Section 38.40 - Allowances, benefits, and other rights; exemption from taxation; subject to public employee retirement benefit protection law. - Michigan Statutes

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

38.40 Allowances, benefits, and other rights; exemption from taxation; subject to public employee retirement benefit protection law.

Sec. 40.

The right of a person to a pension, an annuity, a retirement allowance, any optional benefit, any other right accrued or accruing to any person under the provisions of this act, the various funds created by this act, and all money and investments and income of the funds, are exempt from any state, county, municipal, or other local tax. The right of a person to a pension, an annuity, a retirement allowance, any optional benefit, any other right accrued or accruing to any person under the provisions of this act, the various funds created by this act, and all money and investments and income of the funds is subject to the public employee retirement benefit protection act.

History: 1943, Act 240, Eff. July 30, 1943 ;-- CL 1948, 38.40 ;-- Am. 1985, Act 35, Imd. Eff. June 13, 1985 ;-- Am. 1991, Act 48, Imd. Eff. June 27, 1991 ;-- Am. 2002, Act 99, Imd. Eff. Mar. 27, 2002