Michigan Laws 38.374 – Separation of employees from Detroit school district employees retirement system; actuarial determination of credits and debits of board of governors and retirement commission
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A determination shall be made by the actuary for the legislative retirement system provided in section 39 and 46 of Act No. 261 of the Public Acts of 1957, being section 38.1039 and 38.1040 of the Compiled Laws of 1948, of the respective rights and the liabilities as to each other of the board of governors and the retirement commission out of the separation of the employees of the board of governors from the employees’ retirement system. The respective debits and credits shall be determined as follows:
(a) The board of governors shall be debited and the retirement commission shall be credited with the amounts paid and the actuarily determined liability for the amounts to be paid as retirement benefits to the persons included in section 2, giving due allowance for the annuity deposits of the employees included in section 2.
Terms Used In Michigan Laws 38.374
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of governors: means the board of governors of Wayne state university. See Michigan Laws 38.371
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
(b) The board of governors shall be credited and the retirement commission shall be debited with the normal and supplemental annuity deposits to the credit of the employees included in section 3.
(c) The board of governors shall be credited and the retirement commission shall be debited with such portion of the assets of the retirement commission, exclusive of the normal and supplemental annuity deposits, held by it as shall equitably represent the interest of the employees included in section 2 and 3, having in mind the source of the funds, the method of payment authorized by section 5, and the interests and equities of all persons in the retirement system, all as of July 1, 1956.