July 28, 2010, Introduced by Senator PRUSI and referred to the Committee on Appropriations.
A bill to amend 1986 PA 182, entitled
"State police retirement act of 1986,"
(MCL 38.1601 to 38.1648) by adding section 40c.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 40c. (1) The monthly retirement allowance payable to a
retirant who meets the requirements of this section or a retirement
allowance beneficiary of a deceased retirant or member is increased
by $300.00 per month. This section only applies to a retirant or
retirement allowance beneficiary of a deceased retirant or member
who meets both of the following requirements:
(a) The retirant's or deceased retirant's effective date of
retirement was before October 1, 1986 or the retirement allowance
effective date for the retirement allowance beneficiary of the
deceased member was before October 1, 1986.
(b) The retirant or retirement allowance beneficiary was in
payment status on the rolls of the retirement system on or before
the effective date of the amendatory act that added this section.
(2) The increased retirement allowance under this section
shall be the basis upon which future adjustments to the retirement
allowance are calculated.