Michigan Laws 38.1404 – Percentage increase to monthly retirement allowance payable under additional former provisions; continuation
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 38.1404
- 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 either section 27f of chapter I or section 25c of chapter II of former Act No. 136 of the Public Acts of 1945, is continued as provided in this section.
(2) The monthly retirement allowance payable to a retirant or retirement allowance beneficiary after September 30, 1976, who was on the rolls for September 30, 1976, is supplemented as follows:
| Supplement for | |
| Effective Date of Retirement | October 1, 1976 and 1977 |
| July 1, 1975, to June 30, 1976 | 1% |
| July 1, 1974, to June 30, 1975 | 2% |
| July 1, 1973, to June 30, 1974 | 3% |
| July 1, 1972, to June 30, 1973 | 4% |
| July 1, 1971, to June 30, 1972 | 5% |
| July 1, 1970, to June 30, 1971 | 6% |
| July 1, 1969, to June 30, 1970 | 7% |
| July 1, 1968, to June 30, 1969 | 8% |
| Before July 1, 1968 | 8% |