Michigan Laws 38.2702 – Definitions
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Terms Used In Michigan Laws 38.2702
- 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.
- Member: means a member, vested former member, deferred member, or participant of a retirement system. See Michigan Laws 38.2702
- Retirant: means an individual who has retired with a retirement benefit payable from a retirement system. See Michigan Laws 38.2702
- Retirement benefit: means an annuity, a retirement allowance, a pension, a benefit from employer contributions to a defined contribution plan, an optional benefit, a postretirement benefit, and any other right accrued or accruing to a member under a retirement system. See Michigan Laws 38.2702
- Retirement system: means a public employee retirement system established by this state or a political subdivision of this state. See Michigan Laws 38.2702
- 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) “Felony arising out of his or her service as a public employee” means 1 or more of the following:
(i) A felony resulting from the misuse of public funds.
(ii) A felony resulting from the receipt of a bribe or other financial benefit in that individual’s capacity as a public employee.
(b) “Member” means a member, vested former member, deferred member, or participant of a retirement system.
(c) “Retirant” means an individual who has retired with a retirement benefit payable from a retirement system.
(d) “Retirement benefit” means an annuity, a retirement allowance, a pension, a benefit from employer contributions to a defined contribution plan, an optional benefit, a postretirement benefit, and any other right accrued or accruing to a member under a retirement system. Retirement benefit does not include health benefits provided to a retirant or his or her beneficiaries by a retirement system.
(e) “Retirement system” means a public employee retirement system established by this state or a political subdivision of this state.