Michigan Laws 38.387 – Optional retirement program; amounts to be disbursed and credited to employee’s benefit
Current as of: 2024 | Check for updates
|
Other versions
For an eligible employee who has elected in accordance with section 5 to participate in the optional retirement program, the following amounts shall be disbursed and credited each fiscal year to his benefit in the optional retirement program:
(a) By the eligible employee, the amount which he would have been required to contribute during the year as a member of the retirement system.
Terms Used In Michigan Laws 38.387
- 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
- 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.
- 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
- Retirement system: means the Michigan public school employees' retirement system created by the public school employees retirement act of 1979, Act No. See Michigan Laws 38.382
- State supported institution of higher education: means any of the following:
(i) Western Michigan university. See Michigan Laws 38.382
(b) By the state supported institution of higher education, from funds subject to its control, for the benefit of all eligible employees, those amounts as may be determined by the board of control plus an amount equal to that required by federal statutes as the employer’s contributions under the federal insurance contribution act for that employee.
(c) From the eligible employee such amounts, in addition to those required under subdivisions (a) and (b), as may be determined by the board of control.