THE PUBLIC SCHOOL EMPLOYEES RETIREMENT ACT OF 1979 (EXCERPT) Act 300 of 1980
38.1343a Contributions of member to member investment plan; deduction and remittance as employer contributions; benefits; amount of contribution; election to make contributions; method and timing of payment; deposit of contributions.
Sec. 43a.
(1) The contributions of a member who contributes to the member investment plan shall be deducted by the employer and remitted as employer contributions to the retirement system pursuant to section 42. A member who contributes to the member investment plan is entitled to the benefits provided in sections 43b and 43c.
(2) Until December 31, 1989, a member who first became a member on or before December 31, 1989, and who elected or elects on or before December 31, 1989 to contribute to the member investment plan shall contribute 4% of the member's compensation to the member investment plan and beginning January 1, 1990 shall contribute 3.9% of the member's compensation to the member investment plan.
(3) On or before January 1, 1993, a member who first became a member on or before December 31, 1989, except as otherwise provided in subsection (4), and who did not elect to make contributions to the member investment plan, may irrevocably elect to make the contributions described in subsection (2). In addition to making the contributions required under subsection (2), a member who elects to make contributions to the member investment plan under this subsection shall make a contribution of 4% of the compensation received on or after January 1, 1987 to December 31, 1989, and 3.9% of the compensation received on or after January 1, 1990 to the date of the election, plus an amount equal to the compound interest that would have accumulated on those contributions as described in section 33, plus an amount equal to the net actuarial cost of the additional benefits attributable to service credited before January 1, 1987, as determined by the retirement board. The method and timing of payment by a member under this subsection shall be determined by the retirement board. The contributions made under this subsection shall be deposited into the reserve for employee contributions.
(4) A member who first became a member on or before December 31, 1986 but did not perform membership service between December 31, 1986 and January 1, 1990, and who returns to membership service on or after January 1, 1990 and before July 1, 2008 shall make the contributions described in subsection (7).
(5) A member who first became a member on or after January 1, 1990 and before July 1, 2008 shall make the contributions described in subsection (7).
(6) A member who first became a member on or after January 1, 1987 but before January 1, 1990 shall have 30 days from his or her first date of employment to irrevocably elect to make the contributions described in subsection (2).
(7) A member who first became a member on or after January 1, 1990 and before July 1, 2008 shall contribute the following amounts to the member investment plan:
Member's annual school fiscal Amount payable to the member year earned compensation investment plan Not over $5,000.00 3% of member's compensation Over $5,000.00 but not over $150.00, plus 3.6% of the $15,000.00 excess over $5,000.00 Over $15,000.00 $510.00, plus 4.3% of the excess over $15,000.00
(8) A member who first became a member on or after July 1, 2008 shall contribute the following amounts to the member investment plan:
Member's annual school Amount payable to the member fiscal year earned compensation investment plan Not over $5,000.00 3% of member's compensation Over $5,000.00 but not over $150.00, plus 3.6% of excess $15,000.00 over $5,000.00 Over $15,000.00 $510.00, plus 6.4% of the excess over $15,000.00
THE PUBLIC SCHOOL EMPLOYEES RETIREMENT ACT OF 1979 (EXCERPT) Act 300 of 1980
38.1343a Contributions of member to member investment plan; deduction and remittance as employer contributions; benefits; amount of contribution; election to make contributions; method and timing of payment; deposit of contributions.
Sec. 43a.
(1) The contributions of a member who contributes to the member investment plan shall be deducted by the employer and remitted as employer contributions to the retirement system pursuant to section 42. A member who contributes to the member investment plan is entitled to the benefits provided in sections 43b and 43c.
(2) Until December 31, 1989, a member who first became a member on or before December 31, 1989, and who elected or elects on or before December 31, 1989 to contribute to the member investment plan shall contribute 4% of the member's compensation to the member investment plan and beginning January 1, 1990 shall contribute 3.9% of the member's compensation to the member investment plan.
(3) On or before January 1, 1993, a member who first became a member on or before December 31, 1989, except as otherwise provided in subsection (4), and who did not elect to make contributions to the member investment plan, may irrevocably elect to make the contributions described in subsection (2). In addition to making the contributions required under subsection (2), a member who elects to make contributions to the member investment plan under this subsection shall make a contribution of 4% of the compensation received on or after January 1, 1987 to December 31, 1989, and 3.9% of the compensation received on or after January 1, 1990 to the date of the election, plus an amount equal to the compound interest that would have accumulated on those contributions as described in section 33, plus an amount equal to the net actuarial cost of the additional benefits attributable to service credited before January 1, 1987, as determined by the retirement board. The method and timing of payment by a member under this subsection shall be determined by the retirement board. The contributions made under this subsection shall be deposited into the reserve for employee contributions.
