Sec. 50a. (1) The grants and insurance revolving fund is created in the state treasury as
a separate fund, into which shall be paid legislative grants, earnings from the fund,
payments by or on behalf of members, and revenue from other sources accepted by the
board. Money appropriated to the grants and insurance revolving fund shall not revert
to the general fund at the close of the fiscal year but shall remain in the grants
and insurance revolving fund. The legislative grants in the grants and insurance revolving fund shall not be
expended except upon express direction of the legislature; but all other money in
the grants and insurance revolving fund may be expended for the purposes and in the
manner provided in this section.
(2) Except as otherwise provided in this subsection, beginning with salary received that is attributable to service performed on and after January
1, 1995, each legislator or member shall pay a sum equal to 0.5% of salary to the
grants and insurance revolving fund to be eligible for the benefits provided in this
section. The sum shall be collected by payroll deductions in the manner prescribed in this
act. Beginning on the effective date of section 36a, member contributions required under
this subsection are suspended unless reinstated by the board under section 36a.
(3) The board shall self-insure or shall purchase and pay the premiums on a life insurance
policy or policies to provide life insurance death or other benefits for retirants,
deferred vested members, and the spouses, eligible children, or eligible beneficiaries
of retirants and deferred vested members from the amounts paid pursuant to subsection
(2) for this purpose to the grants and insurance revolving fund. Life insurance benefits provided on June 23, 1987 shall not be diminished due to
the amendments to this section by 1987 PA 58.
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