Sec. 212.
The reserve for retirement benefits is created. The retirement system shall pay all retirement allowances and residual accumulated contributions of deceased retirees from the reserve for retirement benefits. The retirement system shall credit to the reserve for retirement benefits a member's accumulated contributions at the time of retirement as provided in section 210. Each year following receipt of the annual actuarial valuation, the retirement system shall bring the balance in the reserve for retirement benefits into balance with the actuarial present value of retirement allowances in payment status by a transfer to or from the reserve for employer contributions. The actuary shall take into account the pending transfer when preparing the annual actuarial valuation.
History: 1992, Act 234, Eff. Mar. 31, 1993
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 234 of 1992 - The Judges Retirement Act of 1992 (38.2101 - 38.2670)
Article II - (38.2201...38.2217)
Section 38.2201 - Michigan Judges Retirement System; Creation; Purpose.
Section 38.2206 - State Treasurer as Treasurer of Retirement System; Authority; Duties.
Section 38.2207 - Attorney General as Retirement Board Attorney.
Section 38.2208 - Administration of Retirement System.
Section 38.2209 - Annual Report.
Section 38.2210 - Reserve for Member Contributions.
Section 38.2211 - Reserve for Employer Contributions.
Section 38.2212 - Reserve for Retirement Benefits.
Section 38.2213 - Reserve for Investment Income.
Section 38.2214 - Reserve for Health Benefits.
Section 38.2214a - Postretirement Medical Benefits.
Section 38.2215 - Determination of Actuarial Cost; Establishing Method; Calculation.
Section 38.2216 - Compliance With Reciprocal Retirement Act.