Bill Text: MI HB6537 | 2019-2020 | 100th Legislature | Introduced
Bill Title: Retirement: public school employees; definition of bona fide termination; provide for. Amends sec. 3 of 1980 PA 300 (MCL 38.1303).
Spectrum: Partisan Bill (Democrat 13-0)
Status: (Introduced - Dead) 2020-12-21 - Bill Electronically Reproduced 12/21/2020 [HB6537 Detail]
Download: Michigan-2019-HB6537-Introduced.html
HOUSE BILL NO. 6537
December 17, 2020, Introduced by Reps.
Gay-Dagnogo, Jones, Sneller, Cherry, Yancey, Guerra, Hood, Camilleri,
Brenda Carter, Garrett, Kuppa, Cynthia Neeley and Stone and referred to the
Committee on Education.
A bill to amend 1980 PA 300, entitled
"The public school employees retirement act of 1979,"
by amending section 3 (MCL 38.1303), as amended by 1989 PA 194.
the people of the state of michigan enact:
Sec. 3. (1)
"Accumulated contributions" means 1 or more of the following:
(a) The amounts credited to a member's individual subaccount
in the reserve for employee contributions plus regular interest on those
amounts.
(b) The amounts credited to a member's individual subaccount
in the reserve for member investment plan plus compound interest on those
amounts.
(2) "Active duty" means full-time duty in the armed
forces other than active duty which that is exclusively for training purposes.
(3) "Actuarial cost" means an amount that shall be paid, a member must pay, except as otherwise specifically
provided by this act, by a member to
purchase additional service credit as allowed under this act. Actuarial cost shall must
be computed as provided in section 79.
(4) "Armed forces" means the United States army, navy, marine corps, air force, and coast
guard, Army, Navy, Marine Corps, Air
Force, and Coast Guard, including the reserve components.
(5) "Bona fide termination" means that a member terminated employment in good faith, with honesty, and without any intent to return to a position covered by this act within the same month as the individual's retirement allowance effective date.
