Section 38.1601 – Short Title.

38.1601 Short title. Sec. 1. This act shall be known and may be cited as the “state police retirement act of 1986”. History: 1986, Act 182, Eff. Oct. 1, 1986

Section 38.1602 – Meanings of Words and Phrases.

38.1602 Meanings of words and phrases. Sec. 2. For the purposes of this act, the words and phrases defined in sections 3 and 4 have the meanings ascribed to them in those sections. History: 1986, Act 182, Eff. Oct. 1, 1986

Section 38.1603 – Definitions; B to L.

38.1603 Definitions; B to L. Sec. 3. (1) “Banked leave time program” means the part B annual leave hours within the state’s annual and sick leave program approved by a ruling of the Internal Revenue Service on September 5, 2003, in which a pay reduction or other concessions are applied to a member in exchange […]

Section 38.1604 – Definitions; M to S.

38.1604 Definitions; M to S. Sec. 4. (1) “Member”, except where the context otherwise requires, means an employee of the department of state police who has subscribed to the constitutional oath of office. (2) “Officer” means a nonexclusively represented member of the retirement system. (3) “Qualified participant” means an individual who first becomes a member […]

Section 38.1605 – Michigan State Police Retirement System; Creation.

38.1605 Michigan state police retirement system; creation. Sec. 5. A Michigan state police retirement system is created for the state police officers who have subscribed to the constitutional oath of office. History: 1986, Act 182, Eff. Oct. 1, 1986

Section 38.1606 – State Police Retirement Board; Creation; Appointment, Qualifications, and Terms of Members.

38.1606 State police retirement board; creation; appointment, qualifications, and terms of members. Sec. 6. (1) Effective January 1, 1987, the state police retirement board is created within the department and shall consist of the following 9 members: (a) One officer member of the retirement system having the rank of sergeant or below, to be selected […]

Section 38.1607 – State Police Retirement Board; Oath of Member; Conducting Business at Public Meeting; Notice; Quorum; Failure of Member to Attend 3 Consecutive Meetings; Availability of Writings to Public; Rules.

38.1607 State police retirement board; oath of member; conducting business at public meeting; notice; quorum; failure of member to attend 3 consecutive meetings; availability of writings to public; rules. Sec. 7. (1) A member of the retirement board, upon appointment, shall take an oath of office, which shall be filed immediately in the office of […]

Section 38.1608 – State Police Retirement Board; per Diem Compensation; Reimbursement of Expenses; Maximum Number of Meetings.

38.1608 State police retirement board; per diem compensation; reimbursement of expenses; maximum number of meetings. Sec. 8. The per diem compensation of the retirement board and the schedule for reimbursement of expenses incurred in attending meetings of the retirement board and in performing the required services of the members shall be established annually by the […]

Section 38.1609 – State Treasurer as Treasurer of Retirement System; Investment Authority; Fiduciary Responsibility; Limitations on Investment of Funds; Deposit of Funds; Disposition of Income Earned by Reserves.

38.1609 State treasurer as treasurer of retirement system; investment authority; fiduciary responsibility; limitations on investment of funds; deposit of funds; disposition of income earned by reserves. Sec. 9. (1) The state treasurer shall be treasurer of the retirement system and shall have investment authority, including the custodianship of the funds of the retirement system, and […]

Section 38.1610 – Warrants.

38.1610 Warrants. Sec. 10. The retirement system shall draw its warrants upon the state treasurer, payable out of the reserves of the retirement system, for the payment of retirement allowances, the payment of salaries and wages, and other expenses necessary in the administration of the retirement system. History: 1986, Act 182, Eff. Oct. 1, 1986

Section 38.1611 – Engagement of Actuary; Annual Valuation; Experience Investigation and Risk Assumptions; Report.

38.1611 Engagement of actuary; annual valuation; experience investigation and risk assumptions; report. Sec. 11. (1) The retirement board, in consultation with the department, shall engage an actuary, in conformance with section 261 of the management and budget act, 1984 PA 431, MCL 18.1261. (2) The actuary shall prepare an annual valuation of the assets, liabilities, […]

Section 38.1612 – State Police Retirement Board; Chairperson; Executive Secretary.

