(1) This act is not intended to prohibit a member or retirant from receiving a loan from the retirement system if the retirement system concludes that the member or retirant is otherwise eligible for a loan.
  (2) Nothing in this act shall prevent a retirement system administrator from correcting records and seeking to recover overpayments that the retirement system made to a retirant or member.

Terms Used In Michigan Laws 38.1688

  • 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 system: means a public employee retirement system established by this state or a political subdivision of this state. See Michigan Laws 38.1682
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