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Michigan Compiled Laws Complete Through PA 58 of 2013

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Act 261 of 1957 - MICHIGAN LEGISLATIVE RETIREMENT SYSTEM ACT (38.1001 - 38.1080)
Section 38.1001 ‑ Retirement system; creation.
Section 38.1002 ‑ Michigan legislative retirement system; name.
Section 38.1003 ‑ Construction of terms.
Section 38.1004 ‑ “Retirement system” defined.
Section 38.1005 ‑ Board; definition.
Section 38.1006 ‑ “Member” defined.
Section 38.1007 ‑ Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1007a ‑ “Direct rollover” and “distributee” defined.
Section 38.1008 ‑ Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1008a ‑ Definitions.
Section 38.1009 ‑ “Salary” defined.
Section 38.1010 ‑ Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1011 ‑ “Service” defined; election to receive military service credit; effect of membership in retirement system.
Section 38.1012 ‑ “Retirement allowance” defined.
Section 38.1013 ‑ “Retirant” defined.
Section 38.1013a ‑ “Survivor,”“eligible child,” and “surviving spouse” defined.
Section 38.1014 ‑ “Refund beneficiary” defined.
Section 38.1015 ‑ Actuarial tables; definition.
Section 38.1016 ‑ Prescribed rate of interest; definition.
Section 38.1017 ‑ “Fiscal year” defined.
Section 38.1017a ‑ “Deferred vested member” defined.
Section 38.1017b ‑ “Leadership position” defined.
Section 38.1017c ‑ “Legislator” defined.
Section 38.1017d ‑ “Tier 1” and “Tier 2” defined.
Section 38.1018 ‑ Legislator or lieutenant governor; membership in retirement system; notice of election not to participate; refund of contributions; effect of notice; rescission of notice; contributions and interest; eligibility on or after March 31, 1997.
Section 38.1019 ‑ Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1020 ‑ Members' retirement fund; creation; purpose; computing retirement reserves for retirement allowances; financing; state's appropriations for current service, accrued service, and retirement allowances; allocation of employer contributions.
Section 38.1021 ‑ Members' savings fund; creation; purpose; contributions; rate; additional contributions; payroll deductions; transfer of contributions upon retirement or death.
Section 38.1021a ‑ Member contributions picked up by state.
Section 38.1022 ‑ Survivors' retirement fund; creation; purpose; contributions; rate; payroll deductions; computing retirement reserves for retirement allowances; financing; state's appropriations for survivors' retirement allowances.
Section 38.1022a ‑ Income fund; creation; purpose; interest, dividends, and other income; expenses.
Section 38.1022b ‑ Prorating and allocating annual appropriations to retirement system.
Section 38.1022c ‑ Health insurance fund; creation; disposition; disbursement; contributions; payroll deductions; nonrefundable.
Section 38.1023 ‑ Requirements for entitlement to retirement allowance; right to allowance; amount; recalculation of retirement allowance; election to defer receipt of retirement allowance; computation of retirement allowance; longevity allowance.
Section 38.1023a ‑ Repealed. 1974, Act 215, Eff. Dec. 31, 1974.
Section 38.1023b ‑ Retirant or deferred vested member again becoming legislator or lieutenant governor; election to again become member; notice; conditions; nonpayment of retirement allowance; declining to again become member; exception.
Section 38.1023c ‑ Increase of retirement allowance.
Section 38.1023d ‑ Disabled member; retirement allowance; annual examination.
Section 38.1023e ‑ Supplemental payments for retirants or retirement allowance beneficiaries with retirement allowance effective date before January 1, 1979; future adjustments.
Section 38.1024 ‑ Survivor's retirement allowance; eligibility; duration, commencement, and rate; status of adopted child; payments to eligible child; effect of marriage or attainment of ineligible age; payment of survivor's retirement allowance as provided in written designation; division of survivor's retirement allowance among eligible survivors; receipt of entire survivor's retirement allowance by surviving spouse when eligible children become ineligible.
Section 38.1024a ‑ Remarriage of surviving spouse.
Section 38.1025 ‑ Retirement system as trust; board as fiduciary; nonapplicability to Tier 2 retirement plan.
Section 38.1026 ‑ Retirement system; board of trustees; membership; eligibility and terms; oath of office.
Section 38.1027 ‑ First board of trustees; organizational meeting, election of officers.
Section 38.1028 ‑ Vacancy in trusteeship.
Section 38.1029 ‑ Trustees; compensation and expenses.
Section 38.1030 ‑ Board of trustees; quorum, proxy.
Section 38.1031 ‑ Board of trustees; powers and duties.
Section 38.1032 ‑ Board of trustees; regular and special meetings; conducting business at public meeting; notice of meeting.
Section 38.1033 ‑ Board of trustees; authority as to retirement allowances, suspensions and refunds.
Section 38.1034 ‑ Board of trustees; certification of prescribed interest rate; adoption of actuarial tables.
Section 38.1035 ‑ Board of trustees; estimate of appropriation.
