reglab/housing_qa huggingface dataset:
MI Comp L § 38.1215 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 149 of 1999 - Public Employee Health Care Fund Investment Act (38.1211 - 38.1216)|Section 38.1215 - Investment of Trust Assets; Resolution.

38.1215 Investment of trust assets; resolution. Sec. 5.  The legislative body of a public corporation may, by resolution, allow a trust to invest the assets of the trust in accordance with the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1140. The resolution shall include the following:  (a) A statement of the authority under which the trust is established.  (b) Approval to invest the assets of the trust in accordance with the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1140. History: 1999, Act 149, Imd. Eff. Nov. 1, 1999
MI Comp L § 38.1216 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 149 of 1999 - Public Employee Health Care Fund Investment Act (38.1211 - 38.1216)|Section 38.1216 - Actuarial Review; Report.

38.1216 Actuarial review; report. Sec. 6.  The investment fiduciary shall have an actuarial review of the fund or trust prepared at least every 5 years with assets valued on a market related basis. The investment fiduciary shall prepare and issue a summary annual report to the legislative body of the public corporation that established the fund or trust. History: 1999, Act 149, Imd. Eff. Nov. 1, 1999
MI Comp L § 38.1501 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1501 - Short Title.

38.1501 Short title. Sec. 1.  This act shall be known and may be cited as the "municipal employees retirement act of 1984".  History: 1984, Act 427, Imd. Eff. Jan. 2, 1985
MI Comp L § 38.1502 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1502 - Meanings of Words and Phrases.

38.1502 Meanings of words and phrases.  Sec. 2.  For the purposes of this act, the words and phrases defined in sections 2a to 2c have the meanings ascribed to them in those sections. History: 1984, Act 427, Imd. Eff. Jan. 2, 1985
MI Comp L § 38.1503-38.1510a (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1503-38.1510a - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.

38.1503-38.1510a Repealed. 1996, Act 220, Eff. Aug. 15, 1996. Compiler's Notes: The repealed sections pertained to credited service.
MI Comp L § 38.1511 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1511 - Repealed. 1986, Act 291, Imd. Eff. Dec. 22, 1986.

38.1511 Repealed. 1986, Act 291, Imd. Eff. Dec. 22, 1986.
MI Comp L § 38.1512-38.1535 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1512-38.1535 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.

38.1512-38.1535 Repealed. 1996, Act 220, Eff. Aug. 15, 1996.  Compiler's Notes: The repealed sections pertained to benefit programs.
MI Comp L § 38.1536a (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1536a - Repealed. 2004, Act 490, Imd. Eff. Dec. 28, 2004.

38.1536a Repealed. 2004, Act 490, Imd. Eff. Dec. 28, 2004. Compiler's Notes: The repealed section pertained to promulgation of administrative rules.
MI Comp L § 38.1537, 38.1538 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1537, 38.1538 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.

38.1537, 38.1538 Repealed. 1996, Act 220, Eff. Aug. 15, 1996.  Compiler's Notes: The repealed sections pertained to annual reports, tables, data, and information.
MI Comp L § 38.1539 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1539 - Retirement Board as Trustees of Money and Other Assets; Investments; Investment Counsel; Purpose of Investments; Discretionary Authority.

38.1539 Retirement board as trustees of money and other assets; investments; investment counsel; purpose of investments; discretionary authority. Sec. 39.  (1) The retirement board shall be the trustees of the money and other assets of the retirement system. The board shall have full power and authority to invest and reinvest the money and other assets of the retirement system subject to all terms, conditions, limitations, and restrictions imposed on the investment of assets of public employee retirement systems by Act No. 314 of the Public Acts of 1965, being sections 38.1132 to 38.1140i of the Michigan Compiled Laws. The retirement board may employ outside investment counsel to advise the board in the making and disposition of investments.  (2) All money and other assets of the retirement system shall be held and invested for the sole purpose of meeting disbursements authorized in accordance with the provisions of this act and shall be used for no other purpose. In exercising its discretionary authority with respect to the management of the money and other assets of the retirement system, the retirement board shall exercise the care, skill, prudence, and diligence under the circumstances then prevailing, that a person of prudence, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character with like aims. History: 1984, Act 427, Imd. Eff. Jan. 2, 1985 ;-- Am. 1988, Act 500, Imd. Eff. Dec. 29, 1988
MI Comp L § 38.1540 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1540 - Prohibited Conduct.

