Mich. Comp. Laws § 38.1054
This is the official text of Mich. Comp. Laws § 38.1054, 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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Payments as obligations of state; disposition of revenues.
Official statutory text
Sec. 54.
It is the intention of the legislature that the payment of the required state contributions, all benefits granted under this system, and all expenses in connection with the administration and operation of the retirement system are made obligations of the state.
All revenue derived from deposits and investments authorized by this act shall be credited to the account of this system in the state treasury and shall be used to pay benefits and costs of administration as provided in this act.
History: 1957, Act 261, Eff. Sept. 27, 1957; Am. 1974, Act 215, Eff. Dec. 31, 1974; Am. 1994, Act 359, Eff. Dec. 31, 1994
It is the intention of the legislature that the payment of the required state contributions, all benefits granted under this system, and all expenses in connection with the administration and operation of the retirement system are made obligations of the state.
All revenue derived from deposits and investments authorized by this act shall be credited to the account of this system in the state treasury and shall be used to pay benefits and costs of administration as provided in this act.
History: 1957, Act 261, Eff. Sept. 27, 1957; Am. 1974, Act 215, Eff. Dec. 31, 1974; Am. 1994, Act 359, Eff. Dec. 31, 1994
Status: in_force · Read it on the official government site
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