Mich. Const. art. IX, § 24

Publicpensionplansandretirementsystems,obligation. 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 diminishedorimpairedthereby. Financialbenefits,annualfunding. Financialbenefitsarisingonaccountofservicerenderedineachfiscalyearshallbefunded duringthatyearandsuchfundingshallnotbeusedforfinancingunfundedaccruedliabilities. History: Const.1963,Art.IX,§24,Eff.Jan.1,1964.