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ACT NO. 68

(H.503)

State Employees; Teachers; Probate Judges; Deferred Compensation Plan

This act increases the minimum retirement allowance for beneficiaries of both the state employees' and teachers' retirement systems, makes probate judges members of group D (the group for members of the judiciary), provides for deferral of income taxes on the payroll contributions of state employees to the retirement system, and grants service credit to certain state employees for service prior to 1978. The act also adds language to the state's deferred compensation plan to make it clear that employee contributions to the plan are held in trust by the state.

Effective Date: March 1, 1998