reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1047 - State Treasurer as Ex Officio Treasurer of Retirement System; Duties.

38.1047 State treasurer as ex officio treasurer of retirement system; duties.
Sec. 47.
The state treasurer shall be ex officio the treasurer of the retirement system and shall:
(a) Act as official custodian of the cash and securities belonging to the retirement system and provide adequate safe deposit facilities for the preservation of the securities and hold the cash and securities subject to the order of the board.
(b) Receive from the secretary all items of cash belonging to the retirement system, as the items of cash are transmitted by the secretary of the retirement system, including member contributions, state contributions, interest and principal on investments, and other income accruing to the retirement system, and deposit all amounts in a special trust fund for the account of the retirement system, and notify the board of all the transactions semiannually.
(c) Furnish a corporate surety bond acceptable to the board of that amount as the board designates. The bond shall indemnify the board against any loss which may result from any action or failure to act on the part of the treasurer or any of his or her agents. All reasonable charges incidental to the procuring and giving of the bond shall be paid by the board.
(d) Invest and reinvest, in the manner permitted by the board, the cash assets of the system in excess of the amount required for current operations.
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1981, Act 123, Imd. Eff. July 23, 1981 ;-- Am. 1987, Act 58, Imd. Eff. June 23, 1987
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1048 - Warrants.

38.1048 Warrants.
Sec. 48.
The accounting division of the department of management and budget is authorized and directed to draw warrants upon the state treasurer payable from the funds of this system for purposes provided for in this act upon the presentation of vouchers approved by the secretary of the board in accordance with resolutions of the board.
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1974, Act 215, Eff. Dec. 31, 1974
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1049 - Payroll Voucher.

38.1049 Payroll voucher.
Sec. 49.
(1) All payroll vouchers covering payments of salary to members for their services shall indicate all of the following:
(a) The amount of member contributions which are to be deducted from the salary of each member included in the payroll vouchers.
(b) The net amount payable to each member after the deduction of the contribution.
(c) The total of all member contributions deducted.
(2) An additional certified copy of each payroll voucher, by the state, shall be prepared and forwarded along with the original payroll voucher for transmittal to the board as provided in this act.
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1970, Act 237, Eff. Jan. 1, 1971 ;-- Am. 1981, Act 123, Imd. Eff. July 23, 1981
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1050 - Investment and Reinvestment of Cash Assets; Nonapplicability to Tier 2.

38.1050 Investment and reinvestment of cash assets; nonapplicability to Tier 2.
Sec. 50.
The cash assets of the retirement system in excess of the amount required for current operations shall be invested and reinvested by the board in the manner provided by Act No. 314 of the Public Acts of 1965, being sections 38.1132 to 38.1140i of the Michigan Compiled Laws. This section does not apply to Tier 2.
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1970, Act 237, Eff. Jan. 1, 1971 ;-- Am. 1987, Act 58, Imd. Eff. June 23, 1987 ;-- Am. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › 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.

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.
Sec. 50a.
(1) The grants and insurance revolving fund is created in the state treasury as a separate fund, into which shall be paid legislative grants, earnings from the fund, payments by or on behalf of members, and revenue from other sources accepted by the board. Money appropriated to the grants and insurance revolving fund shall not revert to the general fund at the close of the fiscal year but shall remain in the grants and insurance revolving fund. The legislative grants in the grants and insurance revolving fund shall not be expended except upon express direction of the legislature; but all other money in the grants and insurance revolving fund may be expended for the purposes and in the manner provided in this section.
(2) Except as otherwise provided in this subsection, beginning with salary received that is attributable to service performed on and after January 1, 1995, each legislator or member shall pay a sum equal to 0.5% of salary to the grants and insurance revolving fund to be eligible for the benefits provided in this section. The sum shall be collected by payroll deductions in the manner prescribed in this act. Beginning on the effective date of section 36a, member contributions required under this subsection are suspended unless reinstated by the board under section 36a.
(3) The board shall self-insure or shall purchase and pay the premiums on a life insurance policy or policies to provide life insurance death or other benefits for retirants, deferred vested members, and the spouses, eligible children, or eligible beneficiaries of retirants and deferred vested members from the amounts paid pursuant to subsection (2) for this purpose to the grants and insurance revolving fund. Life insurance benefits provided on June 23, 1987 shall not be diminished due to the amendments to this section by 1987 PA 58.
History:
Add. 1968, Act 229, Eff. July 1, 1968 ;-- Am. 1970, Act 237, Eff. Jan. 1, 1971 ;-- Am. 1974, Act 215, Eff. Dec. 31, 1974 ;-- Am. 1978, Act 560, Imd. Eff. Dec. 27, 1978 ;-- Am. 1981, Act 123, Imd. Eff. July 23, 1981 ;-- Am. 1981, Act 185, Imd. Eff. Dec. 23, 1981 ;-- Am. 1987, Act 58, Imd. Eff. June 23, 1987 ;-- Am. 1994, Act 359, Eff. Dec. 31, 1994 ;-- Am. 1998, Act 80, Imd. Eff. May 4, 1998 ;-- Am. 1998, Act 501, Imd. Eff. Jan. 5, 1999
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1050b - Hospitalization, Medical, Dental, and Vision Coverage; Purchase; Payment of Premiums; Manner.

