38.381 Optional retirement act of 1967; short title. Sec. 1. This act shall be known and may be cited as the “optional retirement act of 1967”. History: 1967, Act 156, Imd. Eff. June 30, 1967
38.382 Definitions. Sec. 2. As used in this act: (a) “Optional retirement program” means a system of retirement benefits established as a part of the plan of compensation for eligible teaching and administrative personnel. (b) “Retirement system” means the Michigan public school employees’ retirement system created by the public school employees retirement act of 1979, […]
38.383 Optional retirement program; establishment; participation of eligible employees, terms and conditions. Sec. 3. An optional retirement program for eligible employees of state supported institutions of higher education is established. A board of control shall make the program available to all eligible employees in the component institutions, agencies and units subject to its control. Eligible […]
38.383a Availability of program to state supported institution of higher education’s employees. Sec. 3a. A state supported institution of higher education that before January 1, 1970 was part of another institution of higher education that had authority under this act to make the optional retirement program available to its eligible employees is authorized to continue […]
38.384 Board of control; purchase of contracts providing for optional program benefits for employees. Sec. 4. In the administration of the optional retirement program, a board of control shall provide for the purchase of contracts providing retirement and death benefits for or on behalf of eligible employees electing to be covered by the optional retirement […]
38.385 Optional retirement program; election; time; reelection to retirement system. Sec. 5. (1) An eligible employee, as of the date the optional retirement program becomes available and who is a member of the retirement system, may continue his membership in the retirement system or may elect to participate in the optional retirement program and retain […]
38.386 Optional retirement program; participant deemed limited member of retirement system; refund of contributions upon termination of service or death; computation of benefits; reelection to retirement system as bar to service credit. Sec. 6. (1) An eligible employee electing to participate in the optional retirement program in accordance with section 5(1) is deemed to be […]
38.387 Optional retirement program; amounts to be disbursed and credited to employee’s benefit. Sec. 7. For an eligible employee who has elected in accordance with section 5 to participate in the optional retirement program, the following amounts shall be disbursed and credited each fiscal year to his benefit in the optional retirement program: (a) By […]
38.388 Federal social security old-age, survivors’ and disability insurance coverage. Sec. 8. An eligible employee electing to participate in the optional retirement program shall have old-age, survivors and disability insurance coverage provided by the federal social security act. History: 1967, Act 156, Imd. Eff. June 30, 1967
