MICHIGAN LEGISLATIVE RETIREMENT SYSTEM ACT (EXCERPT)
Act 261 of 1957
38.1050a Grants and insurance revolving fund; creation; purpose; expenditures; payments to fund by payroll deductions; purchase and payment of premiums on life insurance policies.
(1) The grants and insurance revolving fund is created in the state treasury as a separate fund, into which shall be paid legislative grants, earnings from the fund, payments by or on behalf of members, and revenue from other sources accepted by the board. Money appropriated to the grants and insurance revolving fund shall not revert to the general fund at the close of the fiscal year but shall remain in the grants and insurance revolving fund. The legislative grants in the grants and insurance revolving fund shall not be expended except upon express direction of the legislature; but all other money in the grants and insurance revolving fund may be expended for the purposes and in the manner provided in this section.
(2) Except as otherwise provided in this subsection, beginning with salary received that is attributable to service performed on and after January 1, 1995, each legislator or member shall pay a sum equal to 0.5% of salary to the grants and insurance revolving fund to be eligible for the benefits provided in this section. The sum shall be collected by payroll deductions in the manner prescribed in this act. Beginning on the effective date of section 36a, member contributions required under this subsection are suspended unless reinstated by the board under section 36a.
(3) The board shall self-insure or shall purchase and pay the premiums on a life insurance policy or policies to provide life insurance death or other benefits for retirants, deferred vested members, and the spouses, eligible children, or eligible beneficiaries of retirants and deferred vested members from the amounts paid pursuant to subsection (2) for this purpose to the grants and insurance revolving fund. Life insurance benefits provided on June 23, 1987 shall not be diminished due to the amendments to this section by 1987 PA 58.
History: Add. 1968, Act 229, Eff. July 1, 1968
Am. 1970, Act 237, Eff. Jan. 1, 1971
Am. 1974, Act 215, Eff. Dec. 31, 1974
Am. 1978, Act 560, Imd. Eff. Dec. 27, 1978
Am. 1981, Act 123, Imd. Eff. July 23, 1981
Am. 1981, Act 185, Imd. Eff. Dec. 23, 1981
Am. 1987, Act 58, Imd. Eff. June 23, 1987
Am. 1994, Act 359, Eff. Dec. 31, 1994
Am. 1998, Act 80, Imd. Eff. May 4, 1998
Am. 1998, Act 501, Imd. Eff. Jan. 5, 1999
© 2015 Legislative Council, State of Michigan