Michigan Compiled Laws Act 156 Of 1967 Optional Retirement Act Of 1967 (38.381 - 38.388)

• Section 38.381 Optional Retirement Act Of 1967; Short Title.
  This act shall be known and may be cited as the “optional retirement act of 1967”. History: 1967, Act 156, Imd. Eff. June 30,
• Section 38.382 Definitions.
  As used in this act: (a) “Optional retirement program” means a system of retirement benefits established as a part of the plan of compensation...
• Section 38.383 Optional Retirement Program; Establishment; Participation Of Eligible Employees, Terms And Conditions.
  An optional retirement program for eligible employees of state supported institutions of higher education is established. A board of control shall make the program...
• Section 38.383a Availability Of Program To State Supported Institution Of Higher Education's Employees.
  A state supported institution of higher education that before January 1, 1970 was part of another institution of higher education that had authority under...
• Section 38.384 Board Of Control; Purchase Of Contracts Providing For Optional Program Benefits For Employees.
  In the administration of the optional retirement program, a board of control shall provide for the purchase of contracts providing retirement and death benefits...
• Section 38.385 Optional Retirement Program; Election; Time; Reelection To Retirement System.
  (1) An eligible employee, as of the date the optional retirement program becomes available and who is a member of the retirement system, may...
• Section 38.386 Optional Retirement Program; Participant Deemed Limited Member Of Retirement System; Refund Of Contributions Upon Termination Of Service Or Death; Computation Of Benefits; Reelection To Retirement System As Bar To Service Credit.
  (1) An eligible employee electing to participate in the optional retirement program in accordance with section 5(1) is deemed to be a limited member...
• Section 38.387 Optional Retirement Program; Amounts To Be Disbursed And Credited To Employee's Benefit.
  For an eligible employee who has elected in accordance with section 5 to participate in the optional retirement program, the following amounts shall be...
• Section 38.388 Federal Social Security Old-age, Survivors' And Disability Insurance Coverage.
  An eligible employee electing to participate in the optional retirement program shall have old-age, survivors and disability insurance coverage provided by the federal social...

Last modified: October 10, 2016