Section 38.20h Supplemental Payments for Retirants or Retirement Allowance Beneficiaries With Retirement Allowance Effective Date Before October 1, 1986; Future Adjustments.

MI Comp L § 38.20h (2019) (N/A)

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Sec. 20h.

(1) Effective October 1, 1987, the monthly retirement allowance payable to a retirant or retirement allowance beneficiary whose retirement allowance effective date was before October 1, 1986, as recalculated pursuant to section 19(2) and 20(6), is supplemented as follows:

(2) The recalculated retirement allowance shall be the basis on which future adjustments to the allowance are calculated.

(3) The supplement provided by this section shall be calculated pursuant to subsection (1), shall be based on the amount of retirement allowance that would have been paid without application of section 20(2) if the member made the election permitted under section 20(2), and shall be paid by January 1, 1988. The retirement allowance of a retirant who dies before January 1, 1988 and who has not nominated a retirement allowance beneficiary pursuant to section 31 shall not be supplemented pursuant to this section.

(4) In the case of a member who retired pursuant to section 19a, the calculation of the supplement provided by this section shall not include the benefits received under section 19a(2) or (3).

History: Add. 1987, Act 57, Imd. Eff. June 23, 1987 ;-- Am. 1987, Act 241, Imd. Eff. Dec. 28, 1987

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Section 38.20g Determining Rate of Investment Return on Retirement System Assets and Present Value of Retirement Allowances; Calculation and Reduction of Distribution Income; Crediting Distribution Units to Retirant or Retirement Allowance Beneficiary; Calculation and Payment of Distribution Amount; Effect of Death; Increase in Retirement Allowance; Computation of Cumulative Increase Amount; Supplemental Payment.

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Section 38.20i Supplement.