MCL - Index of Act 300 of 1980
NOTE: Dates reflect any modification to item, not necessarily a change in law.
Title | Subject |
---|---|
Act 300 of 1980 |
THE PUBLIC SCHOOL EMPLOYEES RETIREMENT ACT OF 1979 (38.1301 - 38.1467) ***** 38.1341.amended THIS AMENDED SECTION IS EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2024 REGULAR SESSION SINE DIE ***** ***** 38.1341 THIS SECTION IS AMENDED EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2024 REGULAR SESSION SINE DIE: See 38.1341.amended ***** |
300-1980-1 | ARTICLE 1 (38.1301...38.1309) |
Section 38.1301 | Short title. |
Section 38.1302 | Meanings of words and phrases. |
Section 38.1303 | Definitions; A. |
Section 38.1303a | “Compensation” explained. |
Section 38.1304 | Definitions; C to M. |
Section 38.1305 | Definitions; M, N. |
Section 38.1306 | Definitions; O, P. |
Section 38.1307 | Definitions; R. |
Section 38.1308 | Definitions; S, T. |
Section 38.1309 | Calculating member's final average compensation; effective date of section. |
300-1980-2 | ARTICLE 2 (38.1321...38.1336) |
Section 38.1321 | Public school employees' retirement system; creation. |
Section 38.1322 | Public school employees' retirement board; creation; appointment, qualifications, and terms of members; vacancy. |
Section 38.1323 | Retirement board; oath; conducting business at public meeting; notice of meeting; quorum; failure to attend scheduled meetings; availability of writings to public. |
Section 38.1324 | Retirement board; compensation and expenses. |
Section 38.1325 | Retirement board; rights, authority, and discretion; rules; limitation; study period; information to be provided to certain universities. |
Section 38.1326 | State treasurer as treasurer of retirement system; investment authority; fiduciary responsibility; disposition of funds. |
Section 38.1327 | Warrants. |
Section 38.1328 | Summary of fiscal transactions; contents; description of retirement benefits; information to be posted on internet website and sent via electronic mail; database. |
Section 38.1329 | Reserve for employee contributions; individual subaccounts; refund, payment, or transfer of accumulated contributions. |
Section 38.1330 | Reserve for employer contributions. |
Section 38.1331 | Reserve for administrative expenses. |
Section 38.1332 | General fund. |
Section 38.1333 | Reserve for member investment plan; remittance of member contributions; individual subaccounts; refund, payment, or transfer of accumulated contributions. |
Section 38.1334 | Reserve for health benefits; payments; health advance; funding subaccount; transfer to reserve for employer contributions; conditions. |
Section 38.1335 | Reserve for retired benefit payments. |
Section 38.1336 | Reserve for undistributed investment income; pension stabilization subaccount. |
300-1980-3 | ARTICLE 3 (38.1341...38.1359) |
Section 38.1341 | Determining annual level percentage of payroll contribution rates; factors; unfunded actuarial accrued liability contribution rate; computation and certification of sum due and payable; payment; certification of actual aggregate compensation; adjustment; evidence of correctness; audit; duties of reporting unit; submission of difference occurring in certain fiscal years; interest rate; reassignment of assets; rate of investment return; basis of asset valuation; use of salary increase assumption; deposit to health advance funding subaccount; allocations from employer contributions; experience investigation study; risk assumptions; report; pension and retiree health care payroll growth assumption rate; "university reporting unit" defined. |
Section 38.1341.amended | Determining annual level percentage of payroll contribution rates; factors; unfunded actuarial accrued liability contribution rate; computation and certification of sum due and payable; payment; certification of actual aggregate compensation; adjustment; evidence of correctness; audit; duties of reporting unit; submission of difference occurring in certain fiscal years; interest rate; reassignment of assets; rate of investment return; basis of asset valuation; use of salary increase assumption; deposit to health advance funding subaccount; allocations from employer contributions; experience investigation study; risk assumptions; report; pension and retiree health care payroll growth assumption rate; "university reporting unit" defined. |
Section 38.1341a | Separate contribution rate; unfunded accrued liability; "university reporting unit" defined. |
Section 38.1341b | Employees as members on or after July 1, 2010 and before February 1, 2018; determination of separate contribution rate for members on or after February 1, 2018; contributions; individuals performing services for entity not participating in retirement system; conditions. |