Section 38.1036 ‑ Repealed. 1987, Act 58, Imd. Eff. June 23, 1987.
Section 38.1036a ‑ Reinstatement of suspended contributions.
Section 38.1037 ‑ Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1038 ‑ Board of trustees; offices; books and records; availability of certain writings to public.
Section 38.1039 ‑ Board of trustees; appointment of secretary and administrative personnel.
Section 38.1040 ‑ Board of trustees; record of proceedings; individual accounts; actuarial data.
Section 38.1041 ‑ Board of trustees; audit of accounts; annual statement.
Section 38.1042 ‑ Acceptance of gift, grant, or bequest by board.
Section 38.1043 ‑ Individual statement.
Section 38.1044 ‑ Rules and bylaws.
Section 38.1045 ‑ Secretary of board; powers and duties.
Section 38.1046 ‑ Actuary; technical advisor of board, powers and duties.
Section 38.1047 ‑ State treasurer as ex officio treasurer of retirement system; duties.
Section 38.1048 ‑ Warrants.
Section 38.1049 ‑ Payroll voucher.
Section 38.1050 ‑ Investment and reinvestment of cash assets; nonapplicability to Tier 2.
Section 38.1050a ‑ Grants and insurance revolving fund; creation; purpose; expenditures; payments to fund by payroll deductions; purchase and payment of premiums on life insurance policies.
Section 38.1050b ‑ Hospitalization, medical, dental, and vision coverage; purchase; payment of premiums; manner.
Section 38.1051 ‑ Investment of retirement system funds; ownership by system; registration; recording; nonapplicability to Tier 2.
Section 38.1052 ‑ Board of trustees and employees; interest in investments prohibited; violation of section, penalty.
Section 38.1053 ‑ Vested interest in refunds; payment of member contributions; discharge of claims.
Section 38.1054 ‑ Payments as obligations of state; disposition of revenues.
Section 38.1055 ‑ Refund of contributions with interest; request; forfeiture; service credit upon resumption of membership; designation of beneficiary; payment of contributions with interest.
Section 38.1056 ‑ Undivided interest in assets of system.
Section 38.1057 ‑ Retirement allowances, benefits, and credits not subject to taxation; subject to taxation beginning January 1, 2012; subject to public employee retirement benefit protection act.
Section 38.1058 ‑ Retirement system records; falsification, penalty.
Section 38.1058a ‑ Correction of error; adjustment of payment.
Section 38.1059 ‑ Payment of benefits; commencement.
Section 38.1059a ‑ Retirement system as qualified pension plan; administrative requirements and benefit limitations; qualified military service.
Section 38.1060 ‑ Short title.
Section 38.1061 ‑ Election to terminate membership in Tier 1 and become qualified participant in Tier 2; election by deferred vested member or former nonvested member; election as irrevocable; rights and duties; method of election; signature of spouse; waiver; election subject to eligible domestic relations order; notice of disqualification for tax purposes.
Section 38.1062 ‑ Election to terminate membership in retirement system under MCL 38.1061(1) and (2); transfer of lump sum amount; recomputation; calculation; basis; utilization of actuarial valuation report; notification of disqualification for tax purposes.
Section 38.1063 ‑ Calculation of accrued cost savings; submission of total amount in executive budget to legislature; appropriation.
Section 38.1064 ‑ Meanings of words and phrases; “accumulated balance” defined.
Section 38.1065 ‑ “Employer,”“former qualified participant,” and “health benefit dependent” defined.
Section 38.1066 ‑ “Qualified participant,”“refund beneficiary,” and “state treasurer” defined.
Section 38.1067 ‑ Administration and investment of Tier 2 by state treasurer; state treasurer as fiduciary and trustee; appointment of advisory board; determination of provisions and procedures; authority and responsibility of state treasurer to employ or contract with employees or for services.
Section 38.1068 ‑ Hearing.
Section 38.1069 ‑ Accumulated employer and employee contributions and earnings; direction of investment; limitations inapplicable to Tier 2.
Section 38.1070 ‑ Tier 2; payment of administrative expenses.
Section 38.1071 ‑ Participation in other public sector retirement benefits plan.
Section 38.1072 ‑ Individual becoming legislator or lieutenant governor on or after March 31, 1997; notice of election.
Section 38.1073 ‑ Election to terminate membership in Tier 1; crediting Tier 2 account; charging Tier 2 account for excess transfers.
Section 38.1074 ‑ Section subject to vesting requirements; Tier 2 contributions by employer and qualified participant; limitations.
Section 38.1075 ‑ Tier 2; vesting requirements and schedule; health care coverage; vesting requirements.
Section 38.1076 ‑ Crediting years of accrued service.
Section 38.1077 ‑ Refund beneficiary; nomination.
Section 38.1078 ‑ Distribution of accumulated balance.
Section 38.1079 ‑ Health insurance coverage; election; eligibility.
Section 38.1080 ‑ Distributions; exemption from tax; subject to public employee retirement benefit protection act; right of setoff to recover overpayment and satisfy claims; correction of errors in records and actions.