Separation of Employees From Detroit School Retirement System; Payments Required; Transfer of Securities - Mich. Comp. Laws Section 38.375
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Michigan Laws > Civil Service And Retirement > Separation of Employees From Detroit School Retirement System; Payments Required; Transfer of Securities - Mich. Comp. Laws Section 38.375
38.375 Separation of employees from Detroit school retirement system; payments required; transfer of securities.
Sec. 5.
The payments required by the determination provided for in section 4 shall be made on or before December 31, 1958. Should this determination require a payment by the retirement commission to the board of governors, the retirement commission may transfer in lieu of cash securities held by it. The securities shall not have defaulted with respect to principal and interest payments and shall have an average yield and maturity equal to the average yield and maturity of all assets of the retirement system for the fiscal year ended June 30, 1956.
History: 1958, Act 78, Eff. Sept. 13, 1958
Section: 38.161 38.172 38.191 38.371 38.372 38.373 38.374 38.375 38.376 38.381 38.382 38.383 38.383a 38.384 38.385
Last modified: March 17, 2013
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