Michigan Compiled Laws
Act 78 of 1958 - Wayne State University Employee Retirement System (38.371 - 38.376)
Section 38.376 - Separation of Employees From Detroit School Retirement System; Payment of $1,000,000 by Board of Education to Board of Governors.

Sec. 6.
The board of governors shall accept the proposal of the board of education for the payment by the board of education to the board of governors in fulfillment of any obligations of the board of education with reference to retirement benefits for the persons included in the provisions of sections 2 and 3 of the sum of $1,000,000.00 on or before June 30, 1965, in approximately equal annual installments with interest of 3% per annum on unpaid balances after July 1, 1958.
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.