§ 38.841 Definitions
§ 38.842 Computing retirement benefits for judge employed by local unit of government
§ 38.843 Conditional effective date; adoption of resolutions by city of Detroit and county of Wayne assuming responsibility for expenses; effect of action
§ 38.844 Conditional effective date
§ 38.845 Effective date
§ 38.846 Sum of salary or compensation figure used for determining retirement benefit and final salary of probate court judge not to exceed total annual judicial salary at retirement

Terms Used In Michigan Laws > Chapter 38 > Act 443 of 1980 - Calculation of Retirement Benefits by Local Units of Government

  • Academic year: means the period from September 1 of a calendar year to August 31 of the next calendar year. See Michigan Laws 390.1242
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amortization: Paying off a loan by regular installments.
  • 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.
  • Annuity: means an annuity that is an insurance product under state law that is individually solicited, whether the product is classified as an individual or group annuity. See Michigan Laws 500.4151
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authority: means the Michigan higher education student loan authority created by section 3. See Michigan Laws 390.1152
  • Authority: means the Michigan higher education assistance authority created by 1960 PA 77, MCL 390. See Michigan Laws 390.1182
  • Bank or storage facility: means a facility licensed, accredited, or approved under the laws of any state for storage of human bodies or physical parts of human bodies. See Michigan Laws 333.10201
  • 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
  • Board: means the board of directors of the Michigan strategic fund, except where the context clearly requires a different definition. See Michigan Laws 125.2004
  • Bonds: means the bonds authorized to be issued by the authority under this act, which may consist of bonds, notes, term loans, commercial paper, or other debt obligations evidencing an obligation to repay borrowed money and payable solely from revenues and other money pledged by the authority. See Michigan Laws 390.1152
  • borrower obligations: means loan notes and other debt obligations evidencing loans to students or parents of students that the authority may take, acquire, buy, sell, or indorse under this act and may include a direct or indirect interest in whole or part of the notes or obligations. See Michigan Laws 390.1152
  • Cash compensation: means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer or intermediary, or directly from the consumer. See Michigan Laws 500.4151
  • Child: means an individual who is a natural or adopted child of a deceased Michigan police officer or deceased Michigan fire fighter and who was under the age of 21 at the time of the Michigan police officer's or Michigan fire fighter's death. See Michigan Laws 390.1242
  • College: means a public institution of higher education in this state. See Michigan Laws 390.1231
  • Commissioner: means the director. See Michigan Laws 500.102
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consumer profile information: means information that is reasonably appropriate to determine whether a recommendation addresses the consumer's financial situation, insurance needs, and financial objectives, including, at a minimum, the following:
  (i) Age. See Michigan Laws 500.4151
  • Contract: means an agreement between a college and a foreign entity for the acquisition, by purchase, lease, or barter, of property or services for the direct benefit or use of either of the parties. See Michigan Laws 390.1231
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of management and budget. See Michigan Laws 390.1231
  • Department: means the department of treasury. See Michigan Laws 390.1242
  • Department: means the department of insurance and financial services. See Michigan Laws 500.102
  • Dependent: A person dependent for support upon another.
  • Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
  • Donor: The person who makes a gift.
