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MI HB6334
Bill
Status
7/21/2010
Primary Sponsor
Douglas Geiss
Click for details
AI Summary
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Applies to municipal employees hired on or after October 1, 2010, limiting defined benefit retirement benefits to a maximum of 55% of base pay annually.
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Base pay is defined 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.
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Existing collective bargaining agreements or binding agreements in effect on September 30, 2010, remain enforceable according to their terms until expiration, revision, or renewal.
Legislative Description
Retirement; municipal employees; amount of defined benefit pension of municipal employees; limit as a percent of base pay. Amends 1984 PA 427 (MCL 38.1501 - 38.1555) by adding sec. 36b.
Retirement, municipal employees
Last Action
Printed Bill Filed 07/22/2010
7/28/2010