Michigan Laws 38.1102 – Reciprocal retirement act; definitions
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As used in this act:
(a) “State unit” means the state employees’ retirement system, established by Act No. 240 of the Public Acts of 1943, as amended, being section 38.1 to 38.43 of the Compiled Laws of 1948; the public school employees’ retirement system, established by chapter 1 of Act No. 136 of the Public Acts of 1945, as amended, being section 38.201 to 38.234 of the Compiled Laws of 1948; the judges’ retirement system, established by Act No. 198 of the Public Acts of 1951, as amended, being section 38.801 to 38.830 of the Compiled Laws of 1948; the probate judges’ retirement system, established by Act No. 165 of the Public Acts of 1954, as amended, being section 38.901 to 38.933 of the Compiled Laws of 1948; the department of public safety pension, accident and disability fund, established by Act No. 251 of the Public Acts of 1935, as amended, being section 28.101 to 28.110 of the Compiled Laws of 1948; and the legislative retirement system, established by Act No. 261 of the Public Acts of 1957, as amended, being section 38.1001 to 38.1060 of the Compiled Laws of 1948.
Terms Used In Michigan Laws 38.1102
- 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.
- 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.
- Governmental unit: means the state to the extent the employees of the state are covered under an applicable state unit; and any municipal unit. See Michigan Laws 38.1102
- 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.
- Municipal unit: means a county, city, village, township or school district of the first class; any separate corporation or instrumentality established by 1 or more counties, cities or villages, as permitted by law; any corporation or instrumentality supported in most part by counties, cities and villages, or any of them; any public corporation charged by law with the performance of a governmental function and whose jurisdiction is coextensive with 1 or more counties, cities and villages. See Michigan Laws 38.1102
- Probate: Proving a will
- reciprocal retirement system: means a state unit which elects to become a reciprocal unit. See Michigan Laws 38.1102
- Reciprocal unit: means any state unit or municipal unit which elects to come under the provisions of this act. See Michigan Laws 38.1102
- Retirement: means the withdrawal of a member of a reciprocal retirement system from the employ of a reciprocal unit with a retirement allowance payable from funds of the reciprocal retirement system. See Michigan Laws 38.1102
- Retirement allowance: means the annuity, pension or retirement allowance payable to a member of a reciprocal retirement system on account of his employment with a reciprocal unit. See Michigan Laws 38.1102
- Retirement system: means the retirement, pension or annuity system, plan or fund under which a governmental unit covers its employees. See Michigan Laws 38.1102
- 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 unit: means the state employees' retirement system, established by Act No. See Michigan Laws 38.1102
(b) “Municipal unit” means a county, city, village, township or school district of the first class; any separate corporation or instrumentality established by 1 or more counties, cities or villages, as permitted by law; any corporation or instrumentality supported in most part by counties, cities and villages, or any of them; any public corporation charged by law with the performance of a governmental function and whose jurisdiction is coextensive with 1 or more counties, cities and villages.
(c) “Governmental unit” means the state to the extent the employees of the state are covered under an applicable state unit; and any municipal unit.
(d) “Reciprocal unit” means any state unit or municipal unit which elects to come under the provisions of this act.
(e) “Retirement system” means the retirement, pension or annuity system, plan or fund under which a governmental unit covers its employees. The term “retirement system” shall not include the federal social security old-age survivors’ and disability insurance program.
(f) “Reciprocal retirement system”, in the case of a municipal unit electing to become a reciprocal unit, means the retirement systems under which the municipal unit covers its employees. In the case of a state unit, “reciprocal retirement system” means a state unit which elects to become a reciprocal unit.
(g) “Accumulated deposits” or “accumulated contributions” means the amounts deducted from the compensations of a member of a reciprocal retirement system and credited to his individual account in the system, together with interest, if any, credited thereon.
(h) “Final average salary” means the salary or the average of salaries used in computing a retirement allowance, as set forth in the retirement system plan.
(i) “Retirement allowance” means the annuity, pension or retirement allowance payable to a member of a reciprocal retirement system on account of his employment with a reciprocal unit.
(j) “Retirement” means the withdrawal of a member of a reciprocal retirement system from the employ of a reciprocal unit with a retirement allowance payable from funds of the reciprocal retirement system.