- 3 - Section 108 of the Act, Mich. Comp. Laws sec. 38.1408, provides the following: “This state intends that the retirement system be a qualified pension plan created in trust under section 401 of the internal revenue code and that the trust be an exempt organization under section 501 of the internal revenue code. * * *” Upon automatic enrollment in the plan, petitioner was required to contribute 3 percent of the first $5,000 of compensation. Consequently, $84.89 was automatically contributed to the plan by WCC from petitioner’s total compensation in 1996 of $2,830. In order to qualify to receive benefits under the plan, petitioner must earn at least 10 years of credited service and be at least 60 years old. A single credit year is earned upon performing Michigan public school work for 170 days at 6 or more hours per day within the school fiscal year of July 1 through June 30. No more than 1 year of credit may be earned within 1 school fiscal year, and proportionate service credit is granted for less than full-time employment. If petitioner is unable to reach the 10-year minimum amount of service credit, then she will not receive any retirement benefits. During calendar year 1996 petitioner worked 169.50 hours. Based upon the MPSERS calculation, which is part of the stipulation of facts, petitioner earned 0.083 years of service credit during 1996,Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011