Michigan Compiled Laws Act 190 Of 1991 State Employee Payroll Deduction Program (487.2101 - 487.2105)

AN ACT to provide for the direct deposit of state employee payrolls, state university payments, and state retirement benefit payments into financial institutions; to allow any financial institution to participate in a state employee payroll deduction program; and to prescribe the powers and duties of certain state agencies and officials.

History: 1991, Act 190, Imd. Eff. Dec. 27, 1991

Section 487.2101 Definitions.
As used in this act: (a) “College or university” means a state-supported college or university. (b) “Department” means the department of treasury. (c) “Financial...
Section 487.2102 Enrollment In Distribution System For Direct Deposit Of Retirement Benefit With Financial Institution; Electronic Fund Transfer Of State College And University Payments.
(1) The bureau of retirement systems in the department of management and budget shall enroll recipients of a state retirement benefit who elect enrollment...
Section 487.2103 Establishment Of Criteria And Distribution System For Participation By Financial Institution.
The department and the department of management and budget shall establish criteria and the distribution system by which a financial institution may participate in...
Section 487.2104 Rules; Participation Prohibited Under Certain Conditions.
(1) The department shall promulgate rules to implement this act pursuant to the administrative procedures act of 1969, Act No. 306 of the Public...
Section 487.2105 Fee; Limitation; Prohibition.
(1) Beginning January 1, 1994, the department may charge a participating financial institution a reasonable fee not greater than the actual costs of administering...

Last modified: October 10, 2016