38.2201 Michigan judges retirement system; creation; purpose. Sec. 201. The Michigan judges retirement system is created for judges and state officials. History: 1992, Act 234, Eff. Mar. 31, 1993
38.2202 Michigan judges retirement board; creation within department; membership; terms; vacancy; compensation and expenses. Sec. 202. (1) The Michigan judges retirement board is created in the department. The retirement board consists of the following 5 retirement board members: (a) The state treasurer. (b) The attorney general. (c) One judge who is a member of the […]
38.2203 Retirement board member; oath; quorum; unexcused absences; election of chairperson and vice chairperson. Sec. 203. (1) Each appointed retirement board member, before assuming office, shall take an oath of office. An appointed retirement board member shall immediately file the oath of office with the secretary of state. A retirement board member is a trustee […]
38.2204 Retirement board; duties pursuant to MCL 16.101 to 16.608; rules; conducting business at public meeting; writings available to public. Sec. 204. (1) The retirement board has the rights, authority, and discretion in the proper discharge of retirement board duties pursuant to the executive organization act of 1965, Act No. 380 of the Public Acts […]
38.2205 Management functions; director of bureau of retirement systems as executive secretary; employees. Sec. 205. The department shall be responsible for the budgeting, procurement, and related management functions of the retirement system. The director of the bureau of retirement systems in the department is the executive secretary of the retirement system. The executive secretary, with […]
38.2206 State treasurer as treasurer of retirement system; authority; duties. Sec. 206. (1) The state treasurer is the treasurer of the retirement system. The state treasurer has investment authority, including the custodianship of the funds of the retirement system, and has fiduciary responsibility with regard to the investment of funds of the retirement system. The […]
38.2207 Attorney general as retirement board attorney. Sec. 207. The attorney general is the legal adviser to the retirement board and shall act as the retirement board’s attorney. The attorney general shall represent the retirement board in all litigation to which the retirement board is a party. History: 1992, Act 234, Eff. Mar. 31, 1993
38.2208 Administration of retirement system. Sec. 208. The retirement system shall draw its warrants upon the state treasury, payable out of funds of the retirement system, for the payment of retirement allowances, accumulated contributions, and the payment of salaries and other expenses necessary in the administration of the retirement system. History: 1992, Act 234, Eff. […]
38.2209 Annual report. Sec. 209. The retirement system shall prepare an annual report for each fiscal year. The annual report shall contain information regarding the financial, actuarial, and other activities of the retirement system during the fiscal year. The retirement system shall furnish a copy of the annual report to the governor, the legislature, each […]
38.2210 Reserve for member contributions. Sec. 210. The reserve for member contributions is created. The retirement system shall deposit contributions from the compensation of members, and other member payments as provided in this act, except member contributions for health benefits as provided in section 305, in the reserve for member contributions. The retirement system shall […]
38.2211 Reserve for employer contributions. Sec. 211. The reserve for employer contributions is created. The retirement system shall credit to the reserve for employer contributions all court fees, late fees, and interest payments received pursuant to section 304; state appropriations received pursuant to section 302; and employer contributions received under section 303. The retirement system […]
38.2212 Reserve for retirement benefits. Sec. 212. The reserve for retirement benefits is created. The retirement system shall pay all retirement allowances and residual accumulated contributions of deceased retirees from the reserve for retirement benefits. The retirement system shall credit to the reserve for retirement benefits a member’s accumulated contributions at the time of retirement […]
38.2213 Reserve for investment income. Sec. 213. (1) The reserve for investment income is created. The state treasurer shall credit to the reserve for investment income all interest, dividends, and other income from the investment of retirement system assets except for those of the reserve for health benefits created under section 214. The retirement system […]
38.2214 Reserve for health benefits. Sec. 214. The reserve for health benefits is created. The retirement system shall deposit into the reserve for health benefits the member contributions for health benefits required by section 305(1)(a), amounts transferred pursuant to section 217(1), and accumulated earnings on these amounts and contributions. The retirement system shall disburse from […]
***** 38.2214a THIS SECTION IS REPEALED BY ACT 215 OF 1999 EFFECTIVE ON THE DATE THE SETTLEMENT AGREEMENT IN THE CASE OF MICHIGAN JUDGES ASSN V TREASURER OF THE STATE OF MICHIGAN, CASE NO. 98-DT-72771-CV (ED MI), BECOMES OF NO FURTHER FORCE AND EFFECT, IS RENDERED NULL AND VOID, OR IS OTHERWISE TERMINATED ***** 38.2214a […]
38.2215 Determination of actuarial cost; establishing method; calculation. Sec. 215. The retirement board and the department shall establish the method of determining the actuarial cost. The actuary shall calculate the actuarial cost based upon the product of the following elements: (a) A percentage that when multiplied by a member’s compensation results in the average actuarial […]
38.2216 Compliance with reciprocal retirement act. Sec. 216. The retirement system shall comply with the reciprocal retirement act, 1961 PA 88, MCL 38.1101 to 38.1106, if a resolution electing to come under the provisions of the reciprocal retirement act, 1961 PA 88, MCL 38.1101 to 38.1106, is in effect. History: 1992, Act 234, Eff. Mar. […]
38.2217 Court fee fund; applicability of section. Sec. 217. (1) A court fee fund is created in the state treasury. The state treasurer shall deposit into the court fee fund all money received from the executive secretary pursuant to section 304(4). The state treasurer shall, if funds remain in the court fee fund after the […]
