Mich. Comp. Laws § 38.2215
This is the official text of Mich. Comp. Laws § 38.2215, 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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Determination of actuarial cost; establishing method; calculation.
Official statutory text
Sec. 215.
The retirement board and the department shall establish the method of determining the actuarial cost. The actuary shall calculate the actuarial cost based upon the product of the following elements:
A percentage that when multiplied by a member's compensation results in the average actuarial present value of the additional benefits resulting from the crediting of 1 additional year of service. The percentage may vary because of the member's age, credited service, or plan member classification or the retirement allowance beneficiary's age.
A member's compensation.
The number of years and fraction of a year of service a member elects to purchase up to the maximum, if any.
History: 1992, Act 234, Eff. Mar. 31, 1993
The retirement board and the department shall establish the method of determining the actuarial cost. The actuary shall calculate the actuarial cost based upon the product of the following elements:
A percentage that when multiplied by a member's compensation results in the average actuarial present value of the additional benefits resulting from the crediting of 1 additional year of service. The percentage may vary because of the member's age, credited service, or plan member classification or the retirement allowance beneficiary's age.
A member's compensation.
The number of years and fraction of a year of service a member elects to purchase up to the maximum, if any.
History: 1992, Act 234, Eff. Mar. 31, 1993
Status: in_force · Read it on the official government site
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