MI HB5421

Amends the Public Employee Health Care Fund Investment Act to define terms related to bankruptcy trusts, including "bankruptcy trust," "bankruptcy trust beneficiary," "board of trustees," and "investment fiduciary."

Grants appointing authorities the ability to remove bankruptcy trust trustees without cause after providing 30 days' notice, or immediately for incompetence, dereliction of duty, malfeasance, misfeasance, nonfeasance, or other good cause.

Requires bankruptcy trust boards of trustees to meet at least quarterly, conduct business at public meetings complying with the Open Meetings Act, and prepare annual summary reports on administrative expenditures and board member conference expenses.

Makes board writings subject to the Freedom of Information Act and allows board members to decline compensation from the bankruptcy trust, subject to plan provisions.

Specifies that bankruptcy trust plans for adjustment control in any conflict with the Public Employee Health Care Fund Investment Act, and takes effect immediately.