  • Eligible costs: means tuition and fees charged by an eligible institution; related costs for room, board, books, supplies, transportation, or day care; and other costs determined by the authority. See Michigan Laws 390.1182
  • Eligible employment: means either of the following:
  •   (i) Teaching in a nursing program. See Michigan Laws 390.1182
  • Eligible institution: means an institution of higher education; a vocational school; or, with respect to students or their parents who are citizens or nationals of the United States, an institution outside the United States comparable to an institution of higher education or to a vocational school that is approved by the state board of education and by the United States secretary of education for purposes of the guaranteed loan program. See Michigan Laws 390.1152
  • Eligible institution: means a degree or certificate granting public or independent nonprofit college or university, junior college, or community college in this state. See Michigan Laws 390.1182
  • Eligible student: means a child or surviving spouse of a Michigan police officer or Michigan fire fighter who was or is killed in the line of duty. See Michigan Laws 390.1242
  • Eligible tuition: means the tuition charged by a state institution of higher education for an undergraduate class. See Michigan Laws 390.1242
  • environmental health: means the area of activity which deals with the protection of human health through the management, control, and prevention of environmental factors which may adversely affect the health of individuals. See Michigan Laws 333.12101
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal quarter: means a 3-month period ending on January 31, April 30, July 31, or October 31. See Michigan Laws 390.1231
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Forbearance: A means of handling a delinquent loan. A
  • Foreign entity: means a nonresident alien, a corporation, foundation, or association whose principal place of business is outside of the United States, a foreign government, an agency or subdivision of a foreign government, or an agent registered under the foreign agent's registration act, 22 U. See Michigan Laws 390.1231
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Fund: means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. See Michigan Laws 125.2004
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Gift aid: means formal scholarships or grants from sources that do not require repayment. See Michigan Laws 390.1242
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Grant: means a gift or donation of money or property, or any combination of these, which in any 1 year exceeds $100,000. See Michigan Laws 390.1231
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Insurance producer: means that term as defined in section 1201. See Michigan Laws 500.116
  • Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
  • Interest credits: means all interest that is credited to a deferred annuity contract. See Michigan Laws 500.4101
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Intermediary: means an entity contracted directly with an insurer or with another entity contracted with an insurer to facilitate the sale of the insurer's annuities by producers. See Michigan Laws 500.4151
  • Judge: means a judge of the district court, the circuit court, or the recorder's court of the city of Detroit, who has converted a portion of his or her state salary standardization payment as an addition to his or her state base salary under section 14a or 14c of Act No. See Michigan Laws 38.841
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Killed: means that the Michigan police officer's or Michigan fire fighter's death is the direct and proximate result of a traumatic injury incurred in the line of duty. See Michigan Laws 390.1242
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lender: means an institution of higher education, a vocational school, a state agency, or a financial or credit institution in this state which makes or has made loans for educational purposes. See Michigan Laws 390.1221
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensed practical nurse: means an individual licensed to engage in the practice of nursing as a licensed practical nurse as defined in section 17201 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 390.1182
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Line of duty: means an action that a Michigan police officer or Michigan fire fighter is obligated or authorized to perform by rule, regulation, condition of employment or service, or law, including, but not limited to, a social, ceremonial, or athletic function that the Michigan police officer or Michigan fire fighter is assigned to or compensated for by the public agency he or she serves. See Michigan Laws 390.1242
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Loan: means a loan of money for educational purposes to a person enrolled or accepted for enrollment at an institution of higher education or a vocational school in this state, which loan is insured, reinsured, subsidized, guaranteed, or made by the state or an agency thereof, or which is insured, reinsured, subsidized, or guaranteed by the United States government or an agency thereof. See Michigan Laws 390.1221
  • Local unit of government: means a county, city, township, or other political subdivision of this state which offers its employees a retirement plan in which a judge may be a member. See Michigan Laws 38.841
  • Material conflict of interest: means a financial interest of the producer in the sale of an annuity that a reasonable person would expect to influence the impartiality of a recommendation. See Michigan Laws 500.4151
  • MESBIC: means a small business investment company licensed under section 301(d) of the small business investment act of 1958, 15 U. See Michigan Laws 125.2061
  • Michigan fire fighter: means a member including volunteer members and members paid on call of a fire department, or other organization that provides fire suppression and other fire-related services, of a city, township, village, or county who is responsible for or is in a capacity that includes responsibility for the extinguishment of fires. See Michigan Laws 390.1242
  • Michigan police officer: means a sheriff or sheriff's deputy of a sheriff's department in this state; village or township marshal of a village or township in this state; officer of the police department of any city, village, or township in this state; officer of the Michigan state police; or any other police officer or law enforcement officer trained and licensed or certified under the Michigan commission on law enforcement standards act, 1965 PA 203, MCL 28. See Michigan Laws 390.1242
  • Minority: means a person who is black, hispanic, oriental, eskimo, or an American Indian. See Michigan Laws 125.2061
  • Minority venture capital company: means a business which makes investments solely in minority owned businesses. See Michigan Laws 125.2061
  • Modified guaranteed annuity: means a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. See Michigan Laws 500.4101
  • 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
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Noncash compensation: means a form of compensation that is not cash compensation, including, but not limited to, health insurance, office rent, office support, and retirement benefits. See Michigan Laws 500.4151
  • Nonguaranteed elements: means the premiums, credited interest rates, including any bonus, benefits, values, dividends, noninterest based credits, charges, or elements of formulas used to determine any of these, that are subject to company discretion and are not guaranteed at issue. See Michigan Laws 500.4151
  • Nursing program: means either of the following:
  •   (i) A program for the training of individuals to become registered nurses or licensed practical nurses operated in this state by an eligible institution and approved by the Michigan board of nursing. See Michigan Laws 390.1182
  • 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.
