Section 38.1211 – Short Title.

38.1211 Short title. Sec. 1. This act shall be known and may be cited as the “public employee health care fund investment act”. History: 1999, Act 149, Imd. Eff. Nov. 1, 1999

Section 38.1212 – Definitions.

38.1212 Definitions. Sec. 2. 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 […]

Section 38.1213 – Establishment of Public Employee Health Care Fund; Resolution.

38.1213 Establishment of public employee health care fund; resolution. Sec. 3. 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 […]

Section 38.1214 – Investment Fiduciary; Duties.

38.1214 Investment fiduciary; duties. Sec. 4. 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 […]

Section 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.

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. Sec. 4a. (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 […]

Section 38.1214b – Compensation.

38.1214b Compensation. Sec. 4b. 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. History: Add. 2016, Act 557, Imd. Eff. Jan. 10, 2017 Compiler’s Notes: Enacting section 1 of Act […]

Section 38.1215 – Investment of Trust Assets; Resolution.

38.1215 Investment of trust assets; resolution. Sec. 5. 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 […]

Section 38.1216 – Actuarial Review; Report.

38.1216 Actuarial review; report. Sec. 6. 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 […]