HB-4735, As Passed Senate, December 13, 2006
SUBSTITUTE FOR
HOUSE BILL NO. 4735
A bill to amend 1986 PA 182, entitled
"State police retirement act of 1986,"
(MCL 38.1601 to 38.1648) by adding section 41a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 41a. (1) On or after January 1, 2007, the monthly
retirement allowance payable to a retirant who participated and
accrued leave time in the bank time hours program established by
the civil service system and operating from December 22, 1957 to
July 13, 1963 when the retirant was a member is supplemented by an
increase calculated under subsection (3).
(2) On or after January 1, 2007, the retirement allowance
beneficiary of a deceased retirant who would have been eligible for
an increased retirement allowance under subsection (1) shall have
his or her retirement allowance supplemented by an increase
calculated under subsection (3).
(3) A retirant or the retirement allowance beneficiary of a
deceased retirant who accrued no less than 5,276 bank time hours
shall have his or her annual retirement allowance supplemented by
an increase of 17%. A retirant or the retirement allowance
beneficiary of a deceased retirant who has accrued fewer than 5,276
bank time hours shall have his or her retirement allowance
supplemented by an increase of a percentage determined by
multiplying 17% by a fraction, the numerator of which is the number
of bank time hours accrued by the retirant or deceased retirant and
the denominator of which is 5,276. If this calculation results in a
retirement allowance supplement of less than $600.00 annually, then
the supplement received by the retirant or retirement allowance
beneficiary entitled to a supplement under this section shall be
$600.00 annually.
(4) The increase in retirement allowance under this section
shall be included in the basis upon which future adjustments to the
retirement allowance are calculated.