MI SB1144

Eliminates the $300 annual cap on retirement allowance increases for state employees, allowing increases to be based on 3% of the retirement allowance without a maximum limit.

Changes grammatical language throughout the statute from "shall" to "must" and updates phrasing for clarity and modern legislative drafting standards.

Removes the reference to October 1, 1988 as the mandatory start date for retirement allowance increases, allowing increases to begin on the first October 1 that is at least 12 months after the retirement allowance effective date.

Clarifies the 8% assumed interest rate and discount rate used by the retirement system's actuary in determining the present value of retirement allowances.

Makes minor technical corrections including replacing "upon" with "on" and "prior to" with "before" for consistency with current legislative language.