Mich. Comp. Laws § 38.2101
Short title.
This act shall be known and may be cited as "the judges retirement act of 1992".
Michigan Compiled Laws — THE JUDGES RETIREMENT ACT OF 1992 (Act 234 of 1992)
Michigan · statute · 234 of 1992, Mich. Comp. Laws · 89 active provisions
Mich. Comp. Laws § 38.2102
Meanings of words and phrases.
For the purposes of this act, the words and phrases defined in this article have the meanings ascribed to them in those sections.
Mich. Comp. Laws § 38.2103
Definitions; A.
(1) "Accumulated contributions" means the balance standing to the member's credit in the reserve for member contributions. The balance includes member contributions and interest attributable to those contributions. (2) "Active duty" means full-time duty in the armed forces other than active duty that is exclusively for…
Mich. Comp. Laws § 38.2104
Definitions; C, D.
(1) "Compensation" means 1 of the following: (a) For a plan 1 member or plan 2 member, the salary paid by this state. (b) For a plan 3 member, the salary paid by this state, except that for a plan 3 member who is a judge of the recorder's court of the city of Detroit, compensation means an amount equal to the salary pa…
Mich. Comp. Laws § 38.2105
Definitions; E, F.
(1) Beginning January 1, 2002, except as otherwise provided in this subsection, "eligible retirement plan" means 1 or more of the following: (a) An individual retirement account described in section 408(a) of the internal revenue code, 26 USC 408. (b) An individual retirement annuity described in section 408(b) of the…
Mich. Comp. Laws § 38.2106
Definitions; I to M.
(1) "Interest" means the rate or rates of interest per annum, compounded annually, as determined by the retirement board. (2) "Internal revenue code" means the United States internal revenue code of 1986. (3) "Judge" means a duly elected or appointed justice of the supreme court, judge of the court of appeals, judge of…
Mich. Comp. Laws § 38.2107
Definitions; O.
(1) "Option A beneficiary" means the retirement allowance beneficiary designated by the member under section 506(1)(a). (2) "Option B beneficiary" means the retirement allowance beneficiary designated by the member under section 506(1)(b). (3) "Other public service" means any of the following services performed within…
Mich. Comp. Laws § 38.2108
Definitions; P.
(1) "Plan 1 member" means a member or vested former member who is or was the governor, lieutenant governor, secretary of state, attorney general, or legislative auditor general. (2) "Plan 2 member" means a member or vested former member who is or was the constitutional court administrator, a justice of the supreme cour…
Mich. Comp. Laws § 38.2109
Definitions; R.
(1) "Refund beneficiary" means 1 or more persons whom the member, vested former member, or retirant nominates under section 405 for the purpose of being paid accumulated contributions in the event of the death of the member, vested former member, or retirant if a retirement allowance is not payable to a retirement allo…
Mich. Comp. Laws § 38.2110
Definitions; S.
(1) "Salary standardization payment" means the amount of money payable by this state to a county, a city, or a district control unit for supplemental salary paid to a judge, a portion of which a plan 3 member may convert under section 504 as additional compensation for the purpose of calculating a retirement allowance…
Mich. Comp. Laws § 38.2110a
“Tier 1” and “Tier 2” defined.
(1) "Tier 1" means the retirement plan available under this act to a member who first became a judge or state official before March 31, 1997 and who does not elect to become a qualified participant of Tier 2. (2) "Tier 2" means the retirement plan established pursuant to the internal revenue code that is available to q…
Mich. Comp. Laws § 38.2111
Definitions; V.
"Vested former member" means a member who is entitled to a deferred vested service retirement allowance under section 502.
Mich. Comp. Laws § 38.2201
Michigan judges retirement system; creation; purpose.
The Michigan judges retirement system is created for judges and state officials.
Mich. Comp. Laws § 38.2202
Michigan judges retirement board; creation within department; membership; terms; vacancy; compensation and expenses.
(1) The Michigan judges retirement board is created in the department. The retirement board consists of the following 5 retirement board members: (a) The state treasurer. (b) The attorney general. (c) One judge who is a member of the retirement system appointed by the governor with the advice and consent of the senate.…
Mich. Comp. Laws § 38.2203
Retirement board member; oath; quorum; unexcused absences; election of chairperson and vice chairperson.
(1) Each appointed retirement board member, before assuming office, shall take an oath of office. An appointed retirement board member shall immediately file the oath of office with the secretary of state. A retirement board member is a trustee of the retirement system. (2) A majority of the retirement board constitute…
Mich. Comp. Laws § 38.2204
Retirement board; duties pursuant to MCL 16.101 to 16.608; rules; conducting business at public meeting; writings available to public.
(1) The retirement board has the rights, authority, and discretion in the proper discharge of retirement board duties pursuant to the executive organization act of 1965, Act No. 380 of the Public Acts of 1965, being sections 16.101 to 16.608 of the Michigan Compiled Laws. (2) The retirement board may promulgate rules p…
Mich. Comp. Laws § 38.2205
Management functions; director of bureau of retirement systems as executive secretary; employees.
The department shall be responsible for the budgeting, procurement, and related management functions of the retirement system. The director of the bureau of retirement systems in the department is the executive secretary of the retirement system. The executive secretary, with department approval, shall employ the servi…
Mich. Comp. Laws § 38.2206
State treasurer as treasurer of retirement system; authority; duties.
(1) The state treasurer is the treasurer of the retirement system. The state treasurer has investment authority, including the custodianship of the funds of the retirement system, and has fiduciary responsibility with regard to the investment of funds of the retirement system. The state treasurer shall invest the funds…
Mich. Comp. Laws § 38.2207
Attorney general as retirement board attorney.
The attorney general is the legal adviser to the retirement board and shall act as the retirement board's attorney. The attorney general shall represent the retirement board in all litigation to which the retirement board is a party.
Mich. Comp. Laws § 38.2208
Administration of retirement system.
The retirement system shall draw its warrants upon the state treasury, payable out of funds of the retirement system, for the payment of retirement allowances, accumulated contributions, and the payment of salaries and other expenses necessary in the administration of the retirement system.
Mich. Comp. Laws § 38.2209
Annual report.
The retirement system shall prepare an annual report for each fiscal year. The annual report shall contain information regarding the financial, actuarial, and other activities of the retirement system during the fiscal year. The retirement system shall furnish a copy of the annual report to the governor, the legislatur…
Mich. Comp. Laws § 38.2210
Reserve for member contributions.
The reserve for member contributions is created. The retirement system shall deposit contributions from the compensation of members, and other member payments as provided in this act, except member contributions for health benefits as provided in section 305, in the reserve for member contributions. The retirement syst…
Mich. Comp. Laws § 38.2211
Reserve for employer contributions.
The reserve for employer contributions is created. The retirement system shall credit to the reserve for employer contributions all court fees, late fees, and interest payments received pursuant to section 304; state appropriations received pursuant to section 302; and employer contributions received under section 303.…
Mich. Comp. Laws § 38.2212
Reserve for retirement benefits.
The reserve for retirement benefits is created. The retirement system shall pay all retirement allowances and residual accumulated contributions of deceased retirees from the reserve for retirement benefits. The retirement system shall credit to the reserve for retirement benefits a member's accumulated contributions a…
Mich. Comp. Laws § 38.2213
Reserve for investment income.
(1) The reserve for investment income is created. The state treasurer shall credit to the reserve for investment income all interest, dividends, and other income from the investment of retirement system assets except for those of the reserve for health benefits created under section 214. The retirement system shall cre…
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