Michigan Const. art. IX, § 24

Michigan Constitution

Article IX, § 24 — Public pension plans and retirement systems, obligation

Michigan Const. art. IX, § 24 (Public pension plans and retirement systems, obligation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

JurisdictionMichigan DocumentConstitution

ArticleIX

Section§ 24

CitationMichigan Const. art. IX, § 24

Bluebook

Mich. Const. art. IX, § 24.

Full Text

Sec. 24. The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired thereby. Financial benefits, annual funding. Financial benefits arising on account of service rendered in each fiscal year shall be funded during that year and such funding shall not be used for financing unfunded accrued liabilities.

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Sec. 24. The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired thereby. Financial benefits, annual funding. Financial benefits arising on account of service rendered in each fiscal year shall be funded during that year and such funding shall not be used for financing unfunded accrued liabilities.

History

History: Const. 1963, Art. IX, § 24, Eff. Jan. 1, 1964.