38.1341 Determining annual level percentage of payroll contribution rates; factors; unfunded actuarial accrued liability contribution rate; computation and certification of sum due and payable; payment; certification of actual aggregate compensation; adjustment; evidence of correctness; audit; duties of reporting unit; submission of difference occurring in certain fiscal years; interest rate; reassignment of assets; rate of investment […]
38.1341a Separate contribution rate; unfunded accrued liability; “university reporting unit” defined. Sec. 41a. (1) For fiscal years that begin after March 27, 1996, the retirement system shall determine a separate contribution rate for a university reporting unit. Subject to this subsection, the retirement system shall determine the separate contribution rate in the manner prescribed in […]
38.1341b Employees as members on or after July 1, 2010 and before February 1, 2018; determination of separate contribution rate for members on or after February 1, 2018; contributions; individuals performing services for entity not participating in retirement system; conditions. Sec. 41b. (1) Beginning July 1, 2010, the retirement system may determine a separate employer […]
38.1342 Reporting unit contribution; exclusive obligation; contributions picked up by employer; deduction of Social Security contributions; agreement of member; forwarding retirement contributions; report; failure to submit report or contributions; late fee; intentional error or omission; withholding payment of state funds for noncompliance; exception for community or junior college student employee; “intentional” defined. Sec. 42. (1) […]
38.1342a Community or junior college reporting units; report; office of retirement services; report requirements. Sec. 42a. (1) By August 31, 2018, each reporting unit that is a tax supported community or junior college shall submit a report to the office of retirement services with the information necessary for the retirement system to complete the report […]
38.1343 Percentage paid for participants in optional retirement program. Sec. 43. The percentage of aggregate annual compensation to be paid for employees who participate in the optional retirement program under the optional retirement act of 1967, Act No. 156 of the Public Acts of 1967, as amended, being sections 38.381 to 38.388 of the Michigan […]
38.1343a Contributions of member to member investment plan; deduction and remittance as employer contributions; benefits; amount of contribution; amounts; percentage; member on or before February 1, 2018. Sec. 43a. (1) The contributions of a member who contributes to the member investment plan must be deducted by the employer and remitted as employer contributions to the […]
38.1343b Eligibility requirements; exceptions. Sec. 43b. A member who contributes to the member investment plan shall have the eligibility requirements of section 81 except as follows: (a) The age 55 requirement of section 81(1)(a) shall not apply. (b) The 10 years of credited service requirement of section 81(1)(b) shall be 5 years if the member […]
38.1343c Entitlements. Sec. 43c. A member other than a member who first became a member on or after July 1, 2010 who contributes to the member investment plan, or the retirement allowance beneficiary of that member, shall be entitled to all of the following: (a) A 36-month averaging period for the computation of final average […]
38.1343d Repealed. 2012, Act 300, Imd. Eff. Sept. 4, 2012. Compiler’s Notes: The repealed section pertained to conditions for election to make contributions to member investment plan.Popular Name: Act 300
38.1343e Member before September 4, 2012; contribution of percentage to funding account under public employee retirement health care funding act; “funding account” defined. Sec. 43e. Except as otherwise provided in this section or section 91a, each member who first became a member before September 4, 2012 shall contribute 3% of the member’s compensation to the […]
38.1343g Contribution beginning on transition date; amount; method of deducting contributions; picking up member contributions for compensation on or after transition date; benefit. Sec. 43g. (1) Beginning on the transition date and ending upon the member’s termination of employment or attainment date, as applicable under section 59(1), each member who made the election under section […]
38.1343h Service credit; enrollment for certain employees of community or junior college reporting unit; requirements; forfeit of claim; assessment and payment of supplemental employer contributions. Sec. 43h. (1) An individual who was first employed by a reporting unit that is a tax supported community college or junior college before July 1, 2014, and who did […]
38.1343i Determination and assessment of supplemental employer contributions by community or junior college reporting units; payment. Sec. 43i. (1) The retirement system shall determine and assess a supplemental employer contribution for each reporting unit that is a tax supported community or junior college on the basis of information reported by the reporting unit under section […]
38.1344 Separation from service; death; unclaimed retirement allowance or other money. Sec. 44. Upon the separation from service by a member or upon the death of a member, a former member, a retirant, a retirement allowance beneficiary, or a refund beneficiary, any unclaimed retirement allowance or other money otherwise payable on account of the separation […]
38.1345 Change or error in records; correction; adjustment in benefits. Sec. 45. 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 […]
38.1346 Benefits; exemption from taxation; subject to taxation beginning January 1, 2012; offset of retirement benefits or refunds; forfeiture of service credit. Sec. 46. (1) Except as otherwise provided in this section, a retirement allowance, an optional benefit, or any other benefit accrued or accruing to a person under this act, the reserves created by […]
38.1347 Employee of Michigan high school athletic association; entitlement to benefits preserved; limited membership; continued service; eligibility for retirement benefits; election; termination of employment; computation of retirement allowance. Sec. 47. (1) An employee of the Michigan high school athletic association who is a member on December 31, 1987 shall have his or her entitlement to […]
38.1359 Calculation of retirement allowance; election and attainment date designation; credit for future service accrued and compensation earned; alternative election; method of accepting elections, designations, and alternative elections; member not making or rescinding election or who makes alternative election; reemployed member; definitions. Sec. 59. (1) The retirement system shall permit each qualified member to make […]
