MCL - Act 261 of 1957

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MICHIGAN LEGISLATIVE RETIREMENT SYSTEM ACT
Act 261 of 1957
AN ACT for the creation, maintenance, and administration of a legislative members' and presiding officers' retirement system within the legislature; to provide retirement allowances to the participants of the retirement system, and survivors' allowances and other benefits to their beneficiaries upon death; to exempt those allowances and benefits from certain taxes and legal processes; to establish certain funds in connection with the retirement system; to authorize and make appropriations for the retirement system; to prescribe the powers and duties of certain state departments, agencies, officials, and employees; and to prescribe penalties and provide remedies.

History: 1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1960, Act 113, Eff. Aug. 17, 1960 ;-- Am. 1974, Act 215, Eff. Dec. 31, 1974 ;-- Am. 1996, Act 486, Eff. Mar. 31, 1997 ;-- Am. 2002, Act 97, Imd. Eff. Mar. 27, 2002

The People of the State of Michigan enact:

Document	Type	Description
Section 38.1001	Section	Retirement system; creation.
Section 38.1002	Section	Michigan legislative retirement system; name.
Section 38.1003	Section	Construction of terms.
Section 38.1004	Section	“Retirement system” defined.
Section 38.1005	Section	Board; definition.
Section 38.1006	Section	“Member” defined.
Section 38.1007	Section	Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1007a	Section	“Direct rollover” and “distributee” defined.
Section 38.1008	Section	Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1008a	Section	Definitions.
Section 38.1009	Section	“Salary” defined.
Section 38.1010	Section	Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1011	Section	“Service” defined; election to receive military service credit; effect of membership in retirement system.
Section 38.1012	Section	“Retirement allowance” defined.
Section 38.1013	Section	“Retirant” defined.
Section 38.1013a	Section	“Survivor,”“eligible child,” and “surviving spouse” defined.
Section 38.1014	Section	“Refund beneficiary” defined.
Section 38.1015	Section	Actuarial tables; definition.
Section 38.1016	Section	Prescribed rate of interest; definition.
Section 38.1017	Section	“Fiscal year” defined.
Section 38.1017a	Section	“Deferred vested member” defined.
Section 38.1017b	Section	“Leadership position” defined.
Section 38.1017c	Section	“Legislator” defined.
Section 38.1017d	Section	“Tier 1” and “Tier 2” defined.
Section 38.1018	Section	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	Section	Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1020	Section	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	Section	Members' savings fund; creation; purpose; contributions; rate; additional contributions; payroll deductions; transfer of contributions upon retirement or death.
Section 38.1021a	Section	Member contributions picked up by state.
Section 38.1022	Section	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	Section	Income fund; creation; purpose; interest, dividends, and other income; expenses.
Section 38.1022b	Section	Prorating and allocating annual appropriations to retirement system.
Section 38.1022c	Section	Health insurance fund; creation; disposition; disbursement; contributions; payroll deductions; nonrefundable.
Section 38.1023	Section	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	Section	Repealed. 1974, Act 215, Eff. Dec. 31, 1974.
Section 38.1023b	Section	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	Section	Increase of retirement allowance.
Section 38.1023d	Section	Disabled member; retirement allowance; annual examination.
Section 38.1023e	Section	Supplemental payments for retirants or retirement allowance beneficiaries with retirement allowance effective date before January 1, 1979; future adjustments.
Section 38.1024	Section	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	Section	Remarriage of surviving spouse.
Section 38.1025	Section	Retirement system as trust; board as fiduciary; nonapplicability to Tier 2 retirement plan.
Section 38.1026	Section	Retirement system; board of trustees; membership; eligibility and terms; oath of office.
Section 38.1027	Section	First board of trustees; organizational meeting, election of officers.
Section 38.1028	Section	Vacancy in trusteeship.
Section 38.1029	Section	Trustees; compensation and expenses.
Section 38.1030	Section	Board of trustees; quorum, proxy.
Section 38.1031	Section	Board of trustees; powers and duties.
Section 38.1032	Section	Board of trustees; regular and special meetings; conducting business at public meeting; notice of meeting.
Section 38.1033	Section	Board of trustees; authority as to retirement allowances, suspensions and refunds.
Section 38.1034	Section	Board of trustees; certification of prescribed interest rate; adoption of actuarial tables.
Section 38.1035	Section	Board of trustees; estimate of appropriation.
Section 38.1036	Section	Repealed. 1987, Act 58, Imd. Eff. June 23, 1987.
Section 38.1036a	Section	Reinstatement of suspended contributions.
Section 38.1037	Section	Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.
Section 38.1038	Section	Board of trustees; offices; books and records; availability of certain writings to public.
Section 38.1039	Section	Board of trustees; appointment of secretary and administrative personnel.
Section 38.1040	Section	Board of trustees; record of proceedings; individual accounts; actuarial data.
Section 38.1041	Section	Board of trustees; audit of accounts; annual statement.
Section 38.1042	Section	Acceptance of gift, grant, or bequest by board.
Section 38.1043	Section	Individual statement.
Section 38.1044	Section	Rules and bylaws.
Section 38.1045	Section	Secretary of board; powers and duties.
Section 38.1046	Section	Actuary; technical advisor of board, powers and duties.
Section 38.1047	Section	State treasurer as ex officio treasurer of retirement system; duties.
Section 38.1048	Section	Warrants.
Section 38.1049	Section	Payroll voucher.
Section 38.1050	Section	Investment and reinvestment of cash assets; nonapplicability to Tier 2.
Section 38.1050a	Section	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	Section	Hospitalization, medical, dental, and vision coverage; purchase; payment of premiums; manner.
Section 38.1051	Section	Investment of retirement system funds; ownership by system; registration; recording; nonapplicability to Tier 2.
Section 38.1052	Section	Board of trustees and employees; interest in investments prohibited; violation of section, penalty.
Section 38.1053	Section	Vested interest in refunds; payment of member contributions; discharge of claims.
Section 38.1054	Section	Payments as obligations of state; disposition of revenues.
Section 38.1055	Section	Refund of contributions with interest; request; forfeiture; service credit upon resumption of membership; designation of beneficiary; payment of contributions with interest.
Section 38.1056	Section	Undivided interest in assets of system.
Section 38.1057	Section	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	Section	Retirement system records; falsification, penalty.
Section 38.1058a	Section	Correction of error; adjustment of payment.
Section 38.1059	Section	Payment of benefits; commencement.
Section 38.1059a	Section	Retirement system as qualified pension plan; administrative requirements and benefit limitations; qualified military service.
Section 38.1060	Section	Short title.
Section 38.1061	Section	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	Section	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	Section	Calculation of accrued cost savings; submission of total amount in executive budget to legislature; appropriation.
Section 38.1064	Section	Meanings of words and phrases; “accumulated balance” defined.
Section 38.1065	Section	“Employer,”“former qualified participant,” and “health benefit dependent” defined.
Section 38.1066	Section	“Qualified participant,”“refund beneficiary,” and “state treasurer” defined.
Section 38.1067	Section	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	Section	Hearing.
Section 38.1069	Section	Accumulated employer and employee contributions and earnings; direction of investment; limitations inapplicable to Tier 2.
Section 38.1070	Section	Tier 2; payment of administrative expenses.
Section 38.1071	Section	Participation in other public sector retirement benefits plan.
Section 38.1072	Section	Individual becoming legislator or lieutenant governor on or after March 31, 1997; notice of election.
Section 38.1073	Section	Election to terminate membership in Tier 1; crediting Tier 2 account; charging Tier 2 account for excess transfers.
Section 38.1074	Section	Section subject to vesting requirements; Tier 2 contributions by employer and qualified participant; limitations.
Section 38.1075	Section	Tier 2; vesting requirements and schedule; health care coverage; vesting requirements.
Section 38.1076	Section	Crediting years of accrued service.
Section 38.1077	Section	Refund beneficiary; nomination.
Section 38.1078	Section	Distribution of accumulated balance.
Section 38.1079	Section	Health insurance coverage; election; eligibility.
Section 38.1080	Section	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.