Michigan § 38.1379 - Actuarial cost; recomputation.
Full text of Michigan Michigan Compiled Laws § 38.1379 — Actuarial cost; recomputation. , with citation guidance and answers to common questions.
§ 38.1379. Actuarial cost; recomputation.
Actuarial cost shall be equal to the product of subdivisions (a), (b), and (c):
A percentage, determined by the retirement board and the department, which when multiplied by a member's compensation, as determined under subdivision (b), results in the average actuarial present value of the additional benefits resulting from the crediting of 1 additional year of service. The percentage may vary because of age, credited service, or benefit coverage. An increase or decrease in the percentage under this subdivision shall not become effective before the expiration of 6 months or more after the retirement board notifies the reporting units of the increase or decrease.
A member's compensation. The member's compensation shall be the member's full-time or equated full-time compensation earned in the school fiscal year immediately before the school fiscal year in which the application to purchase and payment for the service are made. The compensation amount used shall not be less than the highest compensation previously earned by the member.
The number of years, including any fraction of a year, of credited service a member elects to purchase up to the maximum allowed.
If the compensation amount used for computing payment under this section exceeds the member's final average compensation determined at the time of retirement, the payment required under this section shall be recomputed using the member's final average compensation and a refund shall be made based upon the recomputation.
Frequently Asked Questions About Michigan § 38.1379
What does Michigan Compiled Laws § 38.1379 cover?
Section 38.1379 ("Actuarial cost; recomputation. ") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 38.1379?
A common citation format is "Michigan Compiled Laws § 38.1379" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 38.1379 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.