Michigan Laws 38.1402 – Percentage increase to monthly retirement allowance payable after June 30, 1972; continuation
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 38.1402
- 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
The percentage increase to the monthly retirement allowance payable after June 30, 1972, to a retirant or retirement allowance beneficiary, who was on the rolls for June, 1971, under section 174(1) of former Act No. 258 of the Public Acts of 1972, is continued as follows:
| Effective Date of Retirement | 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% |