STATE EMPLOYEES' RETIREMENT ACT (EXCERPT)
Act 240 of 1943
38.1g Definitions; P.
(1) “Pay reduction plan A” means the plan available to or required of a member during the fiscal years ending on and after September 30, 1981 under which the member may elect to reduce by 1 hour or more in any full-time pay period the number of hours worked with a corresponding reduction in compensation.
(2) “Pay reduction plan B” means the plan available to or required of a member during the fiscal years ending on and after September 30, 1981 under which the member may elect to work an entire full-time pay period, defer compensation for 1 or more of those hours, and accumulate or use the hours for which compensation has been deferred in the same manner as annual leave hours.
(3) “Pension” means annual payments for life payable from funds of the retirement system as provided in this act. A pension shall be paid in equal monthly installments.
(4) “Pension reserve” means the present value, computed upon the basis of mortality and other tables adopted by the retirement board, of all payments to be made on account of a pension, or benefits in lieu of a pension, granted to a member under this act.
(5) “Prior service” means all service as a state employee or as an appointed state officer, and as an elected or appointed state official, rendered before July 1, 1943.
History: Add. 1995, Act 176, Imd. Eff. Oct. 17, 1995
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