38.1050b Hospitalization, medical, dental, and vision coverage; purchase; payment of premiums; manner.
Sec. 50b.
(1) For a retirant or a survivor or beneficiary of a deceased retirant, or for a deferred vested member if that deferred vested member first became a member on or before January 1, 1995, the retirement system shall purchase and pay the premium for hospitalization and medical insurance coverage and dental and vision coverage for the retirant, deferred vested member, and the spouses, eligible children, and survivors of those retirants and deferred vested members. Except as otherwise provided in this section, the retirement system shall provide hospitalization and medical insurance coverage and dental and vision insurance coverage under this section at a level that is equal to or greater than the level of insurance coverage under this section in effect on December 1, 1992. The retirement board may increase the amounts each person who is enrolled in insurance coverage under this section is required to pay for co-pays or deductibles under that insurance coverage.
(2) On and after March 31, 1997, the retirement system shall also pay health insurance premiums described in this section in the manner prescribed in section 79.
History:
Add. 1968, Act 229, Eff. July 1, 1968 ;-- Am. 1970, Act 237, Imd. Eff. Jan. 1, 1971 ;-- Am. 1978, Act 560, Imd. Eff. Dec. 27, 1978 ;-- Am. 1987, Act 58, Imd. Eff. June 23, 1987 ;-- Am. 1994, Act 359, Eff. Dec. 31, 1994 ;-- Am. 1996, Act 486, Eff. Mar. 31, 1997 ;-- Am. 1998, Act 501, Imd. Eff. Jan. 5, 1999
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1051 - Investment of Retirement System Funds; Ownership by System; Registration; Recording; Nonapplicability to Tier 2.

38.1051 Investment of retirement system funds; ownership by system; registration; recording; nonapplicability to Tier 2.
Sec. 51.
The retirement board shall clearly mark all investments to indicate ownership by the system and, to the extent possible, shall register all investments in the name of the system. The retirement board shall record all investments pursuant to generally accepted accounting principles promulgated by the governmental accounting standards board, upon adoption of those principles by the retirement board. This section does not apply to Tier 2.
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1960, Act 113, Eff. Aug. 17, 1960 ;-- Am. 1994, Act 359, Eff. Dec. 31, 1994 ;-- Am. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1052 - Board of Trustees and Employees; Interest in Investments Prohibited; Violation of Section, Penalty.

38.1052 Board of trustees and employees; interest in investments prohibited; violation of section, penalty.
Sec. 52.
Except as otherwise herein provided, no trustee and no employee of the board shall have any direct interest in the income gains or profits of any investments made by the board, nor shall any such person receive any pay or emolument for services in connection with any investment. No trustee or employee of the board shall become an indorser or surety, or in any manner an obligor for money loaned or borrowed from the system. Whoever violates any of the provisions of this section shall be guilty of a misdemeanor.
History:
1957, Act 261, Eff. Sept. 27, 1957
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1053 - Vested Interest in Refunds; Payment of Member Contributions; Discharge of Claims.

