Michigan § 38.705 Reserve fund and annuities; tax exemption; subject to taxation beginning January 1, 2012.

Michigan Statutes

§ 38.705 — Reserve fund and annuities; tax exemption; subject to taxation beginning January 1, 2012.

Michigan § 38.705

Ch. 38CIVIL SERVICE AND RETIREMENT

Act 339 of 1927CITY LIBRARY EMPLOYEES' RETIREMENT SYSTEM (38.701-38.706)

This text of Michigan § 38.705 (Reserve fund and annuities; tax exemption; subject to taxation beginning January 1, 2012.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 38.705 (2026).

Text

CITY LIBRARY EMPLOYEES' RETIREMENT SYSTEM (EXCERPT) Act 339 of 1927 38.705 Reserve fund and annuities; tax exemption; subject to taxation beginning January 1, 2012. Sec. 5.

(1)Except as otherwise provided in this section, if a system of retiring allowances is adopted under this act, the reserve fund created is exempt from all state, county, township, city, village, and school district taxes and the annuities payable to the members of the staff are exempt from all state, county, township, city, village, and school district taxes.

(2)Beginning January 1, 2012, the annuities payable to the members of the staff are subject to state taxes.

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CITY LIBRARY EMPLOYEES' RETIREMENT SYSTEM (EXCERPT) Act 339 of 1927 38.705 Reserve fund and annuities; tax exemption; subject to taxation beginning January 1, 2012. Sec. 5. (1) Except as otherwise provided in this section, if a system of retiring allowances is adopted under this act, the reserve fund created is exempt from all state, county, township, city, village, and school district taxes and the annuities payable to the members of the staff are exempt from all state, county, township, city, village, and school district taxes. (2) Beginning January 1, 2012, the annuities payable to the members of the staff are subject to state taxes.