{"data":{"id":"us-mi/mich.-comp.-laws-380.1224","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 380.1224","heading":"Tax-deferred investments for employees; purchase; payroll allocations; ownership; rights nonforfeitable; liability for purchase; nondiscriminatory application of section; “tax-deferred investment” defined.","body":"Sec. 1224.\n\nAt the request of an employee and as part of the employee's compensation arrangement, the board of a school district may purchase a tax-deferred investment for an employee for retirement or other purposes and may make payroll allocations in accordance with the arrangement to pay for the tax-deferred investment. The allocation shall be made in a manner which will qualify all or part of the tax-deferred investment for the benefit afforded under the federal internal revenue code or other federal income tax law. The employee shall own the tax-deferred investment. The employee's rights under it shall be nonforfeitable except for failure to make required payments.\n\nThe board shall not have liability because of its purchase of tax-deferred investments for employees.\n\nThis section shall be applied in a nondiscriminatory manner to employees of the school district.\n\nAs used in this section, \"tax-deferred investment\" means an annuity contract, interest in a mutual fund, or other investment device that qualifies for deferral of federal income taxes under the federal internal revenue code or other federal income tax law.","path":["MI Code","Chapter 380","Act Act-451-of-1976"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-380-1224","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"71e76f88f08cf14447271df7270b3cfd665501f11a9de81f25e6df4eb6335b71","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-380.1223","next":"us-mi/mich.-comp.-laws-380.1225"},"notice":"GroundRules: Original legal text. Not legal advice."}