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Public Act Number: 486
Public Act Year: 1996
Document Type(s): MCLs
(30 results found)
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Document Type Description
Act 261 of 1957 Statute MICHIGAN LEGISLATIVE RETIREMENT SYSTEM ACT (38.1001 - 38.1080)
Section 38.1006 Section “Member” defined.
Section 38.1017d Section “Tier 1” and “Tier 2” defined.
Section 38.1018 Section Legislator or lieutenant governor; membership in retirement system; notice of election not to participate; refund of contributions; effect of notice; rescission of notice; contributions and interest; eligibility on or after March 31, 1997.
Section 38.1022c Section Health insurance fund; creation; disposition; disbursement; contributions; payroll deductions; nonrefundable.
Section 38.1023b Section Retirant or deferred vested member again becoming legislator or lieutenant governor; election to again become member; notice; conditions; nonpayment of retirement allowance; declining to again become member; exception.
Section 38.1025 Section Retirement system as trust; board as fiduciary; nonapplicability to Tier 2 retirement plan.
Section 38.1050 Section Investment and reinvestment of cash assets; nonapplicability to Tier 2.
Section 38.1050b Section Hospitalization, medical, dental, and vision coverage; purchase; payment of premiums; manner.
Section 38.1051 Section Investment of retirement system funds; ownership by system; registration; recording; nonapplicability to Tier 2.
Section 38.1061 Section Election to terminate membership in Tier 1 and become qualified participant in Tier 2; election by deferred vested member or former nonvested member; election as irrevocable; rights and duties; method of election; signature of spouse; waiver; election subject to eligible domestic relations order; notice of disqualification for tax purposes.
Section 38.1062 Section Election to terminate membership in retirement system under MCL 38.1061(1) and (2); transfer of lump sum amount; recomputation; calculation; basis; utilization of actuarial valuation report; notification of disqualification for tax purposes.
Section 38.1063 Section Calculation of accrued cost savings; submission of total amount in executive budget to legislature; appropriation.
Section 38.1064 Section Meanings of words and phrases; “accumulated balance” defined.
Section 38.1065 Section “Employer,”“former qualified participant,” and “health benefit dependent” defined.
Section 38.1066 Section “Qualified participant,”“refund beneficiary,” and “state treasurer” defined.
Section 38.1067 Section Administration and investment of Tier 2 by state treasurer; state treasurer as fiduciary and trustee; appointment of advisory board; determination of provisions and procedures; authority and responsibility of state treasurer to employ or contract with employees or for services.
Section 38.1068 Section Hearing.
Section 38.1069 Section Accumulated employer and employee contributions and earnings; direction of investment; limitations inapplicable to Tier 2.
Section 38.1070 Section Tier 2; payment of administrative expenses.
Section 38.1071 Section Participation in other public sector retirement benefits plan.
Section 38.1072 Section Individual becoming legislator or lieutenant governor on or after March 31, 1997; notice of election.
Section 38.1073 Section Election to terminate membership in Tier 1; crediting Tier 2 account; charging Tier 2 account for excess transfers.
Section 38.1074 Section Section subject to vesting requirements; Tier 2 contributions by employer and qualified participant; limitations.
Section 38.1075 Section Tier 2; vesting requirements and schedule; health care coverage; vesting requirements.
Section 38.1076 Section Crediting years of accrued service.
Section 38.1077 Section Refund beneficiary; nomination.
Section 38.1078 Section Distribution of accumulated balance.
Section 38.1079 Section Health insurance coverage; election; eligibility.
Section 38.1080 Section Distributions; exemption from tax; subject to public employee retirement benefit protection act; right of setoff to recover overpayment and satisfy claims; correction of errors in records and actions.