MI HB5725

Establishes the Municipal Employees Retirement System as a public corporation independent of the state executive branch on a certification date, with a 9-member retirement board including 2 appointed members, 1 retiree member, 3 officer members, and 3 employee members.

Grants the retirement board full authority to determine benefit eligibility, contribution amounts, benefit programs, and investment management of retirement system assets without state interference after the certification date.

Allows participating municipalities by majority vote to revoke their election to participate in the retirement system or change benefit programs and contribution requirements for all or specific groups of employees.

Requires municipalities that revoke participation or change coverage to hire an actuary to analyze contribution requirements and select from generally accepted actuarial methods, with the retirement system paying the actuarial analysis cost from plan assets.

Prohibits the retirement system from requiring municipalities that revoke participation to enroll in alternative retirement plans administered by the system as a condition of withdrawal.