Mich. Comp. Laws § 38.2801
Short title.
This act shall be known and may be cited as the "protecting local government retirement and benefits act".
Michigan Compiled Laws — PROTECTING LOCAL GOVERNMENT RETIREMENT AND BENEFITS ACT (Act 202 of 2017)
Michigan · statute · 202 of 2017, Mich. Comp. Laws · 11 active provisions
Mich. Comp. Laws § 38.2802
Legislature findings and declarations.
The legislature finds and declares that this act is intended to reflect the July 2017 Report of Findings and Recommendations for Action of the Responsible Retirement Reform for Local Government Task Force.
Mich. Comp. Laws § 38.2803
Definitions.
As used in this act: (a) "Annual report" means the most recent audited financial statement reporting a local unit of government's liability for retirement pension benefits and retirement health benefits as determined under applicable government accounting standards of the Governmental Accounting Standards Board. (b) "A…
Mich. Comp. Laws § 38.2804
Retirement health benefit offered by local unit of government; requirements; "summary retiree health care report" defined.
(1) Beginning July 1, 2018, if a local unit of government offers or provides an employee of the local unit of government, or a former employee first employed by the local unit of government before the effective date of this act, with a retirement health benefit, all of the following apply to the local unit of governmen…
Mich. Comp. Laws § 38.2805
State treasurer; establishment of uniform actuarial assumptions of retirement systems; evaluation system; review and oversight of underfunded local unit of government; determination; calculation of funded ratios by local governmental unit; report; posting on website.
(1) For purposes of reporting under this section, the state treasurer shall annually establish uniform actuarial assumptions of retirement systems that include, but are not limited to, investment returns, salary increase rates, mortality tables, discount rates, and health care inflation. (2) The state treasurer shall c…
Mich. Comp. Laws § 38.2806
Underfunded status; waiver; duties of state treasurer if local unit of government not granted waiver.
(1) To apply for a waiver of the underfunded status determination under section 5, the local unit of government's administrative officer and governing body must approve a plan demonstrating the underfunded status is being addressed and must approve the waiver application. The state treasurer shall issue a waiver of the…
Mich. Comp. Laws § 38.2807
Municipal stability board; creation; powers, duties, and functions; membership; appointment by governor; qualifications; terms; vacancy; chairperson; quorum; meetings; bylaws; contract for professional services; travel and expenses; ethics policy; oath of office; "professional services" defined.
(1) The municipal stability board is created within the department of treasury. Except as otherwise provided in this act, the board shall exercise its powers, duties, and functions independently of the state treasurer. The budgeting, procurement, and related management functions of the board must be performed under the…
Mich. Comp. Laws § 38.2808
Development of corrective action plan; list of best practices and strategies.
The board shall review and annually update a list of best practices and strategies that will assist an underfunded local unit of government in developing a corrective action plan.
Mich. Comp. Laws § 38.2809
Corrective action plan; development and submission for approval.
An underfunded local unit of government shall develop and submit for approval a corrective action plan for the local unit of government. The local unit of government shall determine the components of the corrective action plan.
Mich. Comp. Laws § 38.2810
Corrective action plan; review and approval by board; inclusion of corrective options and additional solutions; disapproval; notification and report; implementation of plan; monitor and certification of compliance; contents of plan.
(1) The board shall review and vote on the approval of a corrective action plan submitted by a local unit of government. A local unit of government that is in underfunded status shall submit a corrective action plan to the board within 180 days after the determination of underfunded status. The board may extend the 180…
Mich. Comp. Laws § 38.2812
Board as state board; members as state officers; presumption of validity; court jurisdiction; department of treasury as party.
(1) The board is a state board and its members are state officers for the purposes of section 6419 of the revised judicature act of 1961, 1961 PA 236, MCL 600.6419. (2) The validity of the board is conclusively presumed unless questioned in an original action filed in the court of claims within 60 days after the effect…