Section 38.1342 | Reporting unit contribution; exclusive obligation; contributions picked up by employer; deduction of Social Security contributions; agreement of member; forwarding retirement contributions; report; failure to submit report or contributions; late fee; intentional error or omission; withholding payment of state funds for noncompliance; exception for community or junior college student employee; "intentional" defined. |
Section 38.1342a | Community or junior college reporting units; report; office of retirement services; report requirements. |
Section 38.1343 | Percentage paid for participants in optional retirement program. |
Section 38.1343a | Contributions of member to member investment plan; deduction and remittance as employer contributions; benefits; amount of contribution; amounts; percentage; member on or before February 1, 2018. |
Section 38.1343b | Eligibility requirements; exceptions. |
Section 38.1343c | Entitlements. |
Section 38.1343d | Repealed. 2012, Act 300, Imd. Eff. Sept. 4, 2012. |
Section 38.1343e | Member before September 4, 2012; contribution of percentage to funding account under public employee retirement health care funding act; "funding account" defined. |
Section 38.1343e.amended | Member before September 4, 2012; contribution of percentage to funding account under public employee retirement health care funding act; "funding account" defined. |
Section 38.1343g | Contribution beginning on transition date; amount; method of deducting contributions; picking up member contributions for compensation on or after transition date; benefit. |
Section 38.1343h | Service credit; enrollment for certain employees of community or junior college reporting unit; requirements; forfeit of claim; assessment and payment of supplemental employer contributions. |
Section 38.1343i | Determination and assessment of supplemental employer contributions by community or junior college reporting units; payment. |
Section 38.1344 | Separation from service; death; unclaimed retirement allowance or other money. |
Section 38.1345 | Change or error in records; correction; adjustment in benefits. |
Section 38.1346 | Benefits; exemption from taxation; subject to taxation beginning January 1, 2012; offset of retirement benefits or refunds; forfeiture of service credit. |
Section 38.1347 | Employee of Michigan high school athletic association; entitlement to benefits preserved; limited membership; continued service; eligibility for retirement benefits; election; termination of employment; computation of retirement allowance. |
Section 38.1359 | Calculation of retirement allowance; election and attainment date designation; credit for future service accrued and compensation earned; alternative election; method of accepting elections, designations, and alternative elections; member not making or rescinding election or who makes alternative election; reemployed member; definitions. |
300-1980-4 | ARTICLE 4 (38.1360...38.1379b) |
Section 38.1360 | Purchase of service credit; 2 years service credit required. |
Section 38.1361 | Employment of retirant in reporting unit. |
Section 38.1361a | Report to legislature on number of active employed retirees. |
Section 38.1362 | Purchasing service credit; proof of service; contribution and interest. |
Section 38.1363 | Noncontributory plan; applicability; duty of reporting unit. |
Section 38.1364 | Purchase of service credit. |
Section 38.1365 | Written application for payment of accumulated contributions; forfeiture of prior service. |
Section 38.1366 | Cessation of membership; forfeiture of service; return to service; reinstatement of previously forfeited service. |
Section 38.1367 | Credit for service in another retirement system; withdrawal of accumulated contributions; forfeiture of service or monthly allowance. |
Section 38.1368 | Service credit; computing terms of service. |
Section 38.1369 | Out of system public education service; condition for granting membership or prior service credit; requirements; eligibility for retirement allowance; computation of payment; limitation; refund; noncreditable service; member ineligible to initiate service credit purchase. |
Section 38.1369a, 38.1369b | Repealed. 1989, Act 194, Eff. Jan. 31, 1991. |
Section 38.1369c | Employee in nonpublic elementary or secondary educational institution or nonpublic institution of higher education, employee in foreign country at school for United States personnel or dependents, full-time teacher with job corps, teacher in trust territory, or teacher on Indian reservation; purchase of service credit; request; documentation; payment of amount of actuarial cost; condition to service being credited; satisfaction of minimum service credit for retirement allowance; refund; effect of pension or annuity; member ineligible to initiate service credit purchase; definitions. |
Section 38.1369d, 38.1369e | Repealed. 1989, Act 194, Eff. Jan. 31, 1991. |
Section 38.1369f | Election to purchase not more than 5 years of service credit less years of service credit purchased under other provisions; request; payment of actuarial cost; prohibited uses of service credit; refund; member ineligible to initiate service credit purchase. |
