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Determination of actuarial cost; establishing method; calculation.

MCL 38.2215
in effect
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38.2215. Determination of actuarial cost; establishing method; calculation. Sec. 215. The retirement board and the department shall establish the method of determining the actuarial cost. The actuary shall calculate the actuarial cost based upon the product of the following elements: (a) A percentage that when multiplied by a member's compensation 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 the member's age, credited service, or plan member classification or the retirement allowance beneficiary's age. (b) A member's compensation. (c) The number of years and fraction of a year of service a member elects to purchase up to the maximum, if any. 1992, Act 234, Eff. Mar. 31, 1993
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-38-2215Fetched: 10/20/2026

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