Michigan Compiled Laws
Act 156 of 1967 - Optional Retirement Act of 1967 (38.381 - 38.388)
Section 38.384 - Board of Control; Purchase of Contracts Providing for Optional Program Benefits for Employees.

Sec. 4.
In the administration of the optional retirement program, a board of control shall provide for the purchase of contracts providing retirement and death benefits for or on behalf of eligible employees electing to be covered by the optional retirement program.
History: 1967, Act 156, Imd. Eff. June 30, 1967

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 38 - Civil Service and Retirement

Act 156 of 1967 - Optional Retirement Act of 1967 (38.381 - 38.388)

Section 38.381 - Optional Retirement Act of 1967; Short Title.

Section 38.382 - Definitions.

Section 38.383 - Optional Retirement Program; Establishment; Participation of Eligible Employees, Terms and Conditions.

Section 38.383a - Availability of Program to State Supported Institution of Higher Education's Employees.

Section 38.384 - Board of Control; Purchase of Contracts Providing for Optional Program Benefits for Employees.

Section 38.385 - Optional Retirement Program; Election; Time; Reelection to Retirement System.

Section 38.386 - Optional Retirement Program; Participant Deemed Limited Member of Retirement System; Refund of Contributions Upon Termination of Service or Death; Computation of Benefits; Reelection to Retirement System as Bar to Service Credit.

Section 38.387 - Optional Retirement Program; Amounts to Be Disbursed and Credited to Employee's Benefit.

Section 38.388 - Federal Social Security Old-Age, Survivors' and Disability Insurance Coverage.