38.1540 Prohibited conduct. Sec. 40.  Members of the retirement board and employees of the retirement system are prohibited from:  (a) Having any beneficial interest, direct or indirect, in any investment of the retirement system.   (b) Being an endorser or obligor, or providing surety, for any money loaned to or borrowed from the retirement system.  (c) Borrowing any of the money or other assets of the retirement system.  (d) Receiving any pay or emolument from any individual or organization, other than compensation paid by the retirement system, with respect to investments of the retirement system. History: 1984, Act 427, Imd. Eff. Jan. 2, 1985
MI Comp L § 38.1541-38.1544a (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1541-38.1544a - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.

38.1541-38.1544a Repealed. 1996, Act 220, Eff. Aug. 15, 1996. Compiler's Notes: The repealed sections pertained to election to participate or change benefit and contribution programs.
MI Comp L § 38.1545a-38.1554 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1545a-38.1554 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.

38.1545a-38.1554 Repealed. 1996, Act 220, Eff. Aug. 15, 1996. Compiler's Notes: The repealed sections pertained to disposition of reserves.
MI Comp L § 38.1555 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1555 - Repeal of MCL 38.601 to 38.669.

38.1555 Repeal of MCL 38.601 to 38.669. Sec. 55.  Act No. 135 of the Public Acts of 1945, being sections 38.601 to 38.669 of the Michigan Compiled Laws, is repealed.  History: 1984, Act 427, Imd. Eff. Jan. 2, 1985
MI Comp L § 38.1556 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1556 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.

38.1556 Repealed. 1996, Act 220, Eff. Aug. 15, 1996. Compiler's Notes: The repealed section pertained to retirement system as qualified pension plan and trust as exempt organization.
MI Comp L § 38.1557 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1557 - Repealed. 1993, Act 63, Eff. May 23, 1993.

38.1557 Repealed. 1993, Act 63, Eff. May 23, 1993. Compiler's Notes: The repealed section pertained to a municipality participating in the retirement system.
MI Comp L § 38.1558 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)|Section 38.1558 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.

38.1558 Repealed. 1996, Act 220, Eff. Aug. 15, 1996. Compiler's Notes: The repealed section pertained to recognition of prior service credit.
MI Comp L § 38.1601 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1601 - Short Title.

38.1601 Short title. Sec. 1.  This act shall be known and may be cited as the "state police retirement act of 1986".  History: 1986, Act 182, Eff. Oct. 1, 1986
MI Comp L § 38.1602 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1602 - Meanings of Words and Phrases.

38.1602 Meanings of words and phrases.  Sec. 2.  For the purposes of this act, the words and phrases defined in sections 3 and 4 have the meanings ascribed to them in those sections. History: 1986, Act 182, Eff. Oct. 1, 1986
MI Comp L § 38.1604 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1604 - Definitions; M to S.

38.1604 Definitions; M to S.Sec. 4.  (1) "Member", except where the context otherwise requires, means an employee of the department of state police who has subscribed to the constitutional oath of office.  (2) "Officer" means a nonexclusively represented member of the retirement system.  (3) "Qualified participant" means an individual who first becomes a member on or after June 10, 2012 and who is also a participant of Tier 2.  (4) "Regular interest" means a rate or rates per annum, compounded annually, as the retirement board determines. For the purposes of employee refunds, the interest rate payable must not exceed 4% per annum, compounded annually.  (5) "Retirant" means a member who separates from service and retires with a retirement allowance payable from the appropriate reserve of the retirement system.  (6) "Retirement allowance" means the annual amount, payable monthly, to which a retirant, retirement allowance beneficiary, or refund beneficiary is entitled under this act.  (7) "Retirement allowance beneficiary" means a person who is being paid or has entitlement to the payment of a retirement allowance in the event of the death of a member, deferred member, or retirant.  (8) "Retirement board" means the retirement board created in section 6.  (9) "Retirement system" means the system of benefits for members and qualified participants of the department of state police and their survivors and beneficiaries provided by this act.  (10) "Surviving spouse" means the spouse at the time of death of the member or retirant.  (11) "Tier 1" means the retirement plan available to a member under this act.  (12) "Tier 2" means the retirement plan established pursuant to section 401(k) of the internal revenue code, 26 USC 401, that is available to qualified participants under sections 62 to 74. History: 1986, Act 182, Eff. Oct. 1, 1986 ;-- Am. 2004, Act 83, Imd. Eff. Apr. 22, 2004 ;-- Am. 2018, Act 674, Imd. Eff. Dec. 28, 2018
MI Comp L § 38.1605 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1605 - Michigan State Police Retirement System; Creation.

