Michigan Laws 38.1343e – Member before September 4, 2012; contribution of percentage to funding account under public employee retirement health care funding act; “funding account” defined
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Terms Used In Michigan Laws 38.1343e
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
Except as otherwise provided in this section or section 91a, each member who first became a member before September 4, 2012 shall contribute 3% of the member’s compensation to the appropriate funding account established under the public employee retirement health care funding act, 2010 PA 77, MCL 38.2731 to 38.2747. The member contributions under this section shall be deducted by the employer and remitted as employer contributions in a manner that the retirement system shall determine. As used in this section, “funding account” means the appropriate irrevocable trust created in the public employee retirement health care funding act, 2010 PA 77, MCL 38.2731 to 38.2747, for the deposit of funds and the payment of retirement health care benefits.