Sec. 5.
(1) Except as otherwise provided in this section, if a system of retiring allowances is adopted under this act, the reserve fund created is exempt from all state, county, township, city, village, and school district taxes and the annuities payable to the members of the staff are exempt from all state, county, township, city, village, and school district taxes.
(2) Beginning January 1, 2012, the annuities payable to the members of the staff are subject to state taxes.
History: 1927, Act 339, Imd. Eff. June 1, 1927 ;-- CL 1929, 8113 ;-- CL 1948, 38.705 ;-- Am. 2011, Act 44, Imd. Eff. May 25, 2011
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 339 of 1927 - City Library Employees' Retirement System (38.701 - 38.706)
Section 38.701 - City Library Employees' Retirement System; Establishment.
Section 38.703 - Approval of Plan by Legislative Body; Commencement.
Section 38.704 - Annual Assessment for Retirement Allowance.
Section 38.706 - Municipal Employees' Retirement System; Coverage of Employees of Public Libraries.