38.1605 Michigan state police retirement system; creation. Sec. 5.  A Michigan state police retirement system is created for the state police officers who have subscribed to the constitutional oath of office. History: 1986, Act 182, Eff. Oct. 1, 1986
MI Comp L § 38.1606 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1606 - State Police Retirement Board; Creation; Appointment, Qualifications, and Terms of Members.

38.1606 State police retirement board; creation; appointment, qualifications, and terms of members. Sec. 6.  (1) Effective January 1, 1987, the state police retirement board is created within the department and shall consist of the following 9 members:  (a) One officer member of the retirement system having the rank of sergeant or below, to be selected from a list of at least 3 names submitted by the exclusive bargaining representative of those officers.  (b) One officer member of the retirement system having the rank of lieutenant or above from a list of at least 3 names which shall be the individuals who receive the greatest number of votes as the result of an election involving those members of the retirement system having the rank of lieutenant and above.  (c) One retirant.   (d) One member of the general public who shall have experience in the insurance, actuarial, or institutional investment field, and who is not an employee of the department of state police or a member or retirant of this system.  (e) The director of the department of state police or his or her authorized representative.   (f) The attorney general or his or her authorized representative.  (g) The state treasurer or his or her authorized representative.  (h) The deputy legislative auditor general or his or her authorized representative.  (i) The state employer or his or her authorized representative.  (2) Members of the retirement board described in subsection (1)(a) to (d) shall be appointed by the governor for terms of 3 years each, except that of the members first appointed, 1 shall serve for a term of 1 year, 2 shall serve for terms of 2 years, and 1 shall serve for a term of 3 years. History: 1986, Act 182, Eff. Oct. 1, 1986
MI Comp L § 38.1607 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1607 - State Police Retirement Board; Oath of Member; Conducting Business at Public Meeting; Notice; Quorum; Failure of Member to Attend 3 Consecutive Meetings; Availability of Writings to Public; Rules.

38.1607 State police retirement board; oath of member; conducting business at public meeting; notice; quorum; failure of member to attend 3 consecutive meetings; availability of writings to public; rules. Sec. 7.  (1) A member of the retirement board, upon appointment, shall take an oath of office, which shall be filed immediately in the office of the secretary of state.  (2) The business which the retirement board may perform shall be conducted at a public meeting of the retirement board held in compliance with the open meetings act, Act No. 267 of the Public Acts of 1976, being sections 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date, and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976. A majority of the retirement board constitutes a quorum for the transaction of business at a meeting of the board. A member of the retirement board who fails to attend 3 consecutive regularly scheduled meetings of the board, without valid excuse, shall be considered as having resigned from retirement board membership, and the retirement board shall declare by resolution the member's office vacated as of the date of adoption of the resolution.  (3) A writing prepared, owned, used, in the possession of, or retained by the retirement board in the performance of an official function shall be made available to the public in compliance with the freedom of information act, Act No. 442 of the Public Acts of 1976, being sections 15.231 to 15.246 of the Michigan Compiled Laws.  (4) The retirement board may promulgate rules pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.328 of the Michigan Compiled Laws, for the implementation and administration of this act. History: 1986, Act 182, Eff. Oct. 1, 1986
MI Comp L § 38.1608 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1608 - State Police Retirement Board; per Diem Compensation; Reimbursement of Expenses; Maximum Number of Meetings.

38.1608 State police retirement board; per diem compensation; reimbursement of expenses; maximum number of meetings.  Sec. 8.  The per diem compensation of the retirement board and the schedule for reimbursement of expenses incurred in attending meetings of the retirement board and in performing the required services of the members shall be established annually by the legislature. The retirement board shall not have more than 12 meetings in a calendar year.  History: 1986, Act 182, Eff. Oct. 1, 1986
MI Comp L § 38.1609 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1609 - State Treasurer as Treasurer of Retirement System; Investment Authority; Fiduciary Responsibility; Limitations on Investment of Funds; Deposit of Funds; Disposition of Income Earned by Reserves.

