Mich. Comp. Laws § 38.1053
This is the official text of Mich. Comp. Laws § 38.1053, 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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Vested interest in refunds; payment of member contributions; discharge of claims.
Official statutory text
Sec. 53.
Each member shall, by virtue of the payment of the member contributions required to be paid to the retirement system, receive a vested interest in the refunds provided in section 55, and each member in consideration of the vested interest shall be considered to have agreed to, and authorized the deductions from the payments of salary of all contributions payable to the retirement system pursuant to this act.
Payment of salary as prescribed by law, less the amounts of contributions provided in this act shall, together with the special vested rights in the refunds provided by this retirement system, be a full complete discharge of all claims of payments for service rendered by a member during the period covered by the payment.
History: 1957, Act 261, Eff. Sept. 27, 1957; Am. 1981, Act 123, Imd. Eff. July 23, 1981
Each member shall, by virtue of the payment of the member contributions required to be paid to the retirement system, receive a vested interest in the refunds provided in section 55, and each member in consideration of the vested interest shall be considered to have agreed to, and authorized the deductions from the payments of salary of all contributions payable to the retirement system pursuant to this act.
Payment of salary as prescribed by law, less the amounts of contributions provided in this act shall, together with the special vested rights in the refunds provided by this retirement system, be a full complete discharge of all claims of payments for service rendered by a member during the period covered by the payment.
History: 1957, Act 261, Eff. Sept. 27, 1957; Am. 1981, Act 123, Imd. Eff. July 23, 1981
Status: in_force · Read it on the official government site
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