38.1612 State police retirement board; chairperson; executive secretary. Sec. 12. The retirement board shall elect from its membership a chairperson who shall take office immediately on election and serve until a successor is elected. The director of the office of retirement service, department of technology, management, and budget, is the executive secretary of the retirement […]

Section 38.1613 – Summary of Fiscal Transactions.

38.1613 Summary of fiscal transactions. Sec. 13. By April 15 of each year, the department shall furnish to the governor, the legislature, each retirant or beneficiary of a deceased retirant, and each member, a summary of the fiscal transactions of the retirement system for the last completed fiscal year. The summary shall contain at least […]

Section 38.1613a – Correction of Error; Benefit Payment Adjustment.

38.1613a Correction of error; benefit payment adjustment. Sec. 13a. If a change or error in the records of the retirement system results in a retirant, retirement allowance beneficiary, or refund beneficiary receiving from the retirement system more or less than the retirant, retirement allowance beneficiary, or refund beneficiary would have been entitled to receive had […]

Section 38.1614 – Funding Objective of Retirement System; Annual Level Percentage of Payroll Contribution Rate; Submission of Differences to Legislature for Appropriation; Allocation and Deposit of Funds; Pension and Retiree Health Care Payroll Growth Assumption Rate; Normal Cost Contribution Rate.

38.1614 Funding objective of retirement system; annual level percentage of payroll contribution rate; submission of differences to legislature for appropriation; allocation and deposit of funds; pension and retiree health care payroll growth assumption rate; normal cost contribution rate. Sec. 14. (1) The funding objective of the retirement system is to establish and receive contributions during […]

Section 38.1614a – Intent; Retirement System as Qualified Pension Plan and Trust as Exempt Organization; Administration; Employer-Financed Benefit Limitation; Use and Investment of Assets; Return of Post-Tax Member Contributions; Beginning Date of Distributions; Termination of Retirement System; Election to Rollover to Retirement Plan; Qualified Military Service.

38.1614a Intent; retirement system as qualified pension plan and trust as exempt organization; administration; employer-financed benefit limitation; use and investment of assets; return of post-tax member contributions; beginning date of distributions; termination of retirement system; election to rollover to retirement plan; qualified military service. Sec. 14a. (1) This section is enacted under section 401(a) of […]

Section 38.1615 – Reserve for Employee Contributions; Subaccounts; Transfer of Accumulated Member Contributions.

38.1615 Reserve for employee contributions; subaccounts; transfer of accumulated member contributions. Sec. 15. (1) The reserve for employee contributions is the account in which member contributions are accumulated and from which must be made refunds and transfers of accumulated member contributions. The retirement system shall maintain 1 or more separate subaccounts for each person having […]

Section 38.1615a – Mandatory Contributions Into the Reserve for Employee Contributions.

38.1615a Mandatory contributions into the reserve for employee contributions. Sec. 15a. (1) Beginning with his or her first pay date and ending on the member’s termination of employment, each member first employed on or after June 10, 2012 shall contribute an amount equal to 4% of his or her compensation to the reserve for employee […]

Section 38.1616 – Reserve for Employer Contributions; Transfer of Accumulated Employer Contributions.

38.1616 Reserve for employer contributions; transfer of accumulated employer contributions. Sec. 16. (1) The reserve for employer contributions is the account to which contributions by the state shall be credited. (2) Accumulated employer contributions shall be transferred from the reserve for employer contributions to the reserve for retired benefit payments upon the retirement or death […]

Section 38.1617 – Reserve for Retired Benefit Payments; Transfer Between Reserve for Employer Contributions and Reserve for Retired Benefit Payments.

38.1617 Reserve for retired benefit payments; transfer between reserve for employer contributions and reserve for retired benefit payments. Sec. 17. (1) The reserve for retired benefit payments is the account from which shall be paid all retirement allowances and residual refunds of accumulated contributions. (2) At the end of each year in which a biennial […]