Mich. Comp. Laws § 38.703
This is the official text of Mich. Comp. Laws § 38.703, 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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Approval of plan by legislative body; commencement.
Official statutory text
Sec. 3.
Upon the submission by said library board of a plan for a system of retiring allowances, the local legislative body shall take the same under consideration and shall then, in conference with said library board agree upon the details of said plan and if said plan so agreed upon differs from the one submitted, it shall, before adoption, be submitted to an actuary for report upon its financial and actuarial soundness and, if certified to be sound, may then be adopted. The plan shall then be put into operation at the beginning of the next fiscal year, unless an earlier date is agreed upon.
History: 1927, Act 339, Imd. Eff. June 1, 1927; CL 1929, 8111; CL 1948, 38.703
Upon the submission by said library board of a plan for a system of retiring allowances, the local legislative body shall take the same under consideration and shall then, in conference with said library board agree upon the details of said plan and if said plan so agreed upon differs from the one submitted, it shall, before adoption, be submitted to an actuary for report upon its financial and actuarial soundness and, if certified to be sound, may then be adopted. The plan shall then be put into operation at the beginning of the next fiscal year, unless an earlier date is agreed upon.
History: 1927, Act 339, Imd. Eff. June 1, 1927; CL 1929, 8111; CL 1948, 38.703
Status: in_force · Read it on the official government site
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