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.