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MICHIGAN STATUTES AND CODES
Article IX § 24 - Public pension plans and retirement systems, obligation.
STATE CONSTITUTION (EXCERPT)
CONSTITUTION OF MICHIGAN OF 1963
§ 24 Public pension plans and retirement systems, obligation.
CONSTITUTION OF MICHIGAN OF 1963
§ 24 Public pension plans and retirement systems, obligation.
Sec. 24.
The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired thereby.
Financial benefits arising on account of service rendered in each fiscal year shall be funded during that year and such funding shall not be used for financing unfunded accrued liabilities.
History: Const. 1963, Art. IX, § 24, Eff. Jan. 1, 1964
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