HOUSE BILL No. 6038
September 15, 1998, Introduced by Rep. Profit and referred to the Committee on Public Retirement. A bill to amend 1957 PA 261, entitled "Michigan legislative retirement system act," (MCL 38.1001 to 38.1080) by adding section 55a. THE PEOPLE OF THE STATE OF MICHIGAN ENACT: 1 SEC. 55A. SUBJECT TO THIS SECTION, A QUALIFIED INDIVIDUAL 2 MAY BECOME A DEFERRED VESTED MEMBER ELIGIBLE TO RETIRE WITH A 3 RETIREMENT ALLOWANCE PAYABLE UNDER THIS ACT. BEFORE JANUARY 1, 4 1999, A QUALIFIED INDIVIDUAL MAY APPLY IN WRITING TO THE RETIRE- 5 MENT SYSTEM FOR A REINSTATEMENT AS CREDITED SERVICE OF SERVICE 6 PREVIOUSLY PERFORMED AS A LEGISLATOR. BEFORE SERVICE CREDIT IS 7 REINSTATED UNDER THIS SECTION, THE QUALIFIED INDIVIDUAL SHALL PAY 8 TO THE RETIREMENT SYSTEM AN AMOUNT EQUAL TO THE FULL AMOUNT OF 9 EMPLOYER AND EMPLOYEE CONTRIBUTIONS THAT WOULD HAVE BEEN 10 CONTRIBUTED TO THE RETIREMENT SYSTEM FOR THE SERVICE UNDER THIS 11 ACT TOGETHER WITH INTEREST AT A RATE DETERMINED BY THE RETIREMENT 06792'98 KKR 2 1 BOARD. AN INDIVIDUAL IS A QUALIFIED INDIVIDUAL UNDER THIS 2 SECTION IF ALL OF THE FOLLOWING REQUIREMENTS ARE MET: 3 (A) THE INDIVIDUAL IS A FORMER LEGISLATOR WHO ELECTED NOT TO 4 PARTICIPATE IN THE RETIREMENT SYSTEM UNDER SECTION 18 OR IS A 5 FORMER MEMBER WHO RECEIVED A REFUND OF CONTRIBUTIONS UNDER SEC- 6 TION 55. 7 (B) THE INDIVIDUAL SERVED 6 OR MORE YEARS AS A LEGISLATOR OR 8 HAD 6 OR MORE YEARS OF SERVICE CREDIT UNDER THIS ACT BEFORE LEAV- 9 ING SERVICE. 06792'98 Final page. KKR