MI HB5692

Amends the Public Library Employees Retirement System Act to clarify that library boards must apply to the local legislative body to establish and submit a detailed retirement system plan for approval.

Requires the retirement system plan to enumerate employee classes, fix annual retirement allowance amounts, establish years of service requirements, specify retirement age, and define disability criteria.

Establishes a retirement fund trustees body consisting of 5 members: 2 elected by staff, 2 appointed by the local legislative body, and the library board's presiding officer serving ex-officio, with 4-year terms.

Requires retirement fund investments to be limited to securities legal for savings banks and mandates trustees to adopt bylaws consistent with the Michigan Constitution and state law.

Requires a competent actuary to certify that the retirement system is actuarially sound and to provide annual reports and valuations to ensure the fund maintains sound financial and actuarial status.

Ties retirement health benefits coverage to the Michigan Health Benefits Program Act and subjects such coverage to Section 21 of that act.

Does not take effect unless Senate Bill No. ____ or House Bill No. 5345 is enacted into law.