MI HB5982

Amends the Municipal Employees Retirement Act of 1984 to allow the retirement board to establish all retirement system provisions affecting benefit eligibility, contribution amounts, and municipal/court participation after the system's "certification date."

Permits the retirement board to adopt additional benefit programs including defined contribution, ancillary benefits, health and welfare benefits, and other postemployment benefit programs, with initial provisions materially matching those in effect before certification.

Grants the retirement board full authority to employ professional services (actuarial, investment, legal, accounting) with complete control of procurement, independent from state procurement rules.

Creates temporary board expansion provision: when a distressed municipality with over $2 billion in pension assets joins the system, adds 2 transition members for a single 2-year period, with increased quorum and voting requirements (6 members) during that transition.

Makes retirement board employees non-state employees, requires annual actuarial valuations and audits, and mandates annual reports to the governor and legislature; takes effect only if HB 5976 is enacted.