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