Mich. Comp. Laws § 38.1501
Short title.
This act shall be known and may be cited as the "municipal employees retirement act of 1984".
Michigan Compiled Laws — MUNICIPAL EMPLOYEES RETIREMENT ACT OF 1984 (Act 427 of 1984)
Michigan · statute · 427 of 1984, Mich. Comp. Laws · 10 active provisions
Mich. Comp. Laws § 38.1502
Meanings of words and phrases.
For the purposes of this act, the words and phrases defined in sections 2a to 2c have the meanings ascribed to them in those sections.
Mich. Comp. Laws § 38.1502a
Definitions; C to J.
(1) "Certification date" means August 15, 1996. (2) "Chief judge" means the chief judge of a judicial circuit court, a judicial district court, or a judicial probate court as provided in the revised judicature act of 1961, 1961 PA 236, MCL 600.101 to 600.9948. (3) "Governing body" means the representative legislative b…
Mich. Comp. Laws § 38.1502b
Definitions; M.
(1) "Member" means an individual who is included in the membership of the retirement system, as determined by the retirement board. (2) "Municipality" means 1 or more of the following: (a) A county, county road commission, city, village, or township. (b) A public corporation or instrumentality established by 1 or more…
Mich. Comp. Laws § 38.1502c
Definitions; P to V.
(1) "Participating court" means a judicial circuit court, a judicial district court, or a judicial probate court that has elected to be governed by the provisions of this act. (2) "Participating municipality" means a municipality that has elected to be governed by the provisions of this act. Two or more municipalities…
Mich. Comp. Laws § 38.1536
(1) A retirement board is created to administer this act. Before August 15, 1996, the retirement board shall operate within the department of management and budget. After August 14, 1996, the retirement system is a public corporation and does not operate within the executive branch of this state. (2) After August 14, 1…
Mich. Comp. Laws § 38.1539
Retirement board as trustees of money and other assets; investments; investment counsel; purpose of investments; discretionary authority.
(1) The retirement board shall be the trustees of the money and other assets of the retirement system. The board shall have full power and authority to invest and reinvest the money and other assets of the retirement system subject to all terms, conditions, limitations, and restrictions imposed on the investment of ass…
Mich. Comp. Laws § 38.1540
Prohibited conduct.
Members of the retirement board and employees of the retirement system are prohibited from: (a) Having any beneficial interest, direct or indirect, in any investment of the retirement system. (b) Being an endorser or obligor, or providing surety, for any money loaned to or borrowed from the retirement system. (c) Borro…
Mich. Comp. Laws § 38.1545
Annual meeting; selection of members to retirement board; transaction of business; notice of meeting; certification of delegates; conduct of election; nominating procedures; referendum.
(1) The retirement board shall call an annual meeting of the retirement system for the purpose of selecting members of the retirement board and the transaction of such other business as the retirement board determines. Notice of the annual meeting shall be sent to each participating municipality and participating court…
Mich. Comp. Laws § 38.1545b
Contested case hearing.
The retirement board shall provide for a hearing on written request of a person, participating court, or participating municipality aggrieved by a decision of the retirement system. The hearing under this section must be conducted as a contested case under chapter 4 of the administrative procedures act of 1969, 1969 PA…