38.1321 Public school employees’ retirement system; creation. Sec. 21. A Michigan public school employees’ retirement system is created for the public school employees of this state. History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 Popular Name: Act 300
38.1322 Public school employees’ retirement board; creation; appointment, qualifications, and terms of members; vacancy. Sec. 22. (1) The Michigan public school employees’ retirement board is created in the department and shall consist of the superintendent of public instruction and 11 members appointed by the governor with the advice and consent of the senate as follows: […]
38.1323 Retirement board; oath; conducting business at public meeting; notice of meeting; quorum; failure to attend scheduled meetings; availability of writings to public. Sec. 23. (1) A member of the retirement board, upon appointment, shall take an oath of office, which shall be filed immediately in the office of the secretary of state. (2) The […]
38.1324 Retirement board; compensation and expenses. Sec. 24. 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 legislature. History: 1980, Act 300, Imd. Eff. Oct. 31, […]
38.1325 Retirement board; rights, authority, and discretion; rules; limitation; study period; information to be provided to certain universities. Sec. 25. (1) The board shall have only the rights, authority, and discretion in the proper discharge of its duties provided in this act and former 1945 PA 136. (2) The retirement board may promulgate rules pursuant […]
38.1326 State treasurer as treasurer of retirement system; investment authority; fiduciary responsibility; disposition of funds. Sec. 26. (1) This section does not apply to Tier 2. (2) 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 shall have […]
38.1327 Warrants. Sec. 27. The retirement system shall draw its warrants upon the state treasurer, payable out of reserves of the retirement system, for the payment of retirement allowances, the refund of accumulated contributions as provided in this act, and the payment of salaries and other expenses necessary in the administration of the retirement system. […]
38.1328 Summary of fiscal transactions; contents; description of retirement benefits; information to be posted on internet website and sent via electronic mail; database. Sec. 28. (1) By April 15 of each year, the department shall furnish to the governor, the legislature, each retirement allowance recipient, and each member a summary of the fiscal transactions of […]
38.1329 Reserve for employee contributions; individual subaccounts; refund, payment, or transfer of accumulated contributions. Sec. 29. The reserve for employee contributions is the account in which member contributions made under the contributory retirement plan and other member payments as provided by statute shall be accumulated. The retirement board shall provide for the maintenance of an […]
38.1330 Reserve for employer contributions. Sec. 30. The reserve for employer contributions is the account to which reporting unit payments, except payments for health benefits are credited. History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 ;– Am. 1985, Act 91, Imd. Eff. July 10, 1985 ;– Am. 1989, Act 194, Imd. Eff. Aug. 25, […]
38.1331 Reserve for administrative expenses. Sec. 31. The reserve for administrative expenses is the account from which the expenses of the administration of the retirement system, exclusive of amounts payable as retirement allowances and other benefits provided in this act, shall be paid. An amount determined necessary by the retirement board and the department to […]
38.1332 General fund. Sec. 32. The retirement board may establish a general fund. Revenue not clearly payable to other funds shall be deposited in the general fund. Disbursements from this fund shall be made as authorized by the retirement board. History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 Popular Name: Act 300
38.1333 Reserve for member investment plan; remittance of member contributions; individual subaccounts; refund, payment, or transfer of accumulated contributions. Sec. 33. The reserve for member investment plan is the account into which are remitted member contributions as provided in section 43a. The retirement board shall provide for the maintenance of an individual subaccount for each […]
38.1334 Reserve for health benefits; payments; health advance; funding subaccount; transfer to reserve for employer contributions; conditions. Sec. 34. (1) The reserve for health benefits is the account to which payments of reporting units for health benefits are credited. Benefits payable pursuant to section 91 shall be paid from the reserve for health benefits. The […]
38.1335 Reserve for retired benefit payments. Sec. 35. The reserve for retired benefit payments is the account from which all retirement allowances and refunds pursuant to section 85(6) shall be paid. After receipt of each annual actuarial valuation as provided in section 41, the balance in the reserve for retired benefit payments shall be brought […]
38.1336 Reserve for undistributed investment income; pension stabilization subaccount. Sec. 36. (1) Except as otherwise provided in this section, the reserve for undistributed investment income is the account to which all income from the investment of assets, all gifts and bequests received by the retirement system, and all other money received by the retirement system […]
