Mich. Comp. Laws § 38.1025
This is the official text of Mich. Comp. Laws § 38.1025, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
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Retirement system as trust; board as fiduciary; nonapplicability to Tier 2 retirement plan.
Official statutory text
Sec. 25.
The retirement system shall be construed to be a trust, separate from all other entities, maintained for the purpose of securing payment of benefits to the members, deferred vested members, retirants, and their survivors and beneficiaries as provided in this act.
The board is the fiduciary of the retirement system with the authority to control and manage the operation and administration of the retirement system in the manner provided by this act.
This section does not apply to the Tier 2 retirement plan.
History: 1957, Act 261, Eff. Sept. 27, 1957; Am. 1981, Act 123, Imd. Eff. July 23, 1981; Am. 1994, Act 359, Eff. Dec. 31, 1994; Am. 1996, Act 486, Eff. Mar. 31, 1997
The retirement system shall be construed to be a trust, separate from all other entities, maintained for the purpose of securing payment of benefits to the members, deferred vested members, retirants, and their survivors and beneficiaries as provided in this act.
The board is the fiduciary of the retirement system with the authority to control and manage the operation and administration of the retirement system in the manner provided by this act.
This section does not apply to the Tier 2 retirement plan.
History: 1957, Act 261, Eff. Sept. 27, 1957; Am. 1981, Act 123, Imd. Eff. July 23, 1981; Am. 1994, Act 359, Eff. Dec. 31, 1994; Am. 1996, Act 486, Eff. Mar. 31, 1997
Status: in_force · Read it on the official government site
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