MI HB5690

Amends the Municipal Employees Retirement Act of 1984 to establish a retirement board that operates as a public corporation independent from the state executive branch after a "certification date."

Grants the retirement board authority to determine benefit eligibility, contribution amounts, and retirement system provisions while maintaining defined benefit plan structure at the time of certification.

Establishes a 9-member board consisting of 2 appointed members with retirement systems expertise, 1 retiree member, 3 municipal/court officers, and 3 employees, with 5-member quorum and 5 votes required for board decisions.

Authorizes the board to employ a chief executive officer and professional services including actuarial, investment, legal, and accounting services with complete procurement control.

Requires annual actuarial valuations, audits by certified public accountants, and annual reports to the governor and legislature; board members serve 3-year terms without compensation but receive expense reimbursement.

Takes effect only if House Bill No. 5345 of the 95th Legislature is enacted into law.