Sec. 41a.
(1) On or after January 1, 2007, the monthly retirement allowance payable to a retirant who participated and accrued leave time in the bank time hours program established by the civil service system and operating from December 22, 1957 to July 13, 1963 when the retirant was a member is supplemented by an increase calculated under subsection (3).
(2) On or after January 1, 2007, the retirement allowance beneficiary of a deceased retirant who would have been eligible for an increased retirement allowance under subsection (1) shall have his or her retirement allowance supplemented by an increase calculated under subsection (3).
(3) A retirant or the retirement allowance beneficiary of a deceased retirant who accrued no less than 5,276 bank time hours shall have his or her annual retirement allowance supplemented by an increase of 17%. A retirant or the retirement allowance beneficiary of a deceased retirant who has accrued fewer than 5,276 bank time hours shall have his or her retirement allowance supplemented by an increase of a percentage determined by multiplying 17% by a fraction, the numerator of which is the number of bank time hours accrued by the retirant or deceased retirant and the denominator of which is 5,276. If this calculation results in a retirement allowance supplement of less than $600.00 annually, then the supplement received by the retirant or retirement allowance beneficiary entitled to a supplement under this section shall be $600.00 annually.
(4) The increase in retirement allowance under this section shall be included in the basis upon which future adjustments to the retirement allowance are calculated.
History: Add. 2006, Act 606, Imd. Eff. Jan. 3, 2007
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)
Section 38.1601 - Short Title.
Section 38.1602 - Meanings of Words and Phrases.
Section 38.1603 - Definitions; B to L.
Section 38.1604 - Definitions; M to S.
Section 38.1605 - Michigan State Police Retirement System; Creation.
Section 38.1612 - State Police Retirement Board; Chairperson; Executive Secretary.
Section 38.1613 - Summary of Fiscal Transactions.
Section 38.1613a - Correction of Error; Benefit Payment Adjustment.
Section 38.1615a - Mandatory Contributions Into the Reserve for Employee Contributions.
Section 38.1620 - Administrative Expenses; Appropriation.
Section 38.1624a - Deferred Retirement Option Plan.
Section 38.1631 - Remarriage of Surviving Spouse.
Section 38.1632 - Purchase of Service Credit for Active Duty With Armed Forces.
Section 38.1635 - Partial Purchase of Service Credit.
Section 38.1636 - Reinstatement of Disability Retirant.
Section 38.1637 - Supplement to Retirement Allowance Under Former MCL 28.107(5).
Section 38.1638 - Supplement to Retirement Allowance Under Former MCL 28.108c.
Section 38.1639 - Supplement to Retirement Allowance on or After October 1, 1986.
Section 38.1640b - Recalculation of Retirement Allowance.
Section 38.1640c - Supplemental Benefit; Conditions.
Section 38.1641 - Retirement Allowance Increases for Command Officers; Effect on Salary Adjustments.
Section 38.1642b - Qualified Participant; Tier 1 and Tier 2 Vesting Schedule.
Section 38.1644 - Transfer of Records, Personnel, Property, or Funds to Retirement System.
Section 38.1646 - Savings Clause.
Section 38.1647 - Repeal of MCL 28.101 to 28.110.
Section 38.1648 - Effective Date; Exceptions.
Section 38.1660 - Implementation of Tier 2 Plan.
Section 38.1661 - Meanings of Words and Phrases.
Section 38.1662 - Definitions; a to C.
Section 38.1663 - Definitions; E to F.
Section 38.1664 - Definitions; P to R.
Section 38.1667 - Investment Options Under Tier 2 Plan; Limitations Do Not Apply.
Section 38.1668 - Payment of Administrative Expenses of Tier 2 Plan.
Section 38.1670 - Tier 2 Vesting and Contribution Requirements.
Section 38.1672 - Nomination of Refund Beneficiary; Requirements.
Section 38.1674 - Right of Setoff; Overpayments; Embezzlement or Fraud; Correction of Errors.