LegalFix
Sign In

Section 38.1617 Reserve for Retired Benefit Payments; Transfer Between Reserve for Employer Contributions and Reserve for Retired Benefit Payments.

MI Comp L § 38.1617 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 17.

(1) The reserve for retired benefit payments is the account from which shall be paid all retirement allowances and residual refunds of accumulated contributions.

(2) At the end of each year in which a biennial actuarial valuation is prepared, the balance in the reserve for retired benefit payments shall be brought into balance with the actuarial present value of retirement allowances in payment status by a transfer between the reserve for employer contributions and the reserve for retired benefit payments. The pending transfer shall be taken into account by the actuary when making the next biennial actuarial valuation.

History: 1986, Act 182, Eff. Oct. 1, 1986

Previous Section
Section 38.1616 Reserve for Employer Contributions; Transfer of Accumulated Employer Contributions.
Next Section
Section 38.1618 Reserve for Casualty Experience; Initial Casualty Valuation as Determining Full Funding Reserve Requirements; Allocation From Assets; Retiree Casualty Payments; “Casualty” Defined.