June 22, 2005, Introduced by Senator KUIPERS 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 69f (MCL 38.1369f), as added by 1989 PA 194.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 69f. (1) A member may elect to purchase not more than 5
years of service credit less the number of years of service credit
purchased under sections 6(2)(c), (d), (e), and (f), 64(3), (4),
and
(5), 69a, 69b, and 69c(2), 69d, 69e, 74a, 74b, 77, and 78,
upon request and payment to the retirement system of the actuarial
cost. A member who becomes a member on or after July 1, 2005, shall
not purchase service credit under this section unless the member
has 15 years of service as a public school employee.
(2) Service credit purchased under this section may not be
used to satisfy the minimum of 10 years of service credit required
to receive a retirement allowance under this act.
(3) Service credit purchased under this section shall not be
used to satisfy the service credit requirement set forth in section
81(1)(a) for a retirement allowance paid prior to age 46 as
provided by section 43b(a).
(4) If a member who made payment for service under this
section dies and a retirement allowance is not payable, or if the
member withdraws from service and a retirement allowance is not
payable, the payment made by the member shall be refunded to the
member or to the member's refund beneficiary upon request.