38.1001 Retirement system; creation. Sec. 1. A retirement system to establish a means of providing retirement allowances, survivors’ allowances, and other benefits for members and their survivors and other beneficiaries, is created. History: 1957, Act 261, Eff. Sept. 27, 1957 ;– Am. 1960, Act 113, Eff. Aug. 17, 1960 ;– Am. 1981, Act 123, Imd. […]
38.1002 Michigan legislative retirement system; name. Sec. 2. The retirement system created by section 1 shall be known as the “Michigan legislative retirement system” and all affairs and business of the system shall be transacted in such name. History: 1957, Act 261, Eff. Sept. 27, 1957
38.1003 Construction of terms. Sec. 3. For the purposes of this act the words specified in any section or sections shall have the meanings set forth in such section or sections, unless different meanings are plainly indicated by their context. History: 1957, Act 261, Eff. Sept. 27, 1957
38.1004 “Retirement system” defined. Sec. 4. “Retirement system” means the Michigan legislative retirement system. History: 1957, Act 261, Eff. Sept. 27, 1957 ;– Am. 1981, Act 123, Imd. Eff. July 23, 1981
38.1005 Board; definition. Sec. 5. “Board” means the board of trustees of the system. History: 1957, Act 261, Eff. Sept. 27, 1957
38.1006 “Member” defined. Sec. 6. (1) Except as otherwise provided in subsection (2), “member” means any of the following: (a) A legislator of this state. (b) The secretary of the senate who served not less than 6 months before January 1, 1979, and for not less than 3 months after January 1, 1979. (c) The […]
38.1007 Repealed. 1981, Act 123, Imd. Eff. July 23, 1981. Compiler’s Notes: The repealed section pertained to definitions.
38.1007a “Direct rollover” and “distributee” defined. Sec. 7a. (1) “Direct rollover” means a payment by the retirement system to the eligible retirement plan specified by the distributee. (2) “Distributee” includes a member or deferred vested member. Distributee also includes the member’s or deferred vested member’s surviving spouse or the member’s or deferred vested member’s spouse […]
38.1008 Repealed. 1981, Act 123, Imd. Eff. July 23, 1981. Compiler’s Notes: The repealed section pertained to definitions.
38.1008a Definitions. Sec. 8a. (1) Beginning January 1, 2002, except as otherwise provided in this subsection, “eligible retirement plan” means 1 or more of the following: (a) An individual retirement account described in section 408(a) of the internal revenue code, 26 USC 408. (b) An individual retirement annuity described in section 408(b) of the internal […]
38.1009 “Salary” defined. Sec. 9. (1) “Salary” means the compensation, common to all legislators, exclusive of travel allowance, paid by the state for 1 year of service as a legislator. A member shall contribute to the retirement system based on the percentage applied to that salary. (2) For purposes of section 23, salary also includes […]
38.1010 Repealed. 1981, Act 123, Imd. Eff. July 23, 1981. Compiler’s Notes: The repealed section defined “military service.”
38.1011 “Service” defined; election to receive military service credit; effect of membership in retirement system. Sec. 11. (1) “Service” means the period beginning on January 1 of the year in which the member took office or on the date of the oath of office in the case of a special election, and ending on December […]
38.1012 “Retirement allowance” defined. Sec. 12. “Retirement allowance” means a series of equal monthly payments payable at the end of each calendar month to a person while he or she is a retirant. The first payment shall be prorated for any fraction of a month from the date of retirement to the end of the […]
38.1013 “Retirant” defined. Sec. 13. “Retirant” means a person receiving an annual retirement allowance from the retirement system. History: 1957, Act 261, Eff. Sept. 27, 1957 ;– Am. 1970, Act 237, Eff. Jan. 1, 1971 ;– Am. 1974, Act 215, Eff. Dec. 31, 1974 ;– Am. 1981, Act 123, Imd. Eff. July 23, 1981
38.1013a “Survivor,”“eligible child,” and “surviving spouse” defined. Sec. 13a. (1) “Survivor” means the eligible surviving spouse or eligible child or children of a member, deferred vested member, or retirant. (2) “Eligible child” means an unmarried child of a member, deferred vested member, or retirant who is: (a) Under 18 years of age. (b) Over 18 […]
38.1014 “Refund beneficiary” defined. Sec. 14. “Refund beneficiary” means the 1 or more persons named by a member, deferred vested member, or retirant in writing and filed in the office of the retirement system to receive any refund of a member, deferred vested member, or retirant’s contributions upon his or her death if a survivor’s […]
38.1015 Actuarial tables; definition. Sec. 15. “Actuarial tables” means such tables as are from time to time adopted by the board for computing allowances based upon the experience of the system as recommended by the actuary. History: 1957, Act 261, Eff. Sept. 27, 1957 ;– Am. 1970, Act 237, Eff. Jan. 1, 1971
38.1016 Prescribed rate of interest; definition. Sec. 16. “Prescribed rate of interest” means such rate or rates as shall from time to time be prescribed by the board. History: 1957, Act 261, Eff. Sept. 27, 1957 ;– Am. 1968, Act 99, Imd. Eff. June 7, 1968
38.1017 “Fiscal year” defined. Sec. 17. “Fiscal year” means the fiscal year of the state as described in section 1 of Act No. 116 of the Public Acts of 1887, as amended, being section 21.91 of the Michigan Compiled Laws. History: 1957, Act 261, Eff. Sept. 27, 1957 ;– Am. 1979, Act 52, Imd. Eff. […]
