MI HB6333

Establishes a 55% cap on defined benefit retirement benefits for township employees hired on or after October 1, 2010, calculated as a percentage of the employee's base pay on an annual basis.

Defines "base pay" as hourly pay rate up to 40 hours per week and 52 weeks per year, excluding overtime, sick leave, vacation time, bonuses, health insurance costs, and one-time lump-sum payments.

Grandfathers existing collective bargaining agreements and other binding agreements in effect on September 30, 2011, allowing those agreements to be paid in accordance with their terms until expiration or revision.

Authorizes townships to establish retirement systems, group insurance plans, prepayment plans, cafeteria plans, and annuities for elected and appointed officers and employees and their dependents.

Permits townships to deduct employee contributions from pay and allows employees to opt out of insurance coverage by providing written notice before becoming insured.