Section 38.1301 – Short Title.
38.1301 Short title. Sec. 1. This act shall be known and may be cited as “the public school employees retirement act of 1979”. History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 Popular Name: Act 300
Section 38.1302 – Meanings of Words and Phrases.
38.1302 Meanings of words and phrases. Sec. 2. For the purposes of this act, the words and phrases defined in sections 3 to 8 have the meanings ascribed to them in those sections. History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 Popular Name: Act 300
Section 38.1303 – Definitions; A.
38.1303 Definitions; A. Sec. 3. (1) “Accumulated contributions” means 1 or more of the following: (a) The amounts credited to a member’s individual subaccount in the reserve for employee contributions plus regular interest on those amounts. (b) The amounts credited to a member’s individual subaccount in the reserve for member investment plan plus compound interest […]
Section 38.1303a – “Compensation” Explained.
38.1303a “Compensation” explained. Sec. 3a. (1) Except as otherwise provided in this act, “compensation” means the remuneration earned by a member for service performed as a public school employee. (2) Compensation includes salary and wages and all of the following: (a) Remuneration earned for all services performed as a public school employee including, but not […]
Section 38.1304 – Definitions; C to M.
38.1304 Definitions; C to M. Sec. 4. (1) “Compound interest” means interest compounded annually on July 1 on the contributions on account as of the previous July 1 and computed at the rate of investment return determined under section 104a(1) for the last completed state fiscal year. (2) “Contributory service” means credited service other than […]
Section 38.1305 – Definitions; M, N.
38.1305 Definitions; M, N. Sec. 5. (1) “Member” means a public school employee, except that member does not include any of the following: (a) An individual enrolled in a neighborhood youth corps program operated with funds from the federal office of economic opportunity or an individual enrolled in a comparable youth training program designed to […]
Section 38.1306 – Definitions; O, P.
38.1306 Definitions; O, P. Sec. 6. (1) “Original member” means a member employed in Michigan public schools before July 1, 1945. (2) “Out of system public education service” means service performed in public education meeting 1 or more of the following requirements: (a) Performed in other states in the United States or its territorial possessions. […]
Section 38.1307 – Definitions; R.
38.1307 Definitions; R. Sec. 7. (1) “Refund beneficiary” means 1 or more persons whom the member or former member nominates in writing and files with the retirement system for the purpose of being paid accumulated contributions in the event of the death of the member or former member. If a valid nomination is not on […]
Section 38.1308 – Definitions; S, T.
38.1308 Definitions; S, T. Sec. 8. (1) “Service” means personal service performed as a public school employee or creditable under this act. (2) “Simple interest” means interest at 1 or more rates per annum determined by the retirement board. (3) “State of Michigan service” means service performed as a state employee in the classified or […]
Section 38.1309 – Calculating Member’s Final Average Compensation; Effective Date of Section.
38.1309 Calculating member’s final average compensation; effective date of section. Sec. 9. (1) The definition of final average compensation under section 4 as that section existed prior to Act No. 91 of the Public Acts of 1985 shall be used to calculate a member’s final average compensation if it produces a higher result than the […]