Section 38.1369g | Former employees of reporting unit as public school employees; conditions; remittances required for granting of service credit; definitions. |
Section 38.1370 | State of Michigan service; condition for granting membership or prior service credit; requirements; petition for transfer of service credit, accumulated contributions, and interest; refund; member ineligible to initiate service credit purchase. |
Section 38.1371 | Sabbatical leave; employee organization professional services leave or released time; member ineligible to initiate service credit purchase. |
Section 38.1372 | Repealed. 1989, Act 194, Imd. Eff. Aug. 25, 1989. |
Section 38.1373 | Resumption of employment following honorable discharge or release from active duty with armed forces; service credit; limitation; accumulation of contributions to reserve for employee contributions at regular interest. |
Section 38.1374 | Service credit for member not meeting requirements of MCL 38.1373; election; computation of payment; restriction; condition. |
Section 38.1374a, 38.1374b | Repealed. 1989, Act 194, Eff. Jan. 31, 1991. |
Section 38.1375 | Separation from service or reduction of hours for purposes of parental leave; purchase of service credit; refund; application; member ineligible to initiate service credit purchase; "parental leave" defined. |
Section 38.1376 | Partial purchase of service credit. |
Section 38.1377, 38.1378 | Repealed. 1989, Act 194, Eff. Jan. 31, 1991. |
Section 38.1379 | Actuarial cost; recomputation. |
Section 38.1379a | Recomputation of payment for purchase of service; refund. |
Section 38.1379b | "Initiate a service credit purchase" defined. |
300-1980-5 | ARTICLE 5 (38.1381...38.1393) |
Section 38.1381 | Retirement allowance under MCL 38.1384; application; eligibility requirements. |
Section 38.1381a | Retirement allowance computed according to MCL 38.1384(1); reduction inapplicable; definitions. |
Section 38.1381b | Retirement; eligibility requirements; computation; extension; "incentivized retirement application period" defined; amortization of additional costs. |
Section 38.1381c | Member 60 years of age or older with 10 or more years of service; increase in regular retirement age; adjustment by retirement board; "regular retirement age" defined. |
Section 38.1381d | Employment retirement system; election to participate in Tier 2; method of accepting elections; election period; member not making election considered as member of Tier 1; collection of employer and employee contributions; qualified participant considered as participant in Tier 2; definitions. |
Section 38.1382 | Deferred vested service retirement allowance; entitlement; computation; application; forfeiture; payment of option to beneficiary. |
Section 38.1383 | Date of retirement allowance; payment on cessation of eligibility for continuation of benefits. |
Section 38.1384 | Retirement allowance; benefits; applicability of reduction; recalculation of retirement allowance; adjusted retirement allowance; election to return retirement allowance payments. |
Section 38.1384b | Retirement allowance for member making alternative election under section 59(2)(a) or (b); calculation; items of credited service under section 59(1); accumulation of years of service credit for purpose of vesting; calculation of retirement allowance under section 59(1) but not making attainment date designation; "attainment date" defined. |
Section 38.1385 | Payment options; election; change of option or beneficiary; payment to beneficiary; reversion of benefit to straight retirement allowance; term of payment; beneficiary predeceasing retirant who returns to service; effect of election of retirant's divorce from spouse designated as beneficiary; payment of difference between accumulated contributions and aggregate amount of retirement allowance payments; change of beneficiary; optional form of benefit payment; limitation; termination. |
Section 38.1386 | Disability allowance; requirements; extension of application time limit; computation; effective date. |
Section 38.1387 | Duty disability retirement allowance; requirements; computation; effective date; service credit; adjustment. |
Section 38.1388 | Duty or nonduty disability retirant; medical examination; affidavit; deception; discontinuance or revocation of nonduty disability retirement allowance; return to membership; restoration of credited service; restoration of duty disability retirant to active service; cessation of allowance or rights to allowance; lump sum payment; payment on retirant's sixtieth birthday; reduction of retirement allowance; computation of allowable earnings; applicability of subsection (4). |
