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 38.2802 – 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 38.2803 – Definitions.
38.2803 Definitions. Sec. 3. 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) “Annual required contribution” means the sum of […]
Section 38.2804 – Retirement Health Benefit Offered by Local Unit of Government; Requirements; “Summary Retiree Health Care Report” Defined.
38.2804 Retirement health benefit offered by local unit of government; requirements; “summary retiree health care report” defined. Sec. 4. (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 […]
Section 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.
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. Sec. 5. (1) For purposes of reporting under this section, the state treasurer shall annually establish uniform actuarial assumptions of […]
Section 38.2806 – Underfunded Status; Waiver; Duties of State Treasurer if Local Unit of Government Not Granted Waiver.
38.2806 Underfunded status; waiver; duties of state treasurer if local unit of government not granted waiver. Sec. 6. (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 […]
Section 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.
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. Sec. 7. (1) The municipal stability board is created within the department of treasury. Except as otherwise provided in this […]
Section 38.2808 – Development of Corrective Action Plan; List of Best Practices and Strategies.
38.2808 Development of corrective action plan; list of best practices and strategies. Sec. 8. 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. History: 2017, Act 202, Imd. Eff. Dec. 20, 2017
Section 38.2809 – Corrective Action Plan; Development and Submission for Approval.
38.2809 Corrective action plan; development and submission for approval. Sec. 9. 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. History: 2017, Act 202, Imd. Eff. Dec. 20, […]
Section 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.
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. Sec. 10. (1) The board shall review and vote on the approval of a corrective action plan submitted by a local unit of government. […]
Section 38.2812 – Board as State Board; Members as State Officers; Presumption of Validity; Court Jurisdiction; Department of Treasury as Party.
38.2812 Board as state board; members as state officers; presumption of validity; court jurisdiction; department of treasury as party. Sec. 12. (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 […]