Michigan Laws 38.20b – Increase in monthly retirement allowance; payment
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Terms Used In Michigan Laws 38.20b
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- 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
(1) On July 1, 1972, the monthly retirement allowance payable to a retirant or beneficiary who is on the rolls for June, 1971, is increased as follows:
| Effective Date of Retirement | Percent of Increase |
| August 1, 1970 to July 1, 1971 | 1 |
| August 1, 1969 to July 1, 1970 | 2 |
| August 1, 1968 to July 1, 1969 | 3 |
| August 1, 1967 to July 1, 1968 | 4 |
| August 1, 1966 to July 1, 1967 | 5 |
| August 1, 1965 to July 1, 1966 | 6 |
| August 1, 1964 to July 1, 1965 | 7 |
| August 1, 1963 to July 1, 1964 | 8 |
| August 1, 1962 to July 1, 1963 | 9 |
| August 1, 1961 to July 1, 1962 | 10 |
| August 1, 1960 to July 1, 1961 | 11 |
| August 1, 1959 to July 1, 1960 | 12 |
| August 1, 1958 to July 1, 1959 | 13 |
| August 1, 1957 to July 1, 1958 | 14 |
| July 1, 1956 to July 1, 1957 | 15 |
| Any time before July 1, 1956 | 25 |
(2) The increases in retirement allowances authorized by this section shall be paid only from the excess of assets in the pension reserve fund which the legislature has been informed is sufficient to cover the increased costs involved without requiring any appropriation of state funds.