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MICHIGAN STATUTES AND CODES
Section 38.1328 - Summary of fiscal transactions; contents; description of retirement benefits.
Act 300 of 1980
38.1328 Summary of fiscal transactions; contents; description of retirement benefits.
Sec. 28.
(1) By April 15 of each year, the department shall furnish to the governor, the legislature, each retirement allowance recipient, and each member upon request a summary of the fiscal transactions of the retirement system for the last completed fiscal year. The summary shall contain at least the following information from the financial and actuarial statements:
(a) A statement of assets and liabilities.
(b) A statement of investments by, and amount earned in, each category.
(c) A statement of revenues and expenditures.
(d) Other information the department or the retirement board considers necessary.
(2) The department shall furnish sufficient copies of a description of retirement benefits under this act to each reporting unit for the purpose of distribution to each of its employees as often as the department considers necessary, but not less than once every 3 years. The description shall contain the information the department considers necessary.
History: 1980, Act 300, Imd. Eff. Oct. 31, 1980 ;-- Am. 1989, Act 194, Imd. Eff. Aug. 25, 1989
Popular Name: Act 300