Section 38.2744 – Taxation of Assets and Income; Exemption.
38.2744 Taxation of assets and income; exemption. Sec. 14. All assets and income of the trusts shall be exempt from taxation by this state or any political subdivision of this state. Except as otherwise provided in section 4(2), distributions from the trusts shall not be treated as taxable income to the past members, their health […]
Section 38.2732 – Definitions; D to H.
38.2732 Definitions; D to H. Sec. 2. (1) “Department” means the department of technology, management, and budget. (2) “Employer contributions” means the amount transferred by an employer to a funding account or a health reimbursement account. (3) “Funding account” means an account created pursuant to section 3(6) for the deposit of funds and payment of […]
Section 38.2745 – Trustee; Exception From Certain Responsibilities; Indemnification.
38.2745 Trustee; exception from certain responsibilities; indemnification. Sec. 15. (1) A trustee shall not be any of the following: (a) Personally liable for any liability, loss, or expense suffered by the trust, unless the liability, loss, or expense arises out of or results from the willful misconduct or intentional wrongdoing of the trustee. (b) Responsible […]
Section 38.2732a – Definitions; M to P.
38.2732a Definitions; M to P. Sec. 2a. (1) “Mandatory contributions” means mandatory amounts contributed by a participating member, which amounts, to the extent permitted by applicable law, are treated as a salary increase that has been foregone by the participating member or a permanent reduction in a participating member’s compensation, with such amounts being contributed […]
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 […]