THE PUBLIC SCHOOL EMPLOYEES RETIREMENT ACT OF 1979 (EXCERPT)
Act 300 of 1980
38.1307 Definitions; R.
(1) “Refund beneficiary” means 1 or more persons whom the member or former member nominates in writing and files with the retirement system for the purpose of being paid accumulated contributions in the event of the death of the member or former member. If a valid nomination is not on file, the retirement board shall pay the accumulated contributions to the legal representative of the deceased member or deceased former member, if any, or to the estate of the deceased member or deceased former member.
(2) “Regular interest” means interest at 1 or more rates per annum determined by the retirement board and compounded annually.
(3) Except as otherwise provided in this subsection, “reporting unit” means a public school district, intermediate school district, public school academy, tax supported community or junior college, or university, or an agency having employees on its payroll who are members of this retirement system. The reporting unit shall be the employer for purposes of this act. On and after January 1, 1996, reporting unit does not include a university, except to the extent that university has employees on its payroll who are members of this retirement system.
(4) “Retirant” means a member who retires with a retirement allowance payable from reserves of the retirement system.
(5) “Retirement allowance” means a payment for life or a temporary period provided for in this act to which a retirant, retirement allowance beneficiary, or refund beneficiary is entitled.
(6) “Retirement allowance beneficiary” means a person who is being paid or has entitlement to the payment of a retirement allowance in the event of the death of a member, deferred member, or retirant.
(7) “Retirement board” means the board provided to administer this retirement system.
(8) “Retirement system” means the Michigan public school employees' retirement system provided for in this act.
History: 1980, Act 300, Imd. Eff. Oct. 31, 1980
Am. 1989, Act 194, Imd. Eff. Aug. 25, 1989
Am. 1993, Act 318, Imd. Eff. Dec. 31, 1993
Am. 1995, Act 272, Eff. Mar. 28, 1996
Popular Name: Act 300
© 2015 Legislative Council, State of Michigan