Michigan Compiled Laws
Act 78 of 1958 - Wayne State University Employee Retirement System (38.371 - 38.376)
Section 38.375 - Separation of Employees From Detroit School Retirement System; Payments Required; Transfer of Securities.

Sec. 5.
The payments required by the determination provided for in section 4 shall be made on or before December 31, 1958. Should this determination require a payment by the retirement commission to the board of governors, the retirement commission may transfer in lieu of cash securities held by it. The securities shall not have defaulted with respect to principal and interest payments and shall have an average yield and maturity equal to the average yield and maturity of all assets of the retirement system for the fiscal year ended June 30, 1956.
History: 1958, Act 78, Eff. Sept. 13, 1958

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 38 - Civil Service and Retirement

Act 78 of 1958 - Wayne State University Employee Retirement System (38.371 - 38.376)

Section 38.371 - Wayne State University Employee Retirement System; Definitions.

Section 38.372 - Retirement Allowance; Payment Prior to July 1, 1958.

Section 38.373 - Retirement Allowance; Payment After July 1, 1958.

Section 38.374 - Separation of Employees From Detroit School District Employees Retirement System; Actuarial Determination of Credits and Debits of Board of Governors and Retirement Commission.

Section 38.375 - Separation of Employees From Detroit School Retirement System; Payments Required; Transfer of Securities.

Section 38.376 - Separation of Employees From Detroit School Retirement System; Payment of $1,000,000 by Board of Education to Board of Governors.