Michigan Laws 38.1682 – Definitions
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Terms Used In Michigan Laws 38.1682
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Department: means the department of technology, management, and budget. See Michigan Laws 38.1682
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means a member, vested former member, deferred member, beneficiary, designated beneficiary, or refund beneficiary of a retirement system. See Michigan Laws 38.1682
- Participating unit: means a retirement system that elects to come under the provisions of section 6. See Michigan Laws 38.1682
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Retirement benefit: means an annuity, a retirement allowance, an optional benefit, a postretirement benefit, a benefit received from a defined contribution plan, defined benefit plan, deferred compensation plan, disability plan, life insurance plan, all money, investments and income of the various funds created under a public employee retirement system, and any other right accruing to a member under a retirement system. See Michigan Laws 38.1682
- Retirement system: means a public employee retirement system established by this state or a political subdivision of this state. See Michigan Laws 38.1682
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Department” means the department of technology, management, and budget.
(b) “Employer contributions” means the amount transferred by an employer to a participating unit retirement system on behalf of members of the retirement system to pay for the actuarial accrued liabilities of the retirement system.
(c) “Member” means a member, vested former member, deferred member, beneficiary, designated beneficiary, or refund beneficiary of a retirement system.
(d) “Participating unit” means a retirement system that elects to come under the provisions of section 6.
(e) “Retirant” means a person who has retired with a retirement benefit payable from a retirement system.
(f) “Retirement benefit” means an annuity, a retirement allowance, an optional benefit, a postretirement benefit, a benefit received from a defined contribution plan, defined benefit plan, deferred compensation plan, disability plan, life insurance plan, all money, investments and income of the various funds created under a public employee retirement system, and any other right accruing to a member under a retirement system.
(g) “Retirement system” means a public employee retirement system established by this state or a political subdivision of this state.
(h) “State unit” means a retirement system established under the state employees’ retirement act, 1943 PA 204, MCL 38.1 to 38.69, the public school employees retirement act of 1979, 1980 PA 300, MCL 38.1301 to 38.1437, the judges retirement act of 1992, 1992 PA 234, MCL 38.2101 to 38.2670, the state police retirement act of 1986, 1986 PA 182, MCL 38.1601 to 38.1675, and the Michigan legislative retirement system act, 1957 PA 261, MCL 38.1001 to 38.1080.