  • Occupational disease: means a disease that routinely constitutes a special hazard in, or is commonly regarded as concomitant of, the Michigan police officer's or Michigan fire fighter's occupation. See Michigan Laws 390.1242
  • Parent: means a biological or adoptive parent or legal guardian. See Michigan Laws 390.1152
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, profit or nonprofit corporation including a public or private college or university, public utility, municipality, local industrial development corporation, economic development corporation, other association of persons organized for agricultural, commercial, or industrial purposes, a lender, or any other entity approved by the board. See Michigan Laws 125.2004
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probate: Proving a will
  • producer: means insurance producer as defined in section 1201 and includes a business entity described in section 1205(2) that is licensed as an insurance producer under this act. See Michigan Laws 500.4151
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Quorum: The number of legislators that must be present to do business.
  • Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402
  • Recommendation: means advice provided by a producer to an individual consumer that was intended to result or does result in a purchase, exchange, or replacement of an annuity in accordance with that advice. See Michigan Laws 500.4151
  • Registered professional nurse: means that term as defined in section 17201 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 390.1182
  • replace: means a transaction in which a new annuity is to be purchased, and it is known or should be known to the proposing producer, or to the proposing insurer whether or not a producer is involved, that by reason of the transaction, an existing annuity or other insurance policy has been or is to be any of the following:
  •   (i) Lapsed, forfeited, surrendered or partially surrendered, assigned to the replacing insurer, or otherwise terminated. See Michigan Laws 500.4151
  • resolution: when used in relation to the issuance of bonds, means either the resolution or trust agreement securing the bonds. See Michigan Laws 390.1152
  • seal: shall be construed to include any of the following:
  •   (a) The impression of the seal on the paper alone. See Michigan Laws 8.3n
  • Separate account: means a separate account established pursuant to this chapter or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer. See Michigan Laws 500.4101
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
  • 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
  • State institution of higher education: means a public community or junior college established under section 7 of article VIII of the state constitution of 1963 or part 25 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1242
  • Student: means a person who is enrolled or accepted for enrollment at an eligible institution and who is making suitable progress in his or her education toward obtaining a degree or other appropriate certification in accordance with standards acceptable to the authority. See Michigan Laws 390.1152
  • Talent investment fund: means the talent investment fund as defined in section 8a. See Michigan Laws 390.1152
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Traumatic injury: means a wound or the condition of the body caused by external force, including, but not limited to, an injury inflicted by bullet, explosive, sharp instrument, blunt object or other physical blow, fire, smoke, chemical, electricity, climatic condition, infectious disease, radiation, or bacteria, but excluding an injury resulting from stress, strain, or occupational disease. See Michigan Laws 390.1242
  • Trustee: A person or institution holding and administering property in trust.
  • Undergraduate class: means a class or course that provides a student with academic credit applicable toward a bachelor or associate degree from a state institution of higher education. See Michigan Laws 390.1242
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o