Section 38.1332 - General Fund.
Section 38.1335 - Reserve for Retired Benefit Payments.
Section 38.1336 - Reserve for Undistributed Investment Income; Pension Stabilization Subaccount.