Section 38.2747 – Correction of Error by Trustees.
38.2747 Correction of error by trustees. Sec. 17. If a change or error in any records of the trust results in a member, past member, or his or her dependent paying into or receiving from the trust more or less than the member, past member, or his or her dependent should have paid or would […]
Section 38.2732b – Definitions; R to V.
38.2732b Definitions; R to V. Sec. 2b. (1) “Retirement act” means 1 or more of the following: (a) The state employees’ retirement act, 1943 PA 240, MCL 38.1 to 38.69. (b) The public school employees retirement act of 1979, 1980 PA 300, MCL 38.1301 to 38.1437. (c) The judges retirement act of 1992, 1992 PA […]
Section 38.2801 – Short Title.
38.2801 Short title. Sec. 1. This act shall be known and may be cited as the “protecting local government retirement and benefits act”. History: 2017, Act 202, Imd. Eff. Dec. 20, 2017
Section 38.2733 – Irrevocable Trust; Authorization; Creation; Establishment; Governing Board of Each Retirement System as Grantor; Members of Retirement System Board as Trustees; Deposits; Distributions; Funding Account; Preparation of Annual Financial Statements; Establishment and Maintenance of Health Reimbursement Accounts; Separate Prefunding Account.
38.2733 Irrevocable trust; authorization; creation; establishment; governing board of each retirement system as grantor; members of retirement system board as trustees; deposits; distributions; funding account; preparation of annual financial statements; establishment and maintenance of health reimbursement accounts; separate prefunding account. Sec. 3. (1) One irrevocable trust is authorized and created by this act for each […]
Section 38.2802 – Legislature Findings and Declarations.
38.2802 Legislature findings and declarations. Sec. 2. 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. History: 2017, Act 202, Imd. Eff. Dec. 20, 2017
Section 38.2734 – Assets as Irrevocable.
38.2734 Assets as irrevocable. Sec. 4. (1) Except as otherwise provided in this section and sections 8 and 17, assets contributed to the irrevocable trust are irrevocable and may not be refused, refunded, or returned to the employer or employee making the contribution. (2) To the extent permitted under state and federal law, voluntary contributions […]
Section 38.2735 – Assets; Use; Limitation.
38.2735 Assets; use; limitation. Sec. 5. The assets of the irrevocable trust are to be used solely to perform this essential function of state government. The trust shall only provide retirement health care benefits as provided under this act and pay fees and expenses for the administrative costs in carrying out this essential governmental function. […]
Section 38.2736 – Assets Not Subject to Certain Processes of Law.
38.2736 Assets not subject to certain processes of law. Sec. 6. The assets of the irrevocable trust and the ability of a member or past member of a retirement system to receive retirement health care benefits shall not be subject to execution, garnishment, attachment, the operation of bankruptcy or insolvency laws, or other process of […]
Section 38.2737 – Assets; Diversion for Other Purposes Prohibited.
38.2737 Assets; diversion for other purposes prohibited. Sec. 7. The assets of the irrevocable trust shall be used exclusively for the benefit of past members and their funding account dependents and shall not be diverted for a purpose other than the payment of retirement health care benefits and the administrative costs of providing such benefits. […]
Section 38.2738 – Remaining Trust Assets; Dissolution; Distribution; Remaining Health Reimbursement Account Assets.
38.2738 Remaining trust assets; dissolution; distribution; remaining health reimbursement account assets. Sec. 8. (1) Any assets remaining in the funding account after all payments for eligible retirement health care benefits have been paid and all other liabilities of the trust have been satisfied shall be distributed to this state or other employers within the applicable […]