38.1053 Vested interest in refunds; payment of member contributions; discharge of claims.
Sec. 53.
(1) Each member shall, by virtue of the payment of the member contributions required to be paid to the retirement system, receive a vested interest in the refunds provided in section 55, and each member in consideration of the vested interest shall be considered to have agreed to, and authorized the deductions from the payments of salary of all contributions payable to the retirement system pursuant to this act. Payment of salary as prescribed by law, less the amounts of contributions provided in this act shall, together with the special vested rights in the refunds provided by this retirement system, be a full complete discharge of all claims of payments for service rendered by a member during the period covered by the payment.
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1981, Act 123, Imd. Eff. July 23, 1981
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1054 - Payments as Obligations of State; Disposition of Revenues.

38.1054 Payments as obligations of state; disposition of revenues.
Sec. 54.
(1) It is the intention of the legislature that the payment of the required state contributions, all benefits granted under this system, and all expenses in connection with the administration and operation of the retirement system are made obligations of the state.
(2) All revenue derived from deposits and investments authorized by this act shall be credited to the account of this system in the state treasury and shall be used to pay benefits and costs of administration as provided in this act.
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1974, Act 215, Eff. Dec. 31, 1974 ;-- Am. 1994, Act 359, Eff. Dec. 31, 1994
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1055 - Refund of Contributions With Interest; Request; Forfeiture; Service Credit Upon Resumption of Membership; Designation of Beneficiary; Payment of Contributions With Interest.

38.1055 Refund of contributions with interest; request; forfeiture; service credit upon resumption of membership; designation of beneficiary; payment of contributions with interest.
Sec. 55.
(1) A member who does not meet the requirement of section 23(1)(a) upon leaving service, or a deferred vested member who is no longer a member, upon written request, shall receive, with interest at 4% compounded annually, a refund of all of his or her contributions standing to his or her credit in the members' savings fund. By accepting the refund a member who does not meet the requirement of section 23(1)(a) upon leaving service or a deferred vested member forfeits all accrued rights and benefits in the retirement system and loses credit for all service rendered to the state for which credit is given under this act. A member who does not meet the requirement of section 23(1)(a) upon leaving service or a deferred vested member who accepts a refund, and again becomes a member, may receive service credit for prior service by paying to the retirement system, within 180 days after he or she again becomes a member, the full amount of money he or she has received as a refund together with interest at 6% per annum compounded annually from the time of the refund until the time of repayment.
(2) A member, deferred vested member, or retirant who is not married and does not have an eligible child may designate in writing a beneficiary to receive the contributions that the member, deferred vested member, or retirant made to the survivors' retirement fund. Upon the death of a member, deferred vested member, or retirant who designated a beneficiary pursuant to this subsection, the survivors' retirement fund contributions made by the deceased member, deferred vested member, or retirant shall be paid to the named beneficiary. If a beneficiary was not named pursuant to this subsection, then the contributions shall be paid to the estate of the deceased member, deferred vested member, or retirant upon request by the authorized representative of the deceased's estate. Contributions paid pursuant to this subsection shall be paid with interest at 4% compounded annually beginning at the time the member, deferred vested member, or retirant last made a contribution.
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1961, Act 167, Eff. Sept. 8, 1961 ;-- Am. 1963, Act 45, Eff. Sept. 6, 1963 ;-- Am. 1968, Act 229, Eff. July 1, 1968 ;-- Am. 1970, Act 237, Eff. Jan. 1, 1971 ;-- Am. 1974, Act 215, Eff. Dec. 31, 1974 ;-- Am. 1978, Act 560, Imd. Eff. Dec. 27, 1978 ;-- Am. 1981, Act 123, Imd. Eff. July 23, 1981 ;-- Am. 1981, Act 185, Imd. Eff. Dec. 23, 1981
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1056 - Undivided Interest in Assets of System.

38.1056 Undivided interest in assets of system.
Sec. 56.
The assets of the system shall be invested as one fund, and no particular person, group of persons or entity shall have any right in any specific security or property, or in any item of cash other than an undivided interest in the whole as specified in the provisions of this act as it now exists or is subsequently amended.
History:
1957, Act 261, Eff. Sept. 27, 1957
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › 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.

