April 19, 2012, Introduced by Reps. Goike, LaFontaine, Cotter, Hughes, Shaughnessy, Lund, Rogers, Johnson, Agema, McMillin, Graves, Somerville, Kowall, Forlini and Jenkins and referred to the Committee on Government Operations.
A bill to amend 1957 PA 261, entitled
"Michigan legislative retirement system act,"
by amending section 23c (MCL 38.1023c), as amended by 1998 PA 501.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
23c. (1) After December 31, 1986 Except as otherwise
provided in subsection (4), on January 1 of each year a retirement
allowance attributable to a member who first becomes a member on or
before January 1, 1995, shall be increased 4% compounded annually.
(2)
Beginning January 1, 1995 Except
as otherwise provided in
subsection (4), each retirement allowance attributable to a member
who first becomes a member after January 1, 1995, shall be
increased each January 1. The amount of the annual increase under
this subsection shall be equal to 4% of the retirement allowance
payable as of the retirement allowance effective date.
(3)
A Except as otherwise
provided in subsection (4), a
retirement allowance that begins after January 1 of the immediately
preceding calendar year shall be increased under this section on a
pro rata basis by the applicable percentage amount from the time
the retirement allowance begins to the date of the increase.
(4) Beginning on the effective date of the amendatory act that
added this subsection, a retirement allowance shall not be
increased under this section.