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Retirement allowance of retirant or retirement allowance beneficiary; increase; amount; limitation.

MCL 38.1640a
in effect
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38.1640a. Retirement allowance of retirant or retirement allowance beneficiary; increase; amount; limitation. Sec. 40a. (1) Effective October 1, 1996, after the retirant's or retirement allowance beneficiary's retirement allowance is increased under section 39a or 40, as applicable, a retirant or a retirement allowance beneficiary is entitled to have his or her retirement allowance increased as provided in this section. The retirement allowance of a retirant or retirement allowance beneficiary shall be increased each October 1, beginning with the later of October 1, 1995 or the first October 1 that is at least 12 months after the retirement allowance effective date. (2) The amount of the annual increase under this section shall be 2% of the retirement allowance that would be payable without application of this section. The annual increase under this section shall not exceed $500.00. Add. 1992, Act 139, Imd. Eff. July 15, 1992; Am. 1996, Act 201, Imd. Eff. May 17, 1996
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-38-1640aFetched: 10/20/2026

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