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.
Sec. 57.
(1) 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) 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.
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1961, Act 167, Eff. Sept. 8, 1961 ;-- Am. 1981, Act 123, Imd. Eff. July 23, 1981 ;-- Am. 1985, Act 39, Imd. Eff. June 13, 1985 ;-- Am. 1995, Act 258, Imd. Eff. Jan. 5, 1996 ;-- Am. 2002, Act 97, Imd. Eff. Mar. 27, 2002 ;-- Am. 2011, Act 43, Imd. Eff. May 25, 2011
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1058 - Retirement System Records; Falsification, Penalty.

38.1058 Retirement system records; falsification, penalty.
Sec. 58.
Any person who knowingly makes any false statement, or falsifies or permits to be falsified any record of this system, in any attempt to defraud the system, shall be guilty of a misdemeanor.
History:
1957, Act 261, Eff. Sept. 27, 1957
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1058a - Correction of Error; Adjustment of Payment.

38.1058a Correction of error; adjustment of payment.
Sec. 58a.
If a change or error in the records of the retirement system results in a retirant, retirement allowance beneficiary, or refund beneficiary receiving from the retirement system more or less than the retirant, retirement allowance beneficiary, or refund beneficiary would have been entitled to receive had the records been correct, the retirement system shall correct the error, and as far as practicable, shall adjust the payment to provide an actuarial equivalent of the benefit to which the retirant, retirement allowance beneficiary, or refund beneficiary was entitled. An adjustment in benefits shall not be made for an error totaling $10.00 or less annually and the amount shall be debited or credited to the members' retirement fund.
History:
Add. 1998, Act 501, Imd. Eff. Jan. 5, 1999
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1059 - Payment of Benefits; Commencement.

38.1059 Payment of benefits; commencement.
Sec. 59.
No payments of benefits shall be made until on or after the first day of January, 1959.
History:
1957, Act 261, Eff. Sept. 27, 1957
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1060 - Short Title.

38.1060 Short title.
Sec. 60.
This act shall be known and may be cited as the "Michigan legislative retirement system act".
History:
1957, Act 261, Eff. Sept. 27, 1957 ;-- Am. 1974, Act 215, Eff. Dec. 31, 1974
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1063 - Calculation of Accrued Cost Savings; Submission of Total Amount in Executive Budget to Legislature; Appropriation.

38.1063 Calculation of accrued cost savings; submission of total amount in executive budget to legislature; appropriation.
Sec. 63.
After consulting the retirement system's actuary, the board shall calculate for each fiscal year any cost savings that have accrued to this state as a result of the implementation of 1996 PA 486 over the costs that would have been incurred by this state to fund this retirement system had 1996 PA 486 not been implemented. The total amount of the cost savings shall be submitted in the executive budget to the legislature for appropriation in the next succeeding state fiscal year to the health insurance fund created by section 22c.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997 ;-- Am. 2002, Act 97, Imd. Eff. Mar. 27, 2002 ;-- Am. 2011, Act 99, Imd. Eff. July 19, 2011
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1064 - Meanings of Words and Phrases; “Accumulated Balance” Defined.

38.1064 Meanings of words and phrases; “accumulated balance” defined.
Sec. 64.
(1) For the purposes of this section and sections 65 to 80, the words and phrases defined in this section and sections 65 to 80 have the meanings ascribed to them in those sections.
(2) "Accumulated balance" means the total balance in a qualified participant's, former qualified participant's, or refund beneficiary's individual account in Tier 2.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1065 - “Employer,”“former Qualified Participant,” and “Health Benefit Dependent” Defined.

38.1065 “Employer,”“former qualified participant,” and “health benefit dependent” defined.
Sec. 65.
(1) "Employer" means this state.
(2) "Former qualified participant" means an individual who was a qualified participant and who terminates the employment upon which his or her participation is based for any reason.
(3) "Health benefit dependent" means the qualified or former qualified participant's spouse, if any, and an unmarried child who is considered a dependent of the qualified or former qualified participant under section 152 of the internal revenue code, if any.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1066 - “Qualified Participant,”“refund Beneficiary,” and “State Treasurer” Defined.

