47 chapters · 822 sections in this title.
Mich. Comp. Laws § 38.69 Exemptions from taxation; subject to public employee retirement benefit protection law; right of setoff to recover overpayments; satisfaction of claims arising from embezzlement or fraud; correction of errors in records and actions.
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Sec. 69. (1) Distributions from employer contributions made pursuant to section 63(2) and (3) and earnings on those employer contributions, and distributions from employee contributions made pursuant to section 63(3) and earnings on those employee contributions, are exempt from a…
Mich. Comp. Laws § 38.7 Retirement system; actuarial valuation of assets and liabilities; investigation of mortality, service, and compensation of members.
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Sec. 7. The retirement board shall collect and keep in convenient form such data as shall be necessary for an actuarial valuation of the assets and liabilities of the retirement system; and for making an actuarial investigation into the mortality, service, compensation, and other…
Mich. Comp. Laws § 38.8 Administrative board; investment of funds, purchase of life insurance or annuity, deposits.
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Sec. 8. (a) The members of the retirement board shall be the trustees of the several funds created by this act. The board may invest and reinvest the funds of the system subject to terms and restrictions imposed by law upon a domestic life insurance company in this state in makin…
Mich. Comp. Laws § 38.9 State treasurer as custodian of retirement system funds; powers and duties.
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Sec. 9. (1) All bonds or other obligations purchased according to section 8 shall be placed in the hands of the state treasurer, who is hereby designated as custodian of the bonds or other obligations, and it shall be his or her duty to collect the principal and the interest on t…