MI HB5547

Eliminates the annual 4% compounded increase in retirement allowances for Michigan legislative members who first became members on or before January 1, 1995.

Eliminates the annual January 1 increase (equal to 4% of the initial retirement allowance) for members who first became members after January 1, 1995.

Eliminates pro rata increase provisions for retirement allowances that begin after January 1 of the preceding calendar year.

Freezes all retirement allowance increases effective upon passage of the bill, preventing future cost-of-living adjustments under the Michigan Legislative Retirement System.