38.1066 “Qualified participant,”“refund beneficiary,” and “state treasurer” defined.
Sec. 66.
(1) "Qualified participant" means an individual who is a participant of Tier 2 and who meets 1 of the following requirements:
(a) An individual who first becomes a legislator or lieutenant governor on or after March 31, 1997, and who before March 31, 1997 would have been eligible to be a member of Tier 1.
(b) An individual who elects to terminate membership in Tier 1 and who elects to participate in Tier 2 in the manner prescribed in section 61.
(2) "Refund beneficiary" means an individual nominated by a qualified participant or a former qualified participant under section 77 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 78.
(3) "State treasurer" means the treasurer of this state.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › 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.

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.
Sec. 67.
(1) The state treasurer shall administer Tier 2 and shall invest the assets of Tier 2. The state treasurer is the fiduciary and trustee of Tier 2. The state treasurer may appoint an advisory board to assist the state treasurer in carrying out his or her duties as fiduciary and trustee.
(2) The state treasurer shall determine the provisions and procedures of Tier 2 in conformity with this act and the internal revenue code.
(3) The state treasurer has the exclusive authority and responsibility to employ or contract with personnel and for services that the state treasurer determines necessary for the proper administration of and investment of assets of Tier 2, including but not limited to managerial, professional, legal, clerical, technical, and administrative personnel or services.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1068 - Hearing.

38.1068 Hearing.
Sec. 68.
(1) A qualified participant, former qualified participant, health benefit dependent, or refund beneficiary may request a hearing on a claim involving his or her rights under Tier 2. Upon written request, the state treasurer shall provide for a hearing that shall be conducted pursuant to chapter 4 of the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.271 to 24.287 of the Michigan Compiled Laws. An individual may be represented by counsel or other duly authorized agent at a hearing conducted under this section.
(2) Chapters 2, 3, and 5 of Act No. 306 of the Public Acts of 1969, being sections 24.221 to 24.264 and 24.291 to 24.292 of the Michigan Compiled Laws, do not apply to the establishment, implementation, administration, operation, investment, or distribution of Tier 2.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1069 - Accumulated Employer and Employee Contributions and Earnings; Direction of Investment; Limitations Inapplicable to Tier 2.

38.1069 Accumulated employer and employee contributions and earnings; direction of investment; limitations inapplicable to Tier 2.
Sec. 69.
Each qualified participant, former qualified participant, and refund beneficiary shall direct the investment of the individual's accumulated employer and employee contributions and earnings to 1 or more investment choices within available categories of investment provided by the state treasurer. The limitations on the percentage of total assets for investments provided in Act No. 314 of the Public Acts of 1965, being sections 38.1132 to 38.1140i of the Michigan Compiled Laws, do not apply to Tier 2.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1070 - Tier 2; Payment of Administrative Expenses.

38.1070 Tier 2; payment of administrative expenses.
Sec. 70.
The administrative expenses of Tier 2 shall be paid by the qualified participants, former qualified participants, and refund beneficiaries who have not closed their accounts in a manner determined by the state treasurer.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1071 - Participation in Other Public Sector Retirement Benefits Plan.

38.1071 Participation in other public sector retirement benefits plan.
Sec. 71.
A qualified participant shall not participate in any other public sector retirement benefits plan for simultaneous service rendered to the same public sector employer. Except as otherwise provided in this act or by the state treasurer, this section does not prohibit a qualified participant from participating in a retirement plan established by this state or other public sector employer under the internal revenue code.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1072 - Individual Becoming Legislator or Lieutenant Governor on or After March 31, 1997; Notice of Election.

38.1072 Individual becoming legislator or lieutenant governor on or after March 31, 1997; notice of election.
Sec. 72.
An individual who first becomes a legislator or lieutenant governor on or after March 31, 1997 may irrevocably elect not to become a qualified participant of Tier 2 or may irrevocably elect to discontinue participation in Tier 2 by filing written notice of the election with the state treasurer. Upon receipt of the election, his or her employer shall not contribute any percentage of salary under section 74 for the individual who makes either election.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1073 - Election to Terminate Membership in Tier 1; Crediting Tier 2 Account; Charging Tier 2 Account for Excess Transfers.

