Section 28.633 - Public safety officers benefit fund; creation; disposition and investment of funds; lapse; expenditures; rules.
PUBLIC SAFETY OFFICERS BENEFIT ACT (EXCERPT)
Act 46 of 2004
28.633 Public safety officers benefit fund; creation; disposition and investment of funds; lapse; expenditures; rules.
Sec. 3.
(1) The public safety officers benefit fund is created within the state treasury.
(2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
(3) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.
(4) The commission shall expend money from the fund, upon appropriation, only to carry out the purposes of this act.
(5) The commission shall promulgate rules pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, that prescribe standards and rules for the distribution of benefits commensurate with the purpose of this act.
History: 2004, Act 46, Imd. Eff. Oct. 1, 2003
Compiler's Notes: Enacting section 1 of Act 46 of 2004 provides:“This act is retroactive and is effective October 1, 2003.”