Sec. 68.
(1) The retirement board shall grant 1 year of service credit to a member who has been employed and remunerated for services performed for not less than 1,020 hours in a school fiscal year. In determining whether a member is entitled to service credit under this subsection, the retirement system shall calculate service credit using the payroll cycle reported to the retirement system by the employer of the member. If a biweekly payroll cycle is reported, the member shall not accrue more than 60 hours in a payroll cycle. If a semimonthly payroll cycle is reported, the member shall not accrue more than 72 hours in a payroll cycle. If a monthly payroll cycle is reported, the member shall not accrue more than 138 hours in a payroll cycle. If a quarterly payroll cycle is used, the member shall not accrue more than 396 hours in a payroll cycle.
(2) A part-time member or a member employed for a fraction of the school fiscal year shall receive service credit for full-time service on the basis of 60 or more hours per biweekly period and proportionate credit for less than 60 hours on the basis of 60 hours for full-time credit in the proportion which the hours employed in the school fiscal year bears to 1,020 hours.
(3) In computing terms of service, a year shall be a legal fiscal year at the time and place where the service was performed. Not more than 1 year's service shall be counted for retirement purposes in any school fiscal year.
History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 ;-- Am. 2003, Act 175, Imd. Eff. Aug. 22, 2003
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 4 - (38.1360...38.1379b)
Section 38.1360 - Purchase of Service Credit; 2 Years Service Credit Required.
Section 38.1361 - Employment of Retirant in Reporting Unit.
Section 38.1361a - Report to Legislature on Number of Active Employed Retirees.
Section 38.1362 - Purchasing Service Credit; Proof of Service; Contribution and Interest.
Section 38.1363 - Noncontributory Plan; Applicability; Duty of Reporting Unit.
Section 38.1364 - Purchase of Service Credit.
Section 38.1368 - Service Credit; Computing Terms of Service.
Section 38.1369a, 38.1369b - Repealed. 1989, Act 194, Eff. Jan. 31, 1991.
Section 38.1369d, 38.1369e - Repealed. 1989, Act 194, Eff. Jan. 31, 1991.
Section 38.1372 - Repealed. 1989, Act 194, Imd. Eff. Aug. 25, 1989.
Section 38.1374a, 38.1374b - Repealed. 1989, Act 194, Eff. Jan. 31, 1991.
Section 38.1376 - Partial Purchase of Service Credit.
Section 38.1377, 38.1378 - Repealed. 1989, Act 194, Eff. Jan. 31, 1991.
Section 38.1379 - Actuarial Cost; Recomputation.
Section 38.1379a - Recomputation of Payment for Purchase of Service; Refund.
Section 38.1379b - "Initiate a Service Credit Purchase" Defined.