Michigan Laws 38.384 – Board of control; purchase of contracts providing for optional program benefits for employees
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Terms Used In Michigan Laws 38.384
- Board of control: means the board charged with policy direction of a state supported institution of higher education. See Michigan Laws 38.382
- Eligible employees: means the members of the faculty and administrative staff of state supported institutions of higher education on a full-time basis whose positions require the performance of professional services in the discharge of the educational or administrative functions of the institution. See Michigan Laws 38.382
- Optional retirement program: means a system of retirement benefits established as a part of the plan of compensation for eligible teaching and administrative personnel. See Michigan Laws 38.382
In the administration of the optional retirement program, a board of control shall provide for the purchase of contracts providing retirement and death benefits for or on behalf of eligible employees electing to be covered by the optional retirement program.