Mich. Comp. Laws § 38.1211
Short title.
This act shall be known and may be cited as the "public employee health care fund investment act".
Michigan Compiled Laws — PUBLIC EMPLOYEE HEALTH CARE FUND INVESTMENT ACT (Act 149 of 1999)
Michigan · statute · 149 of 1999, Mich. Comp. Laws · 8 active provisions
Provisions
Mich. Comp. Laws § 38.1212
Definitions.
As used in this act: (a) "Bankruptcy trust" means a trust created by a court order, including a plan for adjustment. (b) "Bankruptcy trust beneficiary" means an individual who is eligible to receive health care benefits under a bankruptcy trust. (c) "Board of trustees" or "board" means the governing board of a bankrupt…
Mich. Comp. Laws § 38.1213
Establishment of public employee health care fund; resolution.
The legislative body of a public corporation may adopt a resolution establishing a public employee health care fund for the purpose of accumulating funds to provide for the funding of health care benefits to retirants and beneficiaries of retirants of the public corporation. Money for the payment of health care benefit…
Mich. Comp. Laws § 38.1214
Investment fiduciary; duties.
An investment fiduciary shall invest the assets of the fund in accordance with an investment policy adopted by the governing body of a public corporation and that complies with section 13 of the public employee retirement system investment act, 1965 PA 314, MCL 38.1133. However, the investment fiduciary shall discharge…
Mich. Comp. Laws § 38.1214a
Trustee of bankruptcy trust; service; removal; vacancy on board; meetings; business conducted at public meeting; publication of summary annual report on public website; "appointing authority" defined.
(1) A trustee of a bankruptcy trust serves at the pleasure of the appointing authority. The appointing authority may, after providing 30 days' notice to a trustee, remove the trustee without cause. The appointing authority may immediately remove a trustee for incompetence, dereliction of duty, malfeasance, misfeasance,…
Mich. Comp. Laws § 38.1214b
Compensation.
Subject to a plan for adjustment, if a bankruptcy trust provides for the compensation of the members of the board of trustees, a member of the board may decline compensation from the bankruptcy trust.
Mich. Comp. Laws § 38.1215
Investment of trust assets; resolution.
The legislative body of a public corporation may, by resolution, allow a trust to invest the assets of the trust in accordance with the public employee retirement system investment act, 1965 PA 314, MCL 38.1132 to 38.1140. The resolution shall include the following: (a) A statement of the authority under which the trus…
Mich. Comp. Laws § 38.1216
Actuarial review; report.
The investment fiduciary shall have an actuarial review of the fund or trust prepared at least every 5 years with assets valued on a market related basis. The investment fiduciary shall prepare and issue a summary annual report to the legislative body of the public corporation that established the fund or trust.