38.1073 Election to terminate membership in Tier 1; crediting Tier 2 account; charging Tier 2 account for excess transfers.
Sec. 73.
(1) The state treasurer shall promptly credit the Tier 2 account of a qualified participant who makes an election under section 61 to terminate membership in Tier 1 with any amount transferred from Tier 1 pursuant to section 62.
(2) Not later than 30 days after receipt of a recomputed amount under section 62(2) or (4), the state treasurer shall charge the qualified participant's Tier 2 account for any amount of excess transfers under section 62(1) or (3) and transfer that amount to the appropriate fund in Tier 1. The state treasurer may determine which investment choice or choices within a qualified participant's Tier 2 account will be used for this purpose.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1074 - Section Subject to Vesting Requirements; Tier 2 Contributions by Employer and Qualified Participant; Limitations.

38.1074 Section subject to vesting requirements; Tier 2 contributions by employer and qualified participant; limitations.
Sec. 74.
(1) This section is subject to the vesting requirements of section 75.
(2) A qualified participant's employer shall contribute to the qualified participant's account in Tier 2 an amount equal to 4% of the qualified participant's salary.
(3) A qualified participant may periodically elect to contribute up to 3% of his or her salary to his or her Tier 2 account. The qualified participant's employer shall make an additional contribution to the qualified participant's Tier 2 account in an amount equal to the contribution made by the qualified participant under this subsection.
(4) A qualified participant may make contributions in addition to contributions made under subsection (3) to his or her Tier 2 account as permitted by the state treasurer and the internal revenue code. The qualified participant's employer shall not match contributions made by the qualified participant under this subsection.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1075 - Tier 2; Vesting Requirements and Schedule; Health Care Coverage; Vesting Requirements.

38.1075 Tier 2; vesting requirements and schedule; health care coverage; vesting requirements.
Sec. 75.
(1) A qualified participant is immediately 100% vested in his or her contributions made to Tier 2. A qualified participant shall vest in the employer contributions made on his or her behalf to Tier 2 according to the following schedule:
(a) Upon completion of 2 years of service, 50%.
(b) Upon completion of 3 years of service, 75%.
(c) Upon completion of 4 years of service, 100%.
(2) A qualified participant is vested in the health insurance coverage provided in section 79 if the qualified participant meets 1 of the following requirements:
(a) The qualified participant has completed 6 years of service as a qualified participant before January 1, 2013 and was not a member, deferred vested member, or former nonvested member of Tier 1.
(b) The qualified participant was a member, deferred vested member, or former nonvested member of Tier 1 who made an election to participate in Tier 2 pursuant to section 61, and who has met the service requirements he or she would have been required to meet in order to vest in health benefits under section 50b.
(c) The qualified participant meets all of the following requirements:
(i) Was not a member, deferred vested member, or former nonvested member of Tier 1.
(ii) Was first elected to fill a vacancy in the house of representatives for a period less than the full term but more than 1/2 of the term of office.
(iii) Has completed 5 years of service as a qualified participant before January 1, 2013.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997 ;-- Am. 1998, Act 501, Imd. Eff. Jan. 5, 1999 ;-- Am. 2011, Act 200, Imd. Eff. Oct. 18, 2011
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1076 - Crediting Years of Accrued Service.

38.1076 Crediting years of accrued service.
Sec. 76.
A qualified participant who was a member, deferred vested member, or former nonvested member of Tier 1 who makes an election to participate in Tier 2 pursuant to section 61, shall be credited with the years of service accrued under Tier 1 on the effective date of participation in Tier 2 for the purpose of meeting the vesting requirements for benefits under section 75.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1077 - Refund Beneficiary; Nomination.

38.1077 Refund beneficiary; nomination.
Sec. 77.
A qualified participant or former qualified participant may nominate 1 or more individuals as a refund beneficiary by filing written notice of nomination with the state treasurer. If the qualified participant or former qualified participant is married at the time of the nomination and the participant's spouse is not the refund beneficiary for 100% of the account, the nomination is not effective unless the nomination is signed by the participant's spouse. However, the state treasurer may waive this requirement if the spouse's signature cannot be obtained because of extenuating circumstances.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › Section 38.1078 - Distribution of Accumulated Balance.

