Sec. 655.
Any employer against whom liability may exist for compensation under this act, with the approval of the director, may be relieved therefrom by:
(a) Depositing the present value of the total unpaid compensation for which such liability exists, assuming interest at 3% per annum, with a trust company of this state designated by the employee, or by his dependents, in case of his death and such liability exists in their favor, or in default of such designation, after 10 days notice in writing from the employer, with a trust company of this state designated by the director.
(b) Purchasing an annuity, within the limitations provided by law, in any insurance company granting annuities and licensed in this state, which may be designated by the employee, his dependents or the director, as provided in subdivision (a).
History: 1969, Act 317, Eff. Dec. 31, 1969 Popular Name: Act 317
Structure Michigan Compiled Laws
Chapter 418 - Worker's Disability Compensation
Act 317 of 1969 - Worker's Disability Compensation Act of 1969 (418.101 - 418.941)
317-1969-6 - Chapter 6 Security for Compensation (418.601...418.659)
Section 418.601 - Definitions.
Section 418.613 - Misclassification of Services; Penalties or Interest.
Section 418.615 - Report by Employer Not Self-Insurer; Failure to File.
Section 418.625 - Insurance Policy's Notice of Issuance; Contents; Refusal to Accept Coverage.
Section 418.631 - Claim Payments; Filing Reports.
Section 418.651 - Existing Contracts Unaffected; Rights and Liabilities.
Section 418.655 - Relief From Liability.
Section 418.657 - Public Employers; Operating Expense; Tax Levy.
Section 418.659 - Dissolution of Certain Authorities; Payment of Claims.