MI HB5550

Reduces the Michigan Legislative Retirement System board of trustees from 11 members to 10 members.

Eliminates the position of one deferred vested member appointed by the speaker of the house and one by the senate majority leader.

Replaces the eliminated deferred vested member positions with two representatives of the general public—one appointed by the speaker of the house and one by the senate majority leader.

Eliminates the Tier 2 participant board member position (the participant must be a former member of Tier 1).

Board members serving on January 1, 2012 continue serving for the remainder of their terms, with new appointments following the modified structure as vacancies occur.