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MI SB1144
Bill
Status
11/13/2014
Primary Sponsor
Dave Hildenbrand
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AI Summary
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Amends the Public School Employees Retirement Act of 1979 to allow certain retirants to purchase service credit for university employment.
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Permits individuals who became retirants between January 31, 1988 and December 31, 1989 to purchase service credit for undergraduate employment at universities listed under the definition of "public school employee," until July 1, 2015.
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Eligible employment includes teaching, research, academic advising, administration, library work, or other academic/educational positions as determined by the retirement board.
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Requires retirants purchasing service credit to pay the actuarial cost and have the purchase followed by at least 5 years of reporting unit service credit.
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Mandates recomputation of monthly retirement allowance based on additional purchased service credit, effective the first day of the month following payment receipt by the retirement system.
Legislative Description
Retirement; public school employees; certain retirants' purchase of service credit for service performed at certain university reporting units; allow. Amends sec. 64 of 1980 PA 300 (MCL 38.1364).
Retirement, public school employees
Last Action
Referred To Committee On Reforms, Restructuring And Reinventing
11/13/2014