SENATE BILL No. 21

 

 

January 21, 2015, Introduced by Senators NOFS and CASPERSON and referred to the Committee on Appropriations.

 

 

 

     A bill to amend 1986 PA 182, entitled

 

"State police retirement act of 1986,"

 

by amending section 40a (MCL 38.1640a), as amended by 1996 PA 201.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 40a. (1) Effective October 1, 1996, after the a

 

retirant's or retirement allowance beneficiary's retirement

 

allowance is increased under section 39a, or 40, or 40c, as

 

applicable, a retirant or a retirement allowance beneficiary is

 

entitled to have his or her retirement allowance increased as

 

provided in this section. The retirement allowance of a retirant or

 

retirement allowance beneficiary shall must be increased each

 

October 1, beginning with the later of October 1, 1995 or the first

 

October 1 that is at least 12 months after the retirement allowance

 

effective date.


 

     (2) The amount of the annual increase under this section shall

 

be 2% of the retirement allowance that would be payable without

 

application of this section. The annual increase under this section

 

shall not exceed $500.00.

 

     Enacting section 1. This amendatory act does not take effect

 

unless Senate Bill No. 22                                       

 

          of the 98th Legislature is enacted into law.