MI HB6082

Amends 1927 PA 339 to make public library retirement systems subject to the local unit of government retirement act.

Requires library boards desiring to establish a retirement system to apply to the local legislative body and submit a detailed plan for approval.

Establishes requirements for retirement plans including enumeration of covered employees, annual allowance amounts, service requirements, retirement age, disability provisions, and conditions for early retirement.

Creates a retirement fund trustee body consisting of 5 members: 2 elected by staff, 2 appointed by the local legislative body, and the library board's presiding officer serving ex-officio, with 4-year staggered terms.

Requires trustees to invest fund assets only in securities legal for savings banks and to obtain actuarial certification that the system is financially sound with annual valuations.

Bill is contingent on enactment of House Bill 6074.