(4) A member who first became a member on or before December 31, 1986 but did not perform membership service between December 31, 1986 and January 1, 1990, and who returns to membership service on or after January 1, 1990 and before July 1, 2008 shall make the contributions described in subsection (7).
(5) A member who first became a member on or after January 1, 1990 and before July 1, 2008 shall make the contributions described in subsection (7).
(6) A member who first became a member on or after January 1, 1987 but before January 1, 1990 shall have 30 days from his or her first date of employment to irrevocably elect to make the contributions described in subsection (2).
(7) A member who first became a member on or after January 1, 1990 and before July 1, 2008 shall contribute the following amounts to the member investment plan:
Member's annual school fiscal Amount payable to the member year earned compensation investment plan Not over $5,000.00 3% of member's compensation Over $5,000.00 but not over $150.00, plus 3.6% of the $15,000.00 excess over $5,000.00 Over $15,000.00 $510.00, plus 4.3% of the excess over $15,000.00
(8) A member who first became a member on or after July 1, 2008 shall contribute the following amounts to the member investment plan:
Member's annual school Amount payable to the member fiscal year earned compensation investment plan Not over $5,000.00 3% of member's compensation Over $5,000.00 but not over $150.00, plus 3.6% of excess $15,000.00 over $5,000.00 Over $15,000.00 $510.00, plus 6.4% of the excess over $15,000.00
THE PUBLIC SCHOOL EMPLOYEES RETIREMENT ACT OF 1979 (EXCERPT) Act 300 of 1980
38.1343a Contributions of member to member investment plan; deduction and remittance as employer contributions; benefits; amount of contribution; election to make contributions; method and timing of payment; deposit of contributions.
Sec. 43a.
(1) The contributions of a member who contributes to the member investment plan shall be deducted by the employer and remitted as employer contributions to the retirement system pursuant to section 42. A member who contributes to the member investment plan is entitled to the benefits provided in sections 43b and 43c.
(2) Until December 31, 1989, a member who first became a member on or before December 31, 1989, and who elected or elects on or before December 31, 1989 to contribute to the member investment plan shall contribute 4% of the member's compensation to the member investment plan and beginning January 1, 1990 shall contribute 3.9% of the member's compensation to the member investment plan.
(3) On or before January 1, 1993, a member who first became a member on or before December 31, 1989, except as otherwise provided in subsection (4), and who did not elect to make contributions to the member investment plan, may irrevocably elect to make the contributions described in subsection (2). In addition to making the contributions required under subsection (2), a member who elects to make contributions to the member investment plan under this subsection shall make a contribution of 4% of the compensation received on or after January 1, 1987 to December 31, 1989, and 3.9% of the compensation received on or after January 1, 1990 to the date of the election, plus an amount equal to the compound interest that would have accumulated on those contributions as described in section 33, plus an amount equal to the net actuarial cost of the additional benefits attributable to service credited before January 1, 1987, as determined by the retirement board. The method and timing of payment by a member under this subsection shall be determined by the retirement board. The contributions made under this subsection shall be deposited into the reserve for employee contributions.
(4) A member who first became a member on or before December 31, 1986 but did not perform membership service between December 31, 1986 and January 1, 1990, and who returns to membership service on or after January 1, 1990 and before July 1, 2008 shall make the contributions described in subsection (7).
(5) A member who first became a member on or after January 1, 1990 and before July 1, 2008 shall make the contributions described in subsection (7).
(6) A member who first became a member on or after January 1, 1987 but before January 1, 1990 shall have 30 days from his or her first date of employment to irrevocably elect to make the contributions described in subsection (2).
(7) A member who first became a member on or after January 1, 1990 and before July 1, 2008 shall contribute the following amounts to the member investment plan:
Member's annual school fiscal Amount payable to the member year earned compensation investment plan Not over $5,000.00 3% of member's compensation Over $5,000.00 but not over $150.00, plus 3.6% of the $15,000.00 excess over $5,000.00 Over $15,000.00 $510.00, plus 4.3% of the excess over $15,000.00
(8) A member who first became a member on or after July 1, 2008 shall contribute the following amounts to the member investment plan:
Member's annual school Amount payable to the member fiscal year earned compensation investment plan Not over $5,000.00 3% of member's compensation Over $5,000.00 but not over $150.00, plus 3.6% of excess $15,000.00 over $5,000.00 Over $15,000.00 $510.00, plus 6.4% of the excess over $15,000.00
