Act 261 of 1957 - MICHIGAN LEGISLATIVE RETIREMENT SYSTEM ACT (38.1001 - 38.1080)
- Section 38.1001 - Retirement system; creation.
- Section 38.1002 - Michigan legislative retirement system; name.
- Section 38.1003 - Construction of terms.
- Section 38.1004 - “Retirement system” defined.
- Section 38.1005 - Board; definition.
- Section 38.1006 - “Member” defined.
- Section 38.1007 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
- Section 38.1007a - “Direct rollover” and “distributee” defined.
- Section 38.1008 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
- Section 38.1008a - Definitions.
- Section 38.1009 - “Salary” defined.
- Section 38.1010 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
- Section 38.1011 - “Service” defined; election to receive military service credit; effect of membership in retirement system.
- Section 38.1012 - “Retirement allowance” defined.
- Section 38.1013 - “Retirant” defined.
- Section 38.1013a - “Survivor,”“eligible child,” and “surviving spouse” defined.
- Section 38.1014 - “Refund beneficiary” defined.
- Section 38.1015 - Actuarial tables; definition.
- Section 38.1016 - Prescribed rate of interest; definition.
- Section 38.1017 - “Fiscal year” defined.
- Section 38.1017a - “Deferred vested member” defined.
- Section 38.1017b - “Leadership position” defined.
- Section 38.1017c - “Legislator” defined.
- Section 38.1017d - “Tier 1” and “Tier 2” defined.
- Section 38.1018 - Legislator or lieutenant governor; membership in retirement system; notice of election not to participate; refund of contributions; effect of notice; rescission of notice; contributi
- Section 38.1019 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
- Section 38.1020 - Members' retirement fund; creation; purpose; computing retirement reserves for retirement allowances; financing; state's appropriations for current service, accrued service,
- Section 38.1021 - Members' savings fund; creation; purpose; contributions; rate; additional contributions; payroll deductions; transfer of contributions upon retirement or death.
- Section 38.1021a - Member contributions picked up by state.
- Section 38.1022 - Survivors' retirement fund; creation; purpose; contributions; rate; payroll deductions; computing retirement reserves for retirement allowances; financing; state's appropriat
- Section 38.1022a - Income fund; creation; purpose; interest, dividends, and other income; expenses.
- Section 38.1022b - Prorating and allocating annual appropriations to retirement system.
- Section 38.1022c - Health insurance fund; creation; disposition; disbursement; contributions; payroll deductions; nonrefundable.
- Section 38.1023 - Requirements for entitlement to retirement allowance; right to allowance; amount; recalculation of retirement allowance; election to defer receipt of retirement allowance; computatio
- Section 38.1023a - Repealed. 1974, Act 215, Eff. Dec. 31, 1974.
- Section 38.1023b - Retirant or deferred vested member again becoming legislator or lieutenant governor; election to again become member; notice; conditions; nonpayment of retirement allowance; declini
- Section 38.1023c - Increase of retirement allowance.
- Section 38.1023d - Disabled member; retirement allowance; annual examination.
- Section 38.1023e - Supplemental payments for retirants or retirement allowance beneficiaries with retirement allowance effective date before January 1, 1979; future adjustments.
- Section 38.1024 - Survivor's retirement allowance; eligibility; duration, commencement, and rate; status of adopted child; payments to eligible child; effect of marriage or attainment of ineligibl
- Section 38.1024a - Remarriage of surviving spouse.
- Section 38.1025 - Retirement system as trust; board as fiduciary; nonapplicability to Tier 2 retirement plan.
- Section 38.1026 - Retirement system; board of trustees; membership; eligibility and terms; oath of office.
- Section 38.1027 - First board of trustees; organizational meeting, election of officers.
- Section 38.1028 - Vacancy in trusteeship.
- Section 38.1029 - Trustees; compensation and expenses.
- Section 38.1030 - Board of trustees; quorum, proxy.
- Section 38.1031 - Board of trustees; powers and duties.
- Section 38.1032 - Board of trustees; regular and special meetings; conducting business at public meeting; notice of meeting.
- Section 38.1033 - Board of trustees; authority as to retirement allowances, suspensions and refunds.
- Section 38.1034 - Board of trustees; certification of prescribed interest rate; adoption of actuarial tables.
