MI SB0914

Changes contribution rate calculation methodology for public school employee retirement system by modifying actuarial valuation procedures under sections 41 and 41a of the Public School Employees Retirement Act.

Establishes separate contribution rate calculations for university reporting units versus non-university reporting units beginning in fiscal year 2014-2015, with universities' unfunded actuarial accrued liability amortized over a period ending September 30, 2036.

Caps combined contribution rates for university reporting units at 20.96% of payroll for pension and health benefits unfunded actuarial accrued liability.

Requires normal cost contribution rates to be calculated using individual projected benefit entry age normal cost method, with specific formulas for dividing unfunded actuarial accrued liabilities among reporting unit types.

Maintains 20.96% cap on unfunded actuarial accrued liability contribution rates for non-university reporting units, with any additional unfunded liability contributions paid from school aid fund appropriations beginning fiscal year 2014-2015.