Michigan Laws 38.552 – Retirement board; powers and duties
Current as of: 2023 | Check for updates
|
Other versions
The retirement board created under this act shall perform the following:
(1) Make rules and regulations necessary to the proper conduct of the business of the retirement system.
Terms Used In Michigan Laws 38.552
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
- Municipality: includes a county, township, charter township, city, or incorporated village. See Michigan Laws 38.557
(2) Retain legal, medical, actuarial, clerical, or other services as may be necessary for the conduct of the affairs of the retirement system and make compensations for the services retained.
(3) Cause amounts as established by law to be deducted from the salaries of active members of the retirement system and be paid into the treasury of the retirement system.
(4) Certify to the governing body of the city, village, or municipality the amount to be contributed by the city, village, or municipality as provided in this act.
(5) Cause the examination of each disability pensioner or beneficiary less than 55 years of age to be made at least once a year for the first 5 years following the pensioner’s retirement, and at least once each 3 years after the 5 year period, until the pensioner has reached 55 years of age.
(6) Keep records of its meetings and proceedings. The board shall hold meetings at least once each month. The business which the retirement board may perform shall be conducted at a public meeting of the board held in compliance with Act No. 267 of the Public Acts of 1976, being section 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date, and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976. A writing prepared, owned, used, in the possession of, or retained by the board in the performance of an official function shall be made available to the public in compliance with Act No. 442 of the Public Acts of 1976, being section 15.231 to 15.246 of the Michigan Compiled Laws.
(7) The board shall annually elect a president and secretary from among its members.
(8) Disburse the pensions and other benefits payable under this act.
(9) A member of the board shall not receive additional compensation for services as a board member.