Michigan Administrative Code
Department - Technology Management and Budget
Public School Employees' Retirement Board
General Rules
Part 1 - GENERAL PROVISIONS
Section R. 38.1127 - Final average compensation
Current through Vol. 24-16, September 15, 2024
Rule 127.
(1) Compensation means the remuneration received by a member, as defined in the act, and includes items of an economic value as specifically fixed by the retirement board. Only if the kind of remuneration or item of economic value received by a member is specifically authorized by either the retirement statute or by the retirement board shall it be included in computing the member's final average compensation.
(2) All payments to a member, or made on the member's behalf, recognizable as compensation which were made under the noncontributory plan, but which were not reported to the retirement system at the time the payment was made, shall be verified from official reporting unit records and certified by the president and secretary of the board of control. The respective contribution shall be the responsibility of the reporting unit and is subject to penalties and interest as determined by the retirement board and statute.
