Michigan Laws 38.375 – Separation of employees from Detroit school retirement system; payments required; transfer of securities
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Terms Used In Michigan Laws 38.375
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of governors: means the board of governors of Wayne state university. See Michigan Laws 38.371
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Retirement commission: means the retirement commission of the employee retirement system of the school district of the city of Detroit. See Michigan Laws 38.371
- Retirement system: means the employee retirement system of the school district of the city of Detroit created and established by chapter 2 of Act No. See Michigan Laws 38.371
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.