Sec. 25. (1) The retirement system shall be construed to be a trust, separate from all other entities, maintained for the purpose of securing payment of benefits to the members, deferred vested members, retirants, and their survivors and beneficiaries as provided in this act. (2) The board is the fiduciary of the retirement system with the authority to control and manage the operation and administration of the retirement system in the manner provided by this act. (3) This section does not apply to the Tier 2 retirement plan.
Mich. Comp. Laws § 38.1025
Retirement system as trust; board as fiduciary; nonapplicability to Tier 2 retirement plan
1957, Act 261, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.