38.1078 Distribution of accumulated balance.
Sec. 78.
(1) A qualified participant is eligible to receive distribution of his or her accumulated balance in Tier 2 upon becoming a former qualified participant.
(2) Upon the death of a qualified participant or former qualified participant, the accumulated balance of that deceased participant is considered to belong to the refund beneficiary, if any, of that deceased participant. If a valid nomination of refund beneficiary is not on file with the state treasurer, the state treasurer, in a lump sum distribution, shall distribute the accumulated balance to the legal representative, if any, of the deceased participant or, if there is no legal representative, to the deceased participant's estate.
(3) A former qualified participant or refund beneficiary may elect 1 or a combination of several of the following methods of distribution of the accumulated balance:
(a) A lump sum distribution to the recipient.
(b) A lump sum direct rollover to another qualified plan, to the extent allowed by federal law.
(c) Periodic distributions, as authorized by the state treasurer.
(d) No current distribution, in which case the accumulated balance shall remain in Tier 2 until the former qualified participant or refund beneficiary elects a method or methods of distribution under subdivisions (a) to (c), to the extent allowed by federal law.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 261 of 1957 - Michigan Legislative Retirement System Act (38.1001 - 38.1080) › 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.

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.
Sec. 80.
(1) Distributions from employer contributions made pursuant to section 74(2) and (3) and earnings on those employer contributions, and distributions from employee contributions made pursuant to section 74(3) and earnings on those employee contributions, are exempt from any state, county, municipal, or other local tax and are subject to the public employee retirement benefit protection act.
(2) The state treasurer has the right of setoff to recover overpayments made under this act and to satisfy any claims arising from embezzlement or fraud committed by a qualified participant, former qualified participant, refund beneficiary, or other person who has a claim to a distribution or any other benefit from Tier 2.
(3) The state treasurer shall correct errors in the records and actions in Tier 2 under this act, and shall seek to recover overpayments and shall make up underpayments.
History:
Add. 1996, Act 486, Eff. Mar. 31, 1997 ;-- Am. 2002, Act 97, Imd. Eff. Mar. 27, 2002
Compiler's Notes:
Section 2 of Act 486 of 1996 provides:“Section 2. If any section or part of a section of this act is for any reason held to be invalid or unconstitutional, the holding does not affect the validity of the remaining sections of this act or the act in its entirety.”
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 88 of 1961 - Reciprocal Retirement Act (38.1101 - 38.1106) › Section 38.1101 - Reciprocal Retirement Act; Short Title.

38.1101 Reciprocal retirement act; short title.
Sec. 1.
This act shall be known and may be cited as the "reciprocal retirement act".
History:
1961, Act 88, Eff. Sept. 8, 1961
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 88 of 1961 - Reciprocal Retirement Act (38.1101 - 38.1106) › Section 38.1102a - Compliance With Applicable Requirements of Protecting Local Government Retirement and Benefits Act.

38.1102a Compliance with applicable requirements of protecting local government retirement and benefits act.
Sec. 2a.
A reciprocal unit and a reciprocal retirement system shall comply with any applicable requirements under the protecting local government retirement and benefits act.
History:
Add. 2017, Act 209, Imd. Eff. Dec. 20, 2017
2023 Michigan Compiled Laws › Chapter 38 - Civil Service and Retirement › Act 88 of 1961 - Reciprocal Retirement Act (38.1101 - 38.1106) › Section 38.1103 - Reciprocal Retirement Act; Adoption by Municipal or State Unit; Certification, Force and Effect.

38.1103 Reciprocal retirement act; adoption by municipal or state unit; certification, force and effect.
Sec. 3.
(1) Any municipal unit, which covers its employees under a retirement system or systems, by a majority vote of its governing body may elect to adopt the provisions of this act for its employees covered under such retirement system or systems.
(2) Any state unit, by a majority vote of its governing body, may elect to have the provisions of this act made applicable to its members.
(3) The governing body of a municipal or state unit, within 10 days after it elects to come under the provisions of this act, shall file written certification of its action with the secretary of state. Upon the filing of the certification the municipal unit or state unit shall be a reciprocal unit. The secretary of state shall maintain a list of reciprocal units, which list shall be available to any municipal unit or state unit requesting a copy.
(4) The provisions of this act, when adopted by a municipal or state unit shall be effective for the unit in addition to the provisions of charter, ordinance, resolution or state law governing the retirement systems for the reciprocal unit, as the provisions of charter, ordinance, resolution or state act are in force and as amended.
History:
1961, Act 88, Eff. Sept. 8, 1961 ;-- Am. 1965, Act 106, Imd. Eff. June 30, 1965