Wayne retirement allowances on account of Wayne service not terminated prior to July 1, 1958, shall cease to be the obligation of the retirement system on July 1, 1958, and shall become the sole obligation of the board of governors. If any person included in the foregoing provisions has also continued in the employ of the board of education, the respective obligations of the retirement commission and the board of governors shall be settled by their mutual agreement, or if unable to agree, by the actuary hereinafter designated.
   Establishment of retirement program.

Terms Used In Michigan Laws 38.373

  • Board of education: means the board of education of the city of Detroit. See Michigan Laws 38.371
  • Board of governors: means the board of governors of Wayne state university. See Michigan Laws 38.371
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Retirement commission: means the retirement commission of the employee retirement system of the school district of the city of Detroit. See Michigan Laws 38.371
  • Retirement system: means the employee retirement system of the school district of the city of Detroit created and established by chapter 2 of Act No. See Michigan Laws 38.371
  • Wayne service: means creditable service of an employee of the board of education who has been transferred to Wayne state university and includes creditable service prior to such transfer and service as an employee of the board of governors of Wayne state university thereafter. See Michigan Laws 38.371
   In fulfillment of the obligations herein placed on it, the board of governors shall provide a retirement program with benefits for Wayne service prior to July 1, 1958, substantially equal to those provided in chapter 2 of Act No. 136 of the Public Acts of 1945, as amended, to June 30, 1956, or in the alternative the board of governors at its option shall provide total benefits at termination of employment substantially equal to those which would have been payable had the entire Wayne service been under the provisions of the aforesaid act and the retirement system which it established. Wayne service after July 1, 1958, shall be counted towards fulfillment of conditions applicable to the period of employment required for the vesting of rights and benefits under the provisions of said act.
  Previous section
Next section  
 Act 78 of 1958 Contents