38.1609 State treasurer as treasurer of retirement system; investment authority; fiduciary responsibility; limitations on investment of funds; deposit of funds; disposition of income earned by reserves. Sec. 9.  (1) The state treasurer shall be treasurer of the retirement system and shall have investment authority, including the custodianship of the funds of the retirement system, and shall have fiduciary responsibility with regard to the investment of funds from the reserves of the retirement system. The investment of the funds of the retirement system shall be subject to the limitations provided in Act No. 314 of the Public Acts of 1965, being sections 38.1132 to 38.1140i of the Michigan Compiled Laws.  (2) The state treasurer shall deposit the funds of the retirement system in the same manner and subject to the law governing the deposit of state funds by the treasurer. Income earned by the retirement system's reserves shall be credited to the respective reserves under this act that have earned the income. History: 1986, Act 182, Eff. Oct. 1, 1986 ;-- Am. 1989, Act 191, Imd. Eff. Aug. 25, 1989
MI Comp L § 38.1610 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1610 - Warrants.

38.1610 Warrants. Sec. 10.  The retirement system shall draw its warrants upon the state treasurer, payable out of the reserves of the retirement system, for the payment of retirement allowances, the payment of salaries and wages, and other expenses necessary in the administration of the retirement system. History: 1986, Act 182, Eff. Oct. 1, 1986
MI Comp L § 38.1611 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1611 - Engagement of Actuary; Annual Valuation; Experience Investigation and Risk Assumptions; Report.

38.1611 Engagement of actuary; annual valuation; experience investigation and risk assumptions; report.Sec. 11.  (1) The retirement board, in consultation with the department, shall engage an actuary, in conformance with section 261 of the management and budget act, 1984 PA 431, MCL 18.1261.  (2) The actuary shall prepare an annual valuation of the assets, liabilities, financial condition, and contribution rate of the retirement system, upon information supplied by the department.  (3) The retirement board and the department shall conduct and review an experience investigation study and adopt risk assumptions on which actuarial valuations are to be based, after consultation with the actuary, and the state treasurer. The experience investigation study must be periodically reviewed at least once every 5 years.  (4) Every April 1 following a periodic review of risk assumptions under subsection (3), the office of retirement services on behalf of the department and the state treasurer shall collaborate to submit a report to the senate majority leader, the speaker of the house of representatives, the senate and house of representatives appropriations committees, the senate and house fiscal agencies, and the department of state police. A report required under this subsection must be published on the office of retirement services's website and include at least all of the following:  (a) Forecasted rate of return on investments at all of the following probability levels:  (i) 5%.  (ii) 25%.  (iii) 50%  (iv) 75%.  (v) 95%.  (b) The actual rate of return on investments for 10-, 15-, and 20-year time intervals.  (c) Mortality assumptions.  (d) Retirement age assumptions.  (e) Payroll growth assumptions.  (f) Any other assumptions that have a material impact on the financial status of the retirement system. History: 1986, Act 182, Eff. Oct. 1, 1986 ;-- Am. 2018, Act 674, Imd. Eff. Dec. 28, 2018
MI Comp L § 38.1612 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1612 - State Police Retirement Board; Chairperson; Executive Secretary.

38.1612 State police retirement board; chairperson; executive secretary.Sec. 12.  The retirement board shall elect from its membership a chairperson who shall take office immediately on election and serve until a successor is elected. The director of the office of retirement service, department of technology, management, and budget, is the executive secretary of the retirement system. History: 1986, Act 182, Eff. Oct. 1, 1986 ;-- Am. 2018, Act 674, Imd. Eff. Dec. 28, 2018
MI Comp L § 38.1613 (2021)
2021 Michigan Compiled Laws|Chapter 38 - Civil Service and Retirement|Act 182 of 1986 - State Police Retirement Act of 1986 (38.1601 - 38.1674)|Section 38.1613 - Summary of Fiscal Transactions.

38.1613 Summary of fiscal transactions.  Sec. 13.  By April 15 of each year, the department shall furnish to the governor, the legislature, each retirant or beneficiary of a deceased retirant, and each member, a summary of the fiscal transactions of the retirement system for the last completed fiscal year. The summary shall contain at least the following information from the actuarial and financial statements:  (a) A statement of assets and liabilities.  (b) A statement of investments by, and amount earned in, each category.  (c) A statement of revenues and expenditures.  (d) A statement of the estimated number of members having vested pension benefits for which the retirement system is liable.  (e) Other information the department or retirement board considers necessary. History: 1986, Act 182, Eff. Oct. 1, 1986