Sec. 6d.
A municipality, by ordinance or in another manner provided by law, may adopt from time to time benefit programs providing for postretirement adjustments increasing retirement benefits. Such benefit programs may provide for 1-time postretirement percentage increases in retirement benefits; annual or other periodic postretirement percentage increases in retirement benefits; lump sum postretirement distributions; or any other method considered appropriate by the municipality. The retirement benefit payable after making an adjustment pursuant to the benefit program adopted shall be the new retirement benefit payable until the next adjustment, if any, is made.
History: Add. 1987, Act 145, Imd. Eff. Oct. 26, 1987 Popular Name: Act 345
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 345 of 1937 - Fire Fighters and Police Officers Retirement Act (38.551 - 38.562)
Section 38.551a - Short Title.
Section 38.552 - Retirement Board; Powers and Duties.
Section 38.554 - Credit for Prior Service.
Section 38.555 - Retirement Board; Quasi-Judicial Body; Review of Actions by Writ of Certiorari.
Section 38.556 - Age and Service Retirement Benefits.
Section 38.556b - Remarriage of Surviving Spouse; Applicability of Subsection (1) to Municipality.
Section 38.556d - Postretirement Adjustments Increasing Retirement Benefits.
Section 38.556e - Mandatory Subjects of Bargaining.
Section 38.558 - Refunds of Salary Contributions.
Section 38.560 - Investments; Transfer and Disposition of Certain Assets.
Section 38.561 - Referendum; Township or Charter Township.
Section 38.561a - Violation of MCL 168.1 to 168.992 Applicable to Petitions; Penalties.