- Section 38.1035 - Board of trustees; estimate of appropriation.
- Section 38.1036 - Repealed. 1987, Act 58, Imd. Eff. June 23, 1987.
- Section 38.1036a - Reinstatement of suspended contributions.
- Section 38.1037 - Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
- Section 38.1038 - Board of trustees; offices; books and records; availability of certain writings to public.
- Section 38.1039 - Board of trustees; appointment of secretary and administrative personnel.
- Section 38.1040 - Board of trustees; record of proceedings; individual accounts; actuarial data.
- Section 38.1041 - Board of trustees; audit of accounts; annual statement.
- Section 38.1042 - Acceptance of gift, grant, or bequest by board.
- Section 38.1043 - Individual statement.
- Section 38.1044 - Rules and bylaws.
- Section 38.1045 - Secretary of board; powers and duties.
- Section 38.1046 - Actuary; technical advisor of board, powers and duties.
- Section 38.1047 - State treasurer as ex officio treasurer of retirement system; duties.
- Section 38.1048 - Warrants.
- Section 38.1049 - Payroll voucher.
- Section 38.1050 - Investment and reinvestment of cash assets; nonapplicability to Tier 2.
- Section 38.1050a - Grants and insurance revolving fund; creation; purpose; expenditures; payments to fund by payroll deductions; purchase and payment of premiums on life insurance policies.
- Section 38.1050b - Hospitalization, medical, dental, and vision coverage; purchase; payment of premiums; manner.
- Section 38.1051 - Investment of retirement system funds; ownership by system; registration; recording; nonapplicability to Tier 2.
- Section 38.1052 - Board of trustees and employees; interest in investments prohibited; violation of section, penalty.
- Section 38.1053 - Vested interest in refunds; payment of member contributions; discharge of claims.
- Section 38.1054 - Payments as obligations of state; disposition of revenues.
- Section 38.1055 - Refund of contributions with interest; request; forfeiture; service credit upon resumption of membership; designation of beneficiary; payment of contributions with interest.
- Section 38.1056 - Undivided interest in assets of system.
- Section 38.1057 - Retirement allowances, benefits, and credits not subject to taxation and public employee retirement benefit protection act.
- Section 38.1058 - Retirement system records; falsification, penalty.
- Section 38.1058a - Correction of error; adjustment of payment.
- Section 38.1059 - Payment of benefits; commencement.
- Section 38.1059a - Retirement system as qualified pension plan; administrative requirements and benefit limitations; qualified military service.
- Section 38.1060 - Short title.
- Section 38.1061 - 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
- Section 38.1062 - 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
- Section 38.1063 - Calculation of accrued cost savings; submission of total amount in executive budget to legislature; appropriation; expenditure.
- Section 38.1064 - Meanings of words and phrases; “accumulated balance” defined.
- Section 38.1065 - “Employer,”“former qualified participant,” and “health benefit dependent” defined.
- Section 38.1066 - “Qualified participant,”“refund beneficiary,” and “state treasurer” defined.
- Section 38.1067 - Administration and investment of Tier 2 by state treasurer; state treasurer as fiduciary and trustee; appointment of advisory board; determination of provisions and procedures; autho
- Section 38.1068 - Hearing.
- Section 38.1069 - Accumulated employer and employee contributions and earnings; direction of investment; limitations inapplicable to Tier 2.
- Section 38.1070 - Tier 2; payment of administrative expenses.
- Section 38.1071 - Participation in other public sector retirement benefits plan.
- Section 38.1072 - Individual becoming legislator or lieutenant governor on or after March 31, 1997; notice of election.
- Section 38.1073 - Election to terminate membership in Tier 1; crediting Tier 2 account; charging Tier 2 account for excess transfers.
- Section 38.1074 - Section subject to vesting requirements; Tier 2 contributions by employer and qualified participant; limitations.
- Section 38.1075 - Tier 2; vesting requirements and schedule; health care coverage; vesting requirements.
- Section 38.1076 - Crediting years of accrued service.
- Section 38.1077 - Refund beneficiary; nomination.
- Section 38.1078 - Distribution of accumulated balance.
- Section 38.1079 - Health insurance coverage.
- Section 38.1080 - 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 re