MI SB0343

Caps unfunded actuarial accrued liability contribution rate at 25.73% for university reporting units beginning with state fiscal year ending September 30, 2016 and each subsequent fiscal year

Requires any additional unfunded actuarial accrued liability contributions exceeding the 25.73% cap for universities to be paid through appropriations under the state school aid act of 1979

Modifies combined payroll calculation for university reporting units to include projected payrolls based on actuarial valuations, with a minimum floor set at payroll levels projected in the September 30, 2012 actuarial valuation

Maintains existing 20.96% contribution rate cap for non-university reporting units with excess contributions paid from the school aid fund

Effective immediately upon approval by the Governor on May 25, 2016