Section 38.371 – Wayne State University Employee Retirement System; Definitions.

38.371 Wayne state university employee retirement system; definitions. Sec. 1. As used in this act: (a) “Board of governors” means the board of governors of Wayne state university. (b) “Board of education” means the board of education of the city of Detroit. (c) “Retirement commission” means the retirement commission of the employee retirement system of […]

Section 38.372 – Retirement Allowance; Payment Prior to July 1, 1958.

38.372 Retirement allowance; payment prior to July 1, 1958. Sec. 2. Wayne retirement allowances payable on account of Wayne service terminating prior to July 1, 1958, shall be paid by the retirement system in accordance with the retirement system provisions in force at the time of such termination. History: 1958, Act 78, Eff. Sept. 13, […]

Section 38.373 – Retirement Allowance; Payment After July 1, 1958.

38.373 Retirement allowance; payment after July 1, 1958. Sec. 3. Wayne retirement allowances on account of Wayne service not terminated prior to July 1, 1958, shall cease to be the obligation of the retirement system on July 1, 1958, and shall become the sole obligation of the board of governors. If any person included in […]

Section 38.374 – Separation of Employees From Detroit School District Employees Retirement System; Actuarial Determination of Credits and Debits of Board of Governors and Retirement Commission.

38.374 Separation of employees from Detroit school district employees retirement system; actuarial determination of credits and debits of board of governors and retirement commission. Sec. 4. A determination shall be made by the actuary for the legislative retirement system provided in sections 39 and 46 of Act No. 261 of the Public Acts of 1957, […]

Section 38.375 – Separation of Employees From Detroit School Retirement System; Payments Required; Transfer of Securities.

38.375 Separation of employees from Detroit school retirement system; payments required; transfer of securities. Sec. 5. The payments required by the determination provided for in section 4 shall be made on or before December 31, 1958. Should this determination require a payment by the retirement commission to the board of governors, the retirement commission may […]

Section 38.376 – Separation of Employees From Detroit School Retirement System; Payment of $1,000,000 by Board of Education to Board of Governors.

38.376 Separation of employees from Detroit school retirement system; payment of $1,000,000 by board of education to board of governors. Sec. 6. The board of governors shall accept the proposal of the board of education for the payment by the board of education to the board of governors in fulfillment of any obligations of the […]