The Public School Employees Retirement Act Of 1979 (Excerpt) Act 300 Of 1980


Published: 2015

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THE PUBLIC SCHOOL EMPLOYEES RETIREMENT ACT OF 1979 (EXCERPT)
Act 300 of 1980

38.1403 Percentage increase to monthly retirement allowance payable under former provisions; continuation.

Sec. 103.

(1) The percentage increase to the monthly retirement allowance payable to a retirant or retirement allowance beneficiary under section 27d of chapter I or section 25a of chapter II of former Act No. 136 of the Public Acts of 1945, is continued as provided in this section.

(2) After June 30, 1974, the monthly retirement allowance payable to a retirant or retirement allowance beneficiary who was on the rolls for June, 1973, is supplemented as follows:

Effective Date of Retirement

 

Increase



July 1, 1972, to June 30, 1973

1%



July 1, 1971, to June 30, 1972

2%



July 1, 1970, to June 30, 1971

3%



July 1, 1969, to June 30, 1970

4%



July 1, 1968, to June 30, 1969

5%



July 1, 1967, to June 30, 1968

6%



July 1, 1966, to June 30, 1967

7%



July 1, 1965, to June 30, 1966

8%



July 1, 1964, to June 30, 1965

9%



July 1, 1963, to June 30, 1964

10%



July 1, 1962, to June 30, 1963

11%



July 1, 1961, to June 30, 1962

12%



July 1, 1960, to June 30, 1961

13%



July 1, 1959, to June 30, 1960

14%



July 1, 1958, to June 30, 1959

15%



July 1, 1957, to June 30, 1958

16%



July 1, 1956, to June 30, 1957

17%






History: 1980, Act 300, Imd. Eff. Oct. 31, 1980

;--

Am. 1985, Act 91, Imd. Eff. July 10, 1985
Compiler's Notes: Act 136 of 1945, referred to in this section, was repealed by Act 300 of 1980.
Popular Name: Act 300

© 2015 Legislative Council, State of Michigan