Sec. 10.
Any and all cash assets and funds on hand not necessary for immediate payment of pensions or benefits under this act shall be invested subject to all the terms, conditions, limitations, and restrictions imposed by the statutes of this state upon life insurance companies in making and disposing of their investments, and as provided by law relating to investment authority of public employee retirement systems under Act No. 314 of the Public Acts of 1965, being sections 38.1132 to 38.1140i of the Michigan Compiled Laws, and any and all assets of every description of the pension or retirement fund created by any city, village, or municipality under this act shall be transferred and deposited to the credit of the newly created retirement system under this act.
History: 1937, Act 345, Eff. Oct. 29, 1937 ;-- Am. 1947, Act 229, Imd. Eff. June 17, 1947 ;-- CL 1948, 38.560 ;-- Am. 1965, Act 33, Eff. Mar. 31, 1966 ;-- Am. 1989, Act 7, Imd. Eff. May 3, 1989 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.