Terms Used In Michigan Laws 38.1683

• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Member: means a member, vested former member, deferred member, beneficiary, designated beneficiary, or refund beneficiary of a retirement system. See Michigan Laws 38.1682
• Retirant: means a person who has retired with a retirement benefit payable from a retirement system. See Michigan Laws 38.1682
• Retirement benefit: means an annuity, a retirement allowance, an optional benefit, a postretirement benefit, a benefit received from a defined contribution plan, defined benefit plan, deferred compensation plan, disability plan, life insurance plan, all money, investments and income of the various funds created under a public employee retirement system, and any other right accruing to a member under a retirement system. See Michigan Laws 38.1682
• Retirement system: means a public employee retirement system established by this state or a political subdivision of this state. See Michigan Laws 38.1682