Michigan Laws 38.1688a – Retirants eligible for election to governing board; equal treatment; compensation; definitions
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Terms Used In Michigan Laws 38.1688a
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Trustee: A person or institution holding and administering property in trust.
(1) A retirement system that has both members and retirants of its retirement system eligible to be elected to the position of member of the governing board shall comply with this section.
(2) The retirement system and the political subdivision sponsoring the retirement system shall ensure equal treatment of all individuals who are elected or seek to be elected to the position of member of the governing board. The retirement system or the political subdivision sponsoring the retirement system shall not require a retirant who is elected or seeks to be elected to the position of member of the governing board to meet more stringent or additional requirements to serve, be elected, or participate in the election process than a member who is elected or seeks to be elected to the position of member of the governing board.
(3) If the retirement system or the political subdivision sponsoring the retirement system compensates a member who is elected to the position of member of the governing board, the retirement system or the political subdivision sponsoring the retirement system shall compensate a retirant who is elected to the position of member of the governing board at no less than the least amount of compensation given to a member who is elected to the position of member of the governing board.
(4) As used in this section:
(a) “Compensate” or “compensation” mean any form of remuneration for performing duties as a member of the governing board including stipend pay by the retirement system or working at taxpayer expense as an employee of or under contract with the political subdivision sponsoring the system.
(b) “Member of the governing board” means a trustee, commissioner, or other official member of the governing board vested with the general administration, management, and operation of the retirement system or other decision-making body that is responsible for implementation and supervision of a retirement system.