Michigan Laws > Chapter 38 > Act 156 of 1967 – Optional Retirement Act of 1967
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Terms Used In Michigan Laws > Chapter 38 > Act 156 of 1967 - Optional Retirement Act of 1967
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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.
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- 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
- Board of control: means the board charged with policy direction of a state supported institution of higher education. See Michigan Laws 38.382
- Commissioner: means the director. See Michigan Laws 500.102
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Consumer housing cooperative: means a nonprofit corporation incorporated pursuant to the corporation laws of this state and chapter 5. See Michigan Laws 125.1411
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Department: means the department of insurance and financial services. See Michigan Laws 500.102
- Dependent: A person dependent for support upon another.
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
- Housing project: means any of the following:
(i) Residential real property developed or to be developed or receiving benefits under this act. See Michigan Laws 125.1411in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies. Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lien: A claim against real or personal property in satisfaction of a debt. Limited dividend housing corporation: means a corporation incorporated or qualified pursuant to the corporation laws of this state and chapter 6 and a limited dividend housing association organized and qualified pursuant to chapter 7. See Michigan Laws 125.1411 Michigan finance authority: means the Michigan finance authority created under MCL 12. See Michigan Laws 388.981 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. 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 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSettlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c 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 State supported institution of higher education: means any of the following:
(i) Western Michigan university. See Michigan Laws 38.382state treasurer: means the state treasurer or his or her designee. See Michigan Laws 388.981 subscriber: means an individual who enters into an insurance contract for health insurance, or on whose behalf an insurance contract for health insurance is entered into, with an insurer. See Michigan Laws 500.116 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o