Bill Text: MI HB4480 | 2011-2012 | 96th Legislature | Chaptered
Bill Title: Retirement; state employees; tax exemption for pensions; eliminate. Amends sec. 40 of 1943 PA 240 (MCL 38.40).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2011-05-26 - Assigned Pa 41'11 With Immediate Effect [HB4480 Detail]
Download: Michigan-2011-HB4480-Chaptered.html
Act No. 41
Public Acts of 2011
Approved by the Governor
May 25, 2011
Filed with the Secretary of State
May 25, 2011
EFFECTIVE DATE: May 25, 2011
STATE OF MICHIGAN
96TH LEGISLATURE
REGULAR SESSION OF 2011
Introduced by Rep. Gilbert
ENROLLED HOUSE BILL No. 4480
AN ACT to amend 1943 PA 240, entitled “An act to provide for a state employees’ retirement system; to create a state employees’ retirement board and prescribe its powers and duties; to establish certain funds in connection with the retirement system; to require contributions to the retirement system by and on behalf of members and participants of the retirement system; to create certain accounts and provide for expenditures from those accounts; to prescribe the powers and duties of certain state and local officers and employees and certain state departments and agencies; to prescribe and make appropriations for the retirement system; and to prescribe penalties and provide remedies,” by amending section 40 (MCL 38.40), as amended by 2002 PA 99.
The People of the State of Michigan enact:
Sec. 40. (1) Except as otherwise provided in this section, the right of a person to a pension, an annuity, a retirement allowance, and any optional benefit and any other right accrued or accruing to any person under the provisions of this act, the various funds created by this act, and all money and investments and income of the funds are exempt from any state, county, municipal, or other local tax.
(2) Beginning January 1, 2012, the right of a person to a pension, an annuity, a retirement allowance, and any optional benefit, and any other right accrued or accruing to any person under the provisions of this act, is subject to state tax upon distribution to the person from the various funds created by this act.
(3) The right of a person to a pension, an annuity, a retirement allowance, any optional benefit, any other right accrued or accruing to any person under the provisions of this act, the various funds created by this act, and all money and investments and income of the funds is subject to the public employee retirement benefit protection act, 2002 PA 100, MCL 38.1681 to 38.1689.
This act is ordered to take immediate effect.
Clerk of the House of Representatives
Secretary of the Senate
Approved
Governor
