Michigan Laws 38.1403 – Percentage increase to monthly retirement allowance payable under former provisions; continuation
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 38.1403
- 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
(1) The percentage increase to the monthly retirement allowance payable to a retirant or retirement allowance beneficiary under section 27d of chapter I or section 25a of chapter II of former Act No. 136 of the Public Acts of 1945, is continued as provided in this section.
(2) After June 30, 1974, the monthly retirement allowance payable to a retirant or retirement allowance beneficiary who was on the rolls for June, 1973, is supplemented as follows:
| Effective Date of Retirement | Increase |
| July 1, 1972, to June 30, 1973 | 1% |
| July 1, 1971, to June 30, 1972 | 2% |
| July 1, 1970, to June 30, 1971 | 3% |
| July 1, 1969, to June 30, 1970 | 4% |
| July 1, 1968, to June 30, 1969 | 5% |
| July 1, 1967, to June 30, 1968 | 6% |
| July 1, 1966, to June 30, 1967 | 7% |
| July 1, 1965, to June 30, 1966 | 8% |
| July 1, 1964, to June 30, 1965 | 9% |
| July 1, 1963, to June 30, 1964 | 10% |
| July 1, 1962, to June 30, 1963 | 11% |
| July 1, 1961, to June 30, 1962 | 12% |
| July 1, 1960, to June 30, 1961 | 13% |
| July 1, 1959, to June 30, 1960 | 14% |
| July 1, 1958, to June 30, 1959 | 15% |
| July 1, 1957, to June 30, 1958 | 16% |
| July 1, 1956, to June 30, 1957 | 17% |