Section 38.1389 | Surviving spouse; computation, payment, and termination of retirement allowance; remarriage of surviving spouse; allowance for surviving child less than 18; election of retirement allowance beneficiary; grounds for voiding election; death of member; presumption of dependency; termination of allowance; payment to refund beneficiary; member contributing to member investment plan. |
Section 38.1390 | Surviving spouse of deceased member receiving worker's disability compensation; computation, payment, and termination retirement allowance; remarriage of surviving spouse; allowance for surviving children less than 18; computation, payment, and termination of allowance for surviving child less than 18 or for surviving dependent parent; computation and effective date of retirement allowance beneficiary's duty death retirement allowance; use of average annual compensation; election to accept refund; payment to legal representative of deceased member's or retirant's estate. |
Section 38.1391 | Hospital, medical-surgical, and sick care retirant benefits; dental and vision retirant benefits; retirement system premium; maximum contribution rate; health benefits coverage for dependent of retirant; coordination of benefits; definitions. |
Section 38.1391a | Retiree health care insurance coverage for employees hired after September 4, 2012; matching contribution in lieu of health insurance coverage benefits; vesting provisions; election to opt out of health insurance coverage premiums; effect of not making election under subsection (5); break in service or reemployment; implementation and applicability of subsections (5) to (10); report; definitions. |
Section 38.1392 | Long-term care insurance; withholding from retirement allowance. |
Section 38.1392a | Administration of changes; appropriation; work project; carrying forward unencumbered or unallotted funds. |
Section 38.1392b | Appropriation; purposes; amount; completion date. |
Section 38.1392c | Appropriation. |
Section 38.1393 | Third-party study. |
300-1980-6 | ARTICLE 6 (38.1401...38.1412) |
Section 38.1401 | Supplemental pension. |
Section 38.1402 | Percentage increase to monthly retirement allowance payable after June 30, 1972; continuation. |
Section 38.1403 | Percentage increase to monthly retirement allowance payable under former provisions; continuation. |
Section 38.1404 | Percentage increase to monthly retirement allowance payable under additional former provisions; continuation. |
Section 38.1404a | Determining rate of investment return on retirement system assets and present value of retirement allowances; calculation and reduction of distribution income; crediting distribution units to retirant or retirement allowance beneficiary; calculation and payment of distribution amount; increase in retirement allowance; computation of cumulative increase amount; supplemental payment; increase in retirement allowance effective before October 1, 1981; increase in retirement allowance effective on or before January 1, 1987. |
Section 38.1405 | Violation; penalty. |
Section 38.1406 | Saving clause. |
Section 38.1407 | Repeal of MCL 38.201 to 38.366. |
Section 38.1408 | Administration of retirement system as qualified pension plan created in trust under internal revenue code; requirements and benefit limitations; qualified military service. |
Section 38.1409-38.1412 | Repealed. 1997, Act 143, Imd. Eff. Nov. 19, 1997. |
300-1980-7 | ARTICLE 7 (38.1420...38.1467) |
Section 38.1420 | Tier 2 plan; implementation. |
Section 38.1421 | Words and phrases in sections 122 to 124; date for implementation of Tier 2 plan. |
Section 38.1422 | "Accumulated balance" and "compensation" defined. |
Section 38.1423 | "Employer" and "former qualified participant" defined. |
Section 38.1424 | "Plan document," "qualified participant," "refund beneficiary," and "state treasurer" defined. |
Section 38.1425 | Tier 2; department as fiduciary and trustee; appointment of advisory board; provisions and procedures; personnel and other services; adoption and compliance. |
Section 38.1426 | Request for hearing; conduct under administrative procedures act of 1969. |
Section 38.1427 | Investment; direction by qualified participant, former qualified participant, and refund beneficiary; applicability of limitations; annuity options. |
Section 38.1428 | Tier 2; administrative expenses. |
Section 38.1429 | Participation in other public sector retirement benefits plan; "public sector employer" defined. |
Section 38.1431 | Tier 2 account; contributions; additional contribution; additional matching contributions by employer. |
Section 38.1431a | Tier 2 accounts; terms and conditions. |
Section 38.1432 | Vesting. |
Section 38.1434 | Refund beneficiary. |
Section 38.1435 | Tier 2; eligibility to receive distribution; effect of death of qualified participant; methods of distribution. |
Section 38.1437 | Exemption from state, county, municipal, or local tax; right to setoff to recover overpayments. |
Section 38.1451-38.1467 | Repealed. 1997, Act 143, Imd. Eff. Nov. 19, 1997. |