Michigan Compiled Laws 300-1980-2 Article 2 (38.1321...38.1336)

• Section 38.1321 Public School Employees' Retirement System; Creation.
  A Michigan public school employees' retirement system is created for the public school employees of this state. History: 1980, Act 300, Imd. Eff. Oct....
• Section 38.1322 Public School Employees' Retirement Board; Creation; Appointment, Qualifications, And Terms Of Members; Vacancy.
  (1) The Michigan public school employees' retirement board is created in the department and shall consist of the superintendent of public instruction and 11...
• Section 38.1323 Retirement Board; Oath; Conducting Business At Public Meeting; Notice Of Meeting; Quorum; Failure To Attend Scheduled Meetings; Availability Of Writings To Public.
  (1) A member of the retirement board, upon appointment, shall take an oath of office, which shall be filed immediately in the office of...
• Section 38.1324 Retirement Board; Compensation And Expenses.
  The per diem compensation of the retirement board and the schedule for reimbursement of expenses incurred in attending meetings of the retirement board and...
• Section 38.1325 Retirement Board; Rights, Authority, And Discretion; Rules; Limitation; Study Period; Information To Be Provided To Certain Universities.
  (1) The board shall have only the rights, authority, and discretion in the proper discharge of its duties provided in this act and former...
• Section 38.1326 State Treasurer As Treasurer Of Retirement System; Investment Authority; Fiduciary Responsibility; Disposition Of Funds.
  (1) This section does not apply to Tier 2. (2) The state treasurer shall be treasurer of the retirement system and shall have investment...
• Section 38.1327 Warrants.
  The retirement system shall draw its warrants upon the state treasurer, payable out of reserves of the retirement system, for the payment of retirement...
• Section 38.1328 Summary Of Fiscal Transactions; Contents; Description Of Retirement Benefits; Information To Be Posted On Internet Website And Sent via Electronic Mail; Database.
  (1) By April 15 of each year, the department shall furnish to the governor, the legislature, each retirement allowance recipient, and each member a...
• Section 38.1329 Reserve For Employee Contributions; Individual Subaccounts; Refund, Payment, Or Transfer Of Accumulated Contributions.
  The reserve for employee contributions is the account in which member contributions made under the contributory retirement plan and other member payments as provided...
• Section 38.1330 Reserve For Employer Contributions.
  The reserve for employer contributions is the account to which reporting unit payments, except payments for health benefits are credited. History: 1980, Act 300,...
• Section 38.1331 Reserve For Administrative Expenses.
  The reserve for administrative expenses is the account from which the expenses of the administration of the retirement system, exclusive of amounts payable as...
• Section 38.1332 General Fund.
  The retirement board may establish a general fund. Revenue not clearly payable to other funds shall be deposited in the general fund. Disbursements from...
• Section 38.1333 Reserve For Member Investment Plan; Remittance Of Member Contributions; Individual Subaccounts; Refund, Payment, Or Transfer Of Accumulated Contributions.
  The reserve for member investment plan is the account into which are remitted member contributions as provided in section 43a. The retirement board shall...
• Section 38.1334 Reserve For Health Benefits; Payments; Health Advance; Funding Subaccount; Transfer To Reserve For Employer Contributions; Conditions.
  (1) The reserve for health benefits is the account to which payments of reporting units for health benefits are credited. Benefits payable pursuant to...
• Section 38.1335 Reserve For Retired Benefit Payments.
  The reserve for retired benefit payments is the account from which all retirement allowances and refunds pursuant to section 85(6) shall be paid. After...
• Section 38.1336 Reserve For Undistributed Investment Income; Pension Stabilization Subaccount.
  (1) Except as otherwise provided in this section, the reserve for undistributed investment income is the account to which all income from the investment...

Last modified: October 10, 2016