Michigan Laws 38.1604 – Definitions; M to S
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Terms Used In Michigan Laws 38.1604
- 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
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- 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
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- 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
(1) “Member”, except where the context otherwise requires, means an employee of the department of state police who has subscribed to the constitutional oath of office.
(2) “Officer” means a nonexclusively represented member of the retirement system.
(3) “Qualified participant” means an individual who first becomes a member on or after June 10, 2012 and who is also a participant of Tier 2.
(4) “Regular interest” means a rate or rates per annum, compounded annually, as the retirement board determines. For the purposes of employee refunds, the interest rate payable must not exceed 4% per annum, compounded annually.
(5) “Retirant” means a member who separates from service and retires with a retirement allowance payable from the appropriate reserve of the retirement system.
(6) “Retirement allowance” means the annual amount, payable monthly, to which a retirant, retirement allowance beneficiary, or refund beneficiary is entitled under this act.
(7) “Retirement allowance beneficiary” means a person who is being paid or has entitlement to the payment of a retirement allowance in the event of the death of a member, deferred member, or retirant.
(8) “Retirement board” means the retirement board created in section 6.
(9) “Retirement system” means the system of benefits for members and qualified participants of the department of state police and their survivors and beneficiaries provided by this act.
(10) “Surviving spouse” means the spouse at the time of death of the member or retirant.
(11) “Tier 1” means the retirement plan available to a member under this act.
(12) “Tier 2” means the retirement plan established pursuant to section 401(k) of the internal revenue code, 26 USC 401, that is available to qualified participants under section 62 to 74.