261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080)

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  4. 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080)

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Section
38.1001

Retirement System; Creation.

Section
38.1002

Michigan Legislative Retirement System; Name.

Section
38.1003

Construction of Terms.

Section
38.1004

“Retirement System” Defined.

Section
38.1005

Board; Definition.

Section
38.1006

“Member” Defined.

Section
38.1007

Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.

Section
38.1007a

“Direct Rollover” and “Distributee” Defined.

Section
38.1008

Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.

Section
38.1008a

Definitions.

Section
38.1009

“Salary” Defined.

Section
38.1010

Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.

Section
38.1011

“Service” Defined; Election to Receive Military Service Credit; Effect of Membership in Retirement System.

Section
38.1012

“Retirement Allowance” Defined.

Section
38.1013

“Retirant” Defined.

Section
38.1013a

“Survivor,”“eligible Child,” and “Surviving Spouse” Defined.

Section
38.1014

“Refund Beneficiary” Defined.

Section
38.1015

Actuarial Tables; Definition.

Section
38.1016

Prescribed Rate of Interest; Definition.

Section
38.1017

“Fiscal Year” Defined.

Section
38.1017a

“Deferred Vested Member” Defined.

Section
38.1017b

“Leadership Position” Defined.

Section
38.1017c

“Legislator” Defined.

Section
38.1017d

“Tier 1” and “Tier 2” Defined.

Section
38.1018

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

Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.

Section
38.1020

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

Members' Savings Fund; Creation; Purpose; Contributions; Rate; Additional Contributions; Payroll Deductions; Transfer of Contributions Upon Retirement or Death.

Section
38.1021a

Member Contributions Picked Up by State.

Section
38.1022

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

Income Fund; Creation; Purpose; Interest, Dividends, and Other Income; Expenses.

Section
38.1022b

Prorating and Allocating Annual Appropriations to Retirement System.

Section
38.1022c

Health Insurance Fund; Creation; Disposition; Disbursement; Contributions; Payroll Deductions; Nonrefundable.

Section
38.1023

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

Repealed. 1974, Act 215, Eff. Dec. 31, 1974.

Section
38.1023b

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

Increase of Retirement Allowance.

Section
38.1023d

Disabled Member; Retirement Allowance; Annual Examination.

Section
38.1023e

Supplemental Payments for Retirants or Retirement Allowance Beneficiaries With Retirement Allowance Effective Date Before January 1, 1979; Future Adjustments.

Section
38.1024

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

Remarriage of Surviving Spouse.

Section
38.1025

Retirement System as Trust; Board as Fiduciary; Nonapplicability to Tier 2 Retirement Plan.

Section
38.1026

Retirement System; Board of Trustees; Membership; Eligibility and Terms; Oath of Office.

Section
38.1027

First Board of Trustees; Organizational Meeting, Election of Officers.

Section
38.1028

Vacancy in Trusteeship.

Section
38.1029

Trustees; Compensation and Expenses.

Section
38.1030

Board of Trustees; Quorum, Proxy.

Section
38.1031

Board of Trustees; Powers and Duties.

Section
38.1032

Board of Trustees; Regular and Special Meetings; Conducting Business at Public Meeting; Notice of Meeting.

Section
38.1033

Board of Trustees; Authority as to Retirement Allowances, Suspensions and Refunds.

Section
38.1034

Board of Trustees; Certification of Prescribed Interest Rate; Adoption of Actuarial Tables.

Section
38.1035

Board of Trustees; Estimate of Appropriation.

Section
38.1036

Repealed. 1987, Act 58, Imd. Eff. June 23, 1987.

Section
38.1036a

Reinstatement of Suspended Contributions.

Section
38.1037

Repealed. 1981, Act 123, Imd. Eff. July 23, 1981.

Section
38.1038

Board of Trustees; Offices; Books and Records; Availability of Certain Writings to Public.

Section
38.1039

Board of Trustees; Appointment of Secretary and Administrative Personnel.

Section
38.1040

Board of Trustees; Record of Proceedings; Individual Accounts; Actuarial Data.

Section
38.1041

Board of Trustees; Audit of Accounts; Annual Statement.

Section
38.1042

Acceptance of Gift, Grant, or Bequest by Board.

Section
38.1043

Individual Statement.

Section
38.1044

Rules and Bylaws.

Section
38.1045

Secretary of Board; Powers and Duties.

Section
38.1046

Actuary; Technical Advisor of Board, Powers and Duties.

Section
38.1047

State Treasurer as Ex Officio Treasurer of Retirement System; Duties.

Section
38.1048

Warrants.

Section
38.1049

Payroll Voucher.

Section
38.1050

Investment and Reinvestment of Cash Assets; Nonapplicability to Tier 2.

Section
38.1050a

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

Hospitalization, Medical, Dental, and Vision Coverage; Purchase; Payment of Premiums; Manner.

Section
38.1051

Investment of Retirement System Funds; Ownership by System; Registration; Recording; Nonapplicability to Tier 2.

Section
38.1052

Board of Trustees and Employees; Interest in Investments Prohibited; Violation of Section, Penalty.

Section
38.1053

Vested Interest in Refunds; Payment of Member Contributions; Discharge of Claims.

Section
38.1054

Payments as Obligations of State; Disposition of Revenues.

Section
38.1055

Refund of Contributions With Interest; Request; Forfeiture; Service Credit Upon Resumption of Membership; Designation of Beneficiary; Payment of Contributions With Interest.

Section
38.1056

Undivided Interest in Assets of System.

Section
38.1057

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

Retirement System Records; Falsification, Penalty.

Section
38.1058a

Correction of Error; Adjustment of Payment.

Section
38.1059

Payment of Benefits; Commencement.

Section
38.1059a

Retirement System as Qualified Pension Plan; Administrative Requirements and Benefit Limitations; Qualified Military Service.

Section
38.1060

Short Title.

Section
38.1061

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

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

Calculation of Accrued Cost Savings; Submission of Total Amount in Executive Budget to Legislature; Appropriation.

Section
38.1064

Meanings of Words and Phrases; “Accumulated Balance” Defined.

Section
38.1065

“Employer,”“former Qualified Participant,” and “Health Benefit Dependent” Defined.

Section
38.1066

“Qualified Participant,”“refund Beneficiary,” and “State Treasurer” Defined.

Section
38.1067

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

Hearing.

Section
38.1069

Accumulated Employer and Employee Contributions and Earnings; Direction of Investment; Limitations Inapplicable to Tier 2.

Section
38.1070

Tier 2; Payment of Administrative Expenses.

Section
38.1071

Participation in Other Public Sector Retirement Benefits Plan.

Section
38.1072

Individual Becoming Legislator or Lieutenant Governor on or After March 31, 1997; Notice of Election.

Section
38.1073

Election to Terminate Membership in Tier 1; Crediting Tier 2 Account; Charging Tier 2 Account for Excess Transfers.

Section
38.1074

Section Subject to Vesting Requirements; Tier 2 Contributions by Employer and Qualified Participant; Limitations.

Section
38.1075

Tier 2; Vesting Requirements and Schedule; Health Care Coverage; Vesting Requirements.

Section
38.1076

Crediting Years of Accrued Service.

Section
38.1077

Refund Beneficiary; Nomination.

Section
38.1078

Distribution of Accumulated Balance.

Section
38.1079

Health Insurance Coverage; Election; Eligibility.

Section
38.1080

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.