HB-4482, As Passed Senate, May 12, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 4482

 

March 23, 2011, Introduced by Rep. Gilbert and referred to the Committee on Tax Policy.

 

     A bill to amend 1957 PA 261, entitled

 

"Michigan legislative retirement system act,"

 

by amending section 57 (MCL 38.1057), as amended by 2002 PA 97.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 57. (1) All Except as otherwise provided in this section,

 

all retirement allowances and other benefits payable under this act

 

and all accumulated credits of members, deferred vested members,

 

and retirants in this retirement system are not subject to taxation

 

by this state or any political subdivisions of this state.

 

     (2) Beginning January 1, 2012, all retirement allowances and

 

other benefits payable under this act and all accumulated credits

 

of members, deferred vested members, and retirants in this

 

retirement system are subject to taxation by this state upon

 

distribution to a member, deferred vested member, or retirant.

 


     (3) (2) All retirement allowances and other benefits payable

 

under this act and all accumulated contributions of members,

 

deferred vested members, and retirants in this retirement system

 

are subject to the public employee retirement benefit protection

 

act, 2002 PA 100, MCL 38.1681 to 38.1689.