Michigan Laws 38.383 – Optional retirement program; establishment; participation of eligible employees, terms and conditions
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Terms Used In Michigan Laws 38.383
- Board of control: means the board charged with policy direction of a state supported institution of higher education. See Michigan Laws 38.382
- Eligible employees: means the members of the faculty and administrative staff of state supported institutions of higher education on a full-time basis whose positions require the performance of professional services in the discharge of the educational or administrative functions of the institution. See Michigan Laws 38.382
- Optional retirement program: means a system of retirement benefits established as a part of the plan of compensation for eligible teaching and administrative personnel. See Michigan Laws 38.382
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
An optional retirement program for eligible employees of state supported institutions of higher education is established. A board of control shall make the program available to all eligible employees in the component institutions, agencies and units subject to its control. Eligible employees may participate in the program, subject to such rules as may be prescribed by the board of control for its institution including provisions for classification and terms and conditions on which employees may participate.