Section 38.20b - Increase in monthly retirement allowance; payment. - Michigan Statutes

STATE EMPLOYEES' RETIREMENT ACT (EXCERPT)
Act 240 of 1943

38.20b Increase in monthly retirement allowance; payment.

Sec. 20b.

(1) On July 1, 1972, the monthly retirement allowance payable to a retirant or beneficiary who is on the rolls for June, 1971, is increased as follows:

Effective Date of Retirement Percent of Increase August 1, 1970 to July 1, 1971 1 August 1, 1969 to July 1, 1970 2 August 1, 1968 to July 1, 1969 3 August 1, 1967 to July 1, 1968 4 August 1, 1966 to July 1, 1967 5 August 1, 1965 to July 1, 1966 6 August 1, 1964 to July 1, 1965 7 August 1, 1963 to July 1, 1964 8 August 1, 1962 to July 1, 1963 9 August 1, 1961 to July 1, 1962 10 August 1, 1960 to July 1, 1961 11 August 1, 1959 to July 1, 1960 12 August 1, 1958 to July 1, 1959 13 August 1, 1957 to July 1, 1958 14 July 1, 1956 to July 1, 1957 15 Any time before July 1, 1956 25

(2) The increases in retirement allowances authorized by this section shall be paid only from the excess of assets in the pension reserve fund which the legislature has been informed is sufficient to cover the increased costs involved without requiring any appropriation of state funds.

History: Add. 1971, Act